In order to prevent that happening, the best thing to do is to talk as soon as possible to your banker and to find with him a solution to reduce your monthly financial burden. A friendly solution is in the interest of all parties: the lending institution and the borrower. For home loans, several solutions can be found after the credit analysis and the agreement of the Credit Committee.
The first solution is to defer the payment of principal. Instalments are composed partly of principal and partly of interest. In order to reduce the monthly amount, the bank may, under certain conditions and in a discretionary manner, grant a moratorium or a temporary deferral of payment of principal. The interests are not deferred and may be increased during the whole moratorium term.
The second solution is to extend the home loan period. Some home loans like home loans with a variable rate allow you to extend the term. The repayment of principal will be spread over time and reduce your monthly instalment. For a home loan with a fixed rate, a renegotiation, or a new home loan contract, is to be expected.
The third solution is to make partial early repayments. If you have available savings, you can make an early partial repayment of your home loan, which will reduce your monthly instalments. Early repayments without incurring any penalty payment at all are only authorized for variable rate home loans.
The last solution is to repurchase your home loan. If you have taken a loan in a period of high interest rates, this may be the best time to negotiate a lower rate. The interest rates are actually very low and can allow you to reduce the amount of your monthly payments.
Of course, all the solutions mentioned above will incur additional costs but they are far more desirable than the sale of your home for which you have spent so much time and money.