• Laid off after taking a home loan

The current global economic crisis came at a bad time for my friend Raymond. He and his wife migrated to Sydney, Australia two years ago. They bought a house 6 months ago and right after settling into their new home, Raymond was laid off. His wife, fortunately, didn’t suffer the same fate. That’s one of the worst things that could happen to anyone who just took a home loan. He’s been on a job search for a few months now. Last I heard, there aren’t any job offers yet.