The process of repossession
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. if you are facing property repossession, contact us for free advice on preventing repossession
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. As soon as a property has been attached by a court it will be sold on auction. This completed process is known as repossession or foreclosure. We are the leading firm in preventing repossession
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The process of repossession South Africa
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