Repossession of your Home - one of the most traumatic events in any person’s life
In the current economic climate it is distinctly possible that even somebody who is very careful with money can fall on hard times.
The bond repayment that was well within your reach when you bought the house has now become a commitment that you cannot manage - because of rising interest rates, and the price of fuel, food and other essential items.
Irrespective of the reason why you have stopped paying your mortgage - redundancy, death of the breadwinner, divorce, failed business venture, inability to refinance and many more - the bank will take action as soon as mortgage payments are not kept up to date, and will repossess your house if they feel you are unable to meet your monthly repayments presently or in the future.
What a wonderful relief it would be if you could go to bed again at night and fall asleep without this sword hanging over your head.
