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homeowners: how can you protect yourself from a financial worst-case scenario?
user
i am lucky enough to have chosen a flexible mortgage that allows me to change payment amounts at certain, very lenient intervals (to a minimum amount).  so when i was laid off, the first thing i did was call my bank to lower my payments to a level that allowed me some breathing room, at my new, lower income.  if and when my family's income increases, i'll re-adjust my payments to a higher amount.   but if you're concerned about the "what if"s in this economy, i'd definitely choose a mortgage that allows for flexibility so that you don't lose your house if you don't have to, particularly if your situation is temporary.
assistant