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House repossession is possibly the most distressing and scary experience a property owner can go through. There is no blow quite as devastating as knowing you’re going to lose your house. Everything you’ve saved for and dreamed about will be gone. As horrible as this sounds, hundreds of people in South Africa, as well as other parts of the world, go through this every year. Their most valuable asset, gone.

The Economy has been very hard on everyone with soaring interest ratings and inflation that just won’t seem to slow down. Homeowners that may have started their home bond paying a low interest rate are now paying a high rate, making it very difficult to keep up with the monthly payments. Some homeowners have had to refinance and have two mortgages on their home. With the value of their house falling, refinancing is not an option to help

Becoming a property owner is everyone’s dream. Regardless of where you live or whether you’re single or part of a large family, owning a house is a dream shared by most. Although many people are able to buy a home, not every homeowner is lucky enough to be able to keep their home.

Financial difficulties often make it impossible to continue to make the bond payments, which often make the bank begin the repossession process. This can be a very stressful and frightening experience for the homeowner and their family. Occassionally they have difficulty making their bond payments because of redundancy, health problems, death in the family, divorce or similar problems. Occassionally they are forced to sell, and selling property when stressed and under pressure can be a nightmare task.

Too many homeowners suddenly give up and think they have no choice but to lose their home just because

There are probably few things that real estate owners are more afraid of than the prospect of losing their property. Being a homeowner and having a home to provide for your family is a dream of many but one that can quickly turn into a nightmare when there is a chance of having it repossessed.  Having your home repossessed is not only a very stressful experience for the home owner and their family but can also affect their future financial stability.

When you sign your bond or bank mortgage agreement, the terms and conditions state that they can repossess your house if you fail to make your monthly bond payments. You may suddenly have difficulty making your monthly payments due to circumstances that are not your fault such as job loss, divorce, and death of a family member or similar situations. However, the bank has no way of knowing why

Home ownership is one of the greatest joys a person can have. They often save for years to be able to buy or build their dream property. Their lifelong dreams of raising a family and growing old in their home can almost become a nightmare when unforeseen circumstances make it almost impossible to make the monthly payments required to keep their home.

Unforeseen circumstances such as redundancy, divorce or separation, and death are just a few of the many things that can change a person’s financial circumstances and cost them their property if they’re not careful. As dreadful as many of these circumstances may be, they’re often not the fault of the homeowner. Yet every year, thousands of property owner’s in South Africa are victims of financial circumstances causing them to have their home repossessed. On top of this, it is very difficult selling property in a depressed market.

The economy has been very shakey in the past couple of years and real estate owners have felt this hit more than others. With the economy in the bad state that it’s in now, plenty of people are scared of losing their home to repossession.

Banks are always willing to work with the property owners to try to get them back on track with their monthly bond payments. Although banks may have the reputation for having deep pockets to take your money and being eager to take your home away from you, this image is not completely accurate. Banks do not stand to gain a lot when they repossess a property. They made have ownership of the house but they have to bid on it at public auction.

They are not concerned with how much the home is worth. They will only bid on what the borrower owes