The pride of home ownership is the number one reason why people yearn to own their home.

Owning a home means you can paint the walls any colour you want, turn up the volume of your CD player, attach permanent fixtures and decorate your home according to your own taste.

Home ownership gives you and your family a sense of stability and security because even though the property market moves in cycles - sometimes it's up, sometimes it's down - over the years, property often appreciates in value.

So it is seen as an investment in your future and forms part of your investment portfolio.

So what happens to your home if you are getting retrenched in the next six months? How do you minimise the impact of losing your home?

One thing you should always remember: don't make a mistake of running away from confronting the problem if you cannot pay your bond.

You must make contact with the bank and tell them about what's going on in your life.

I know some people complain that bank officials threaten them with legal action and all sorts of other tactics.

Nonetheless, don't run, don't avoid their calls or e-mails. Talk to them and grin and bear their harassment until the conversation is finished.

Another thing, don't make false promises because they don't like that.

Steven Barker of Standard Bank Home Loans confirms that: '"It is in the bank's interest to assist you to find a solution that is acceptable to both parties.

"No bank wants to repossess a home if it is at all possible."

It is important that before you buy a home, you should have a thorough budgeting process to ensure your financial position.

Some people make false claims on their home loan application and end up getting a loan much higher than what they can afford to pay. You are robbing yourself.

Your budget must be so conservative that it even caters for a percentage of 'unforeseen expenses'.

If you know that you might not be able to get a job in a short space of time, then here are tips of preventing your home from being repossessed.

Cut expenses

Give your budget a makeover. It can free up enough cash to keep your payments on track. And change your lifestyle.

Sell the property before you fall into arrears.

Waiting in the hope that your luck will turn could make matters worse. If you don't want to sell your home, you may need to sell something else.

Speak to your accountant or financial adviser.

They may come up with some bright ideas. You might need to cash in your investments so you can meet your payments although it's not such a great idea.

Ask the bank to extend your mortgage payback period from 20 to 30 years.

This will give you more cash in hand, but you will pay more interest.

It's important that you don't disappear and hope things will sort themselves out. They won't.

The key is to keep regular and open communication with your bank if you want to continue living in a house that actually belongs to the bank until fully paid.

dream@winniekunene.co.za