Property Advice

How to keep your home from being repossessed.

Private Property South Africa
Private Property Reporter |
How to keep your home from being repossessed.

If you are in financial difficulty, your bank is likely to make arrangements that will allow you to keep your home. Nedbank representative, Thomaza Mochadibane, shares some key points to consider when in arrears.

The greatest fear for most home owners is losing their home. With the spotlight by banks on repossessions or foreclosures, this has caused panic and uncertainty for most homeowners who cannot keep up with their bond repayments. At Nedbank, we always advise our clients that foreclosures or repossessions is the last resort. We always help our clients to keep their homes until the end of term. We understand that in society, owning a home goes beyond shelter and provides a sense of pride.

Some key points to consider when in arrears are: do not ignore the problem. Do not shy away from the bank. Reach out to them and they will provide you with solutions to overcome your problem. Be open and respond to the bank's calls, emails, and letters. Do not ignore the correspondence from the bank, as it might contain valuable information that can assist you in resolving your problem. The bank will provide you with options to make sure that your home is not repossessed. Avoid foreclosure or repossession of your home. Try avoid this at all costs and avail yourself to other rehabilitation options.

At Nedbank, we provide our customers with various rehabilitation options such as repayment arrangements, debt counseling, and the Nedbank assisted-sales programs that you can choose from. At Nedbank, we believe that the clients who are better informed make better choices.

For more information, visit our Nedbank payment solutions website, nedbank.co.za/homeloanshelp.

Related Articles

Further repo rate cut will provide impetus to housing market activity
Pam Golding | 21 Nov 2024

Further repo rate cut will provide impetus to housing market activity

A repo rate cut is set to boost housing market activity, driving affordability and increasing demand, making it a pivotal step for growth in the real estate sector.

Why sellers should avoid bad debt
Lea Jacobs | 04 May 2016

Why sellers should avoid bad debt

Buyers are often told that they need a clean credit record in order to qualify for a bond, but financial fitness is important for sellers too.

The one property investment goal you should make this year
BetterBond | 24 Jan 2018

The one property investment goal you should make this year

Although New Year’s resolutions are notoriously difficult to keep, there is one that can really deliver enough financial benefits to keep homeowners motivated for a whole year.

sample image of property alerts

Get instant property alerts

Be the first to see property alerts for your area.
;