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1. Pay as much as you can

And get a loan as low as possible. Ideally the best solution is to be able to pay at least 50% of the total sum and only get a loan for the other 50%. This way you can pay way less each month, the interest will also be less and you will have a good chance to be able to complete the payback.

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2. Have a safety sum which is enough to cover paybacks at least for a couple of months

Anyone can lose their jobs, get divorced or suddenly face a fee which leaves them totally out of money for a month or more. This is exactly why it’s so essential to leave a safety sum somewhere where not even you can get to it, only when it great need, so that you can still do the paybacks, apart from the fact that you are out of money. Trust us, it’s well worth paying.

3. Try to seek a buffer

If you can pay multiple months in advance and then pay a reduced fee for a couple of months is a great opportunity, when it’s eligible for you. Always consult your bank to whom you need to pay the loan back, in order to learn about the possibilities and especially to learn about what needs to be done when any problem arises.

4. Consult with your credit institute

Most banks believe it or not want you to pay back your debt in a normal way. The reason for that is, that a repossession procedure is long, unpleasant and costly even for them. They try to avoid it the same as you do. So, consult them in case any bad situation arises and see what your opportunities are.

5. Make a mortgage protection insurance

This will make you pay somewhat more, but can come very handy if you are unable to pay for a couple of months, as it will totally cover your costs for that period of time.

6. Don’t let things escalate to court then repossession

As the process itself is slow, you have plenty of time to do something when you are unable to pay as you should. Youi can talk with the bank, use your insurance, ask a friend to lend you money and pay as much as you can. Banks are more understanding for the above mentioned reasons. They want to avoid repossession as well.

7. Whatever happens don’t give the keys back

Get an independent advice first as to how best to proceed in this situation. The moment you hand your key back is the clear assurance of your will to flee the property.

8. Start selling your property the moment you feel you will have problems for a long time

Quick actions can earn you tons of time and money. If you are fast and can sell your property for a good price right on time, then you can pay your debt back before the repossession procedure gets started.