Typically, banks regard a property as being “in distress” after three missed mortgage payments in a row. This could happen to any of us and can be due to many factors, including over-capitalising (buying a house that’s simply too expensive, or spending too much on a renovation), losing your job, getting divorced, or by taking on too much risk and, for example, basing the purchase on two salaries without any wriggle-room for emergencies.

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