Steps to Stay Afloat even after Loan Defaults

Steps to do the same:

1. Provide documents supporting your crisis situation to the bank instead of just a verbal clarification as proof always convince banks better than verbal accounts.

2. Provide an estimated time-line to the bank you may face the crisis:
a) In case of short term crisis period, the banks usually agree to work through a mutually agreed deferred repayment option.

b) In case it turns out to a long term crisis situation, it is advicable to sell off your house rather than pilling up your burden of the house loan and then passing on it to your children or family members.

3. Use your savings at this time to keep yourself afloat while on the other hand also find an alternate solution to your crisis problem.