10 years ago, my parents took a mortgage loan in order to buy the house we currently live in. It was a loan of €75000 and they managed to pay the monthly rate until this year in March when they couldn't afford paying anymore.
My mother was fired from her job as a hairdresser because the salon where she worked at got closed. My father was diagnosed with cancer in 2018, he had to quit his job and most of the family savings goes to his treatment.
The remainder of the loan is about €7000 and after 3 months of not paying, the bank filed a lawsuit for non-payment and we risk losing the house because we do not have other properties with which we can guarantee the loan.
I am in high school and want to apply for universities the next year. In my country young people without experience cannot be hired on well-paid jobs, so I am unable to help them gather such a large amount so quickly. I know a few foreign languages (English, French and German) and I got hired to a call-center so I can afford groceries and contribute a bit to the monthly bills.
We are in a desperate situation because we don't have anywhere else to live. The lawsuit will cost us a lot of money, besides the amount we already own the bank and could end up in more debt.