If you are facing property repossession in South Africa it is usually a coming together of a few unforeseen circumstances. Most homeowners were financially in a good position when they decided to purchase a home. With the current unstable financial climate in South Africa things like retrenchment, job losses, crime and injustice creates the problematic effect that homeowners cannot satisfy their obligations.
Credit providers and consumers are both bound by the credit agreement and unfortunately as they say: “Business is business”. The banks cannot extend or be lenient when it comes to collecting arrears on home loans and they have to use whatever remedies the agreement and the Credit Act allows to recover monies owed to them.
Attachments and Auctions are the most common when it comes to secured credit agreements that are in default.
Do Not Hide From Your Credit Provider
Banking institutions do NOT want to repossess your house unless there are no other solutions. You may think that repossessing your home will give them a free home they can sell and make a big profit. It doesn’t work this way. They need to get back the money they’ve borrowed you but with decreasing home values, your property may not even be worth what they borrowed you. If they are forced to sell at an auction, they may not get the desired amount that they need, and it also costs them time and money. So, they will be willing to work out some sort of payment agreement with you either by lowering your bond payments, giving you a grace period or redoing your bond. Give your credit provider a call as soon as you realize you are having financial problems and you may just be able to prevent repossession sooner than you think.
If however you have already received legal documentation please give us a call as any informal arrangements that you make after legal action has started may be non-binding and you will still face repossession
Filing Your Documents
If worse comes to worse and you do find yourself in court having to answer to a court official like a magistrate or a judge, make sure you have all your contracts and correspondence from the bond as well as a well-writing payment plan you can show the judge to let them know you can pay the money needed to keep your home from repossession.
Contact a Repossession Specialist
Although you may feel as though you don’t need our assistance, it is a wise idea to get in contact with us to see what our perspective is and whether we have any advice to give you. We can offer you all kinds of helpful suggestions on what needs to be done to avoid repossession. We can also recommend credit specialists that may be able to help you with your financial situation. By being in contact with us, We will be ready to help you as soon as possible if it does come to you needing us and our services.
Please make use of our free Stop Property Repossession advice , by calling Preventing Repossession. We will be able to professionally assist you privately in the comfort of your own residence. Remember, we are only one phone call away and only one phone call can save you from losing your biggest asset to repossession.
Has Your House Been Sold On Auction Already?
If your house has been sold on auction and you are left with a huge shortfall to pay, we can assist you with an application to Court to declare that debt unlawful. We have helped hundreds of consumers since 1999 to write off the shortfall left as a result of repossession.