Mortgage is one of the most common loans we encounter and there are some consequences of it that we need to consider. The most serious case is when we need to deal with home repossession. Here are things we should do prevent house repossession:

1. Write in full details about our situation: We should make sure that our mortgage provider fully understands our financial situation. We could use Microsoft Excel to create a simple list of our debts and incomes. This will help our creditors to have an idea on whether we can deal with the mortgage payments. We should also include items like clothing, gas, fuel, food and others.
2. Negotiate: We could always talk with our lender, especially if we have missed a couple of loan payments. This step is not only useful when dealing with mortgage problems, but also with credit card and car loans. In general, we shouldn’t bury our head in the sand and it is more appropriate to send letters or email to our lender to further talk about our situation. Problems won’t go away if we refuse to deal with them. It is also important to record any discussion, both written and verbal. It is also important to record the time, date and location of the meeting, as well as the name of the person we are talking with and his/her contact information. This is an essential detail that we need to discuss. By recording all relevant information, we could be able to fix any unexpected problem, especially when we need to take the whole thing to court. If possible, we could ask our bank whether it is possible for us to get payment holiday. We could also consider whether it is possible to transfer the loan to more manageable loan with lower minimum payment and interest rates. In general, we should make sure that it is possible for us to pay the loan regularly.
3. Take one more job: There is a possibility that our primary job can no longer cover our debt repayment. By taking a second job, it should be possible for us to reverse the difficult situation and we could be able to fix the problems much sooner than before. The fact that we are trying to get a second job could be evidence that we are looking for a solution to our debt problem.
4. Get independence advices: There are independent advices that we should consider if we are experiencing financial difficulties. Regardless of our situation, it is a good idea to keep positive and we could make appointment with any counselling services. They could actually help us to negotiate with our lenders on our behalf. Many of these consultants understand the inner system of mortgage industry and they could help us save a lot of time. This should be a good opportunity to consider, because preventing house repossession is an important thing to do.