It was interesting to read an article in the East African Standard entitled "Escape door from a troubled mortgage"
The article gave a few suggestions on how to help yourself escape the mortgage repayment trap.
In my view, it was simply to prolong the inevitable.
Mortgages are legal instruments pursuant to which you give your financier the right to sell off your house, upon default.
Financiers are in the financing business with a view to making money. I have seen many times how merciless they can be, notwithstanding even the death of the person who has taken out eth mortgage, let along unexpected job losses.
The propert shall be sold if you default.
Perhaps your possible saving grace is that you find yourself a good lawyer, who knows how to dig holes in the financier's documentation, in order to secure you a lifeline.
Having said that, the in duplum rule, is just about to kick in, and will ensure that the interest on defaulting loans, does not exceed twice the principle amount lent....which is a good thing!
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