In the 200 worst cases of bank repossession, the properties were sold for less than 17.2% of their market value. Dozens were sold for less than 1%. This is according to an affidavit filed in support of the R60bn class action suit by dispossessed homeowners against major banks. For this reason, it is always important to be proactive if your property comes under stress.
Here are a few ways you can stay ahead of bank repossession.
Apply for debt counselling as this gives you the chance to sell your property while paying 80% of repayments. This allows you to gain valuable time to obtain the maximum value out of the property.
Apply for Voluntary sequestration if there is no property value. If the remainder of the bond payments is greater than the value that the property can be sold at, you can apply for surrender of estate and remove yourself from the debt.
Oppose the judgement, only if there is also no value in the property. The above applies again and you can walk away from all debt.
Clear Future aims to assist you with the marketing and selling of your property. Contact us to sell your property on Private Property, Property24 and more. Once the property has been sold, we can help you decide whether to settle the debt or to sequestrate.
