I had my fair share of mortgage problems many, many years ago. It all happened when my husband moved here in Dubai to look for a job. I was temporarily left in the Philippines with my baby daughter, two nannies and a mortgaged townhouse.
I was not earning very well but had good perks in the bank where I previously worked. I had our townhouse under mortgage with my employer - the bank. Unfortunately, my husband took long to land a very stable job in Dubai that we fell in debt and had lapses in our mortgage payments.
I was lucky enough to find a job when I came to Dubai very quickly. By then, the interests were all piling and we had to do something. So, we took a big loan here in Dubai and paid the property in full. At least we have a clean title now and a loan that will mature in the very near future.
What we have been through is not an easy feat. I am so thankful that we paid the property in time before the bank foreclosed it. If we had not done that, we will end up losing all we have worked so hard for on that property. It is similar to what is happening in the US now with all the Outer Banks foreclosures. I could not bear seeing all our hard work go to waste.
We are just lucky that both of us have a good opportunity here in Dubai. We are earning better than our previous senior managers in the Philippines. We have learned a lot from that ordeal. We know how to value money and invest properly now. We are still planning to have another property soon in the Philippines. If ever everything falls into place, my husband and I plan to purchase in cash now. I am so afraid having loans these days. I cannot relive the nightmare I have had with the arrears on mortgages.