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I just get a message from my hosting company notifying me that my domain name is due to expire in 60 days so I am kind of wondering what would happen if for some reason I let my domain name expire will I lose it or will someone be able to register my domain name the very next day?
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My domain has expired what now?
My domain has expired what now?
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After domain name gets expired the owner has 2 month to get it back after which anyone can registered that domain again however if you allow domain to expire it will take 15 days for the domain name to get reactivated again!
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That's right you still have 60 days to get it back after the domain has expired!
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There is something called 'domain name auto renewal' means that 15 days prior to domain expiration it gets automatically renewed of-course if your credit cad has money on it 
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