Home foreclosed. Now what?
Category Newsletter
Your rights when it comes to your home
That foreclosure feeling has been knocking on your door for months and now you aren’t ready or don’t know how to answer. Do you just obey at its every command or do you put your foot down because it is your house after all… at least for a little while longer?
Look at how much time you have left
Foreclosure can be patient, but you don’t want to relax while it waits. Your bank will have given you enough time to catch up on your bond repayments so contact them to explore your options. A repayment restructure can be discussed and set up according to your current affordability. The National Credit Act allows for the repossession process to be paused as soon as you have applied for debt review.
Seek legal advice
In the case where the repayment restructure is not in your favour and you receive the summons of foreclosure, it is time for you to seek legal advice. What this does for you is that you have the opportunity to be informed and protected according to certain legislation you may not be aware of. The Constitution states that you may not be evicted without a court order.
Selling your home is an option
Once you start lagging on the bond repayments and actively assess your financial situation, it becomes clear when you will not recover. Consider selling your home at a price that it is worth rather than what the bank would auction it for. Selling through an estate agent will offer great marketing perks which could result in faster sales. During this time, you should look for alternative living arrangements. It is important to communicate your concerns with your conveyancer. At 3%.Com Properties we provide all of these services under one roof.
Lawyers selling property, it makes sense.
Let’s continue this conversation socially. Instagram: @threepercentproperties • Facebook: 3%.Com Properties
Author: 3%.Com Properties