Part 5/8:
Faced with the ongoing obligation, Hafsa and Jodi considered defaulting on their loan, but doing so would have serious repercussions, including damage to their credit score, difficulty finding future employment, and legal complications. The bank offered some relief: the option to skip payments for six months, at the risk of the house being seized and damaging their credit. Fortunately, the bank agreed to cover their loan repayments temporarily, until the project is completed—though there’s no certainty of when this will happen.
What Could They Have Done Differently?
Experts suggest that in similar situations, prospective buyers should take preventative measures:
- Thoroughly research the developer: Verify licensing, past project success, and customer reviews before investing.