Facing the potential repossession of your home in South Africa is undoubtedly stressful, but there are several steps you can take to address the situation proactively:
1. Communicate with Your Bank: As soon as you realize you're struggling with mortgage payments, contact your bank. They may offer solutions such as a "payment holiday" to provide temporary relief.
2. Consider Debt Counselling: Engaging with a registered debt counsellor can help restructure your debt, making repayments more manageable and potentially preventing legal action. It's crucial to act promptly, as you have only 10 days to apply for debt review after receiving a summons.
3. Explore Selling the Property: If retaining the home isn't feasible, selling it might be a viable option. This approach can help settle the outstanding debt and prevent the negative consequences of repossession. Some organizations specialize in assisting homeowners with marketing and selling properties under financial distress.
4. Understand the Legal Process: Banks are required legal procedures before repossessing a property, including obtaining a court order. If someone arrives to repossess your home without proper documentation, do not sign any documents, especially a Voluntary Surrender form, as this gives them permission to take your asset. Ensure they present a warrant of attachment issued by the sheriff.
5. Seek Legal Advice: Consulting with a legal professional can provide personalized guidance tailored to your situation, ensuring your rights are protected throughout the process.
Taking early action and seeking professional assistance can significantly improve your chances of finding a solution that avoids repossession.
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