Mislynch-and-Lose, or MyLo, is a game state where the Town will lose if it mislynches during the present Day phase. This is different from LyLo in that LyLo requires the Town to lynch correctly, whereas in MyLo the Town is still afforded the opportunity to No Lynch without forfeiting the game (though this generally makes the next Day LyLo).
While the opportunity for No Lynch is available in MyLo, whether it should be done is a different question. On the upside, by refusing to lynch the Town may be able to give its investigative roles another chance to work their magic. On the downside, if the Town has already massclaimed or if there are no roles that can make use of the Night remaining, opting not to lynch will simply give the scum a free kill on the Townie who is most likely to help the Town lynch correctly at LyLo.