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Q: We may be in danger of losing our home and it is really scaring us.

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We have not missed a payment yet but we are probably going to start falling behind very soon. We do not even want to contact our bank as we are so stressed out. What advice can you offer us?

A: If you are concerned that you could find yourself in a precarious situation, there are several options to explore immediately.

You can consider renting your property, restructuring your loan over a longer-term, or, if you have problems repaying multiple loans, you could consider debt counselling.

Rather than changing your cellphone number and hiding from your creditors, it’s far better to approach the bank and have an honest conversation about the situation you find yourself in.

You may decide there is no option but to sell your home. This way, you are likely to get a better price and avoid going through the stress of a legal process and associated costs.

Some banks have developed their own systems and tools to help their customers to sell their properties and could support you in the process. – Sarah Nicholson, commercial manager at JustMoney

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