The banks are particularly aggressive when your bond falls into arrears and if you have experienced these calls you may feel the panic that goes with the thought that you may lose your home.
Financial pressure is a reality that we all experience from time to time but it is the way we deal with this reality that allows you to live without fear of losing your home. Debt can mount up very quickly and it is very likely that your home loan repayment is the single largest repayment that you have every month.
To manage the bond arrears successfully we need to understand that banks are not in the property business but in the lending business and they really do not want to reposes your home, they need to feel comfortable that there is a good chance that you will be able to repay the loan, albeit that you are in arrears. In order to make them feel comfortable it is important not to let your bond get more than two months in arrears and to make payments. The first thing you should do if you are unable to meet your debit order is go in to your bank a put a block on the bond debit order. By doing this you are immediately saving yourself a few hundred rand a month in bank charges. Thereafter make payments as and when you have money ensuring that at the date of of the regular debit order payment, your bond does not fall more than two months in arrears or you will begin to receive calls or even this type of selling a home proposal below.
- The property will NOT be marketed and auctioned as an Insolvency or as a Repossession. The advertising boards will also not
- say anything negative. They will simply read: SPECIAL POWER AUCTION ON SITE, with the auction date, a brief description of the
- property, the address and our contact details.
- The instant we receive the mandate, we will contact local agents and begin marketing the property.
- We will try to obtain a viable offer prior to going to auction with the help of local agents and notifying our database of clients.
- All the clients on our extensive countrywide database will be notified about the property. Advertisement boards measuring 800mm X 600mm will be erected
- at the property and surrounding area (in compliance with local municipal by-laws).
- 2 Weeks prior to the auction the date and details of the property will be published on our website.
- A map indicating the location of the property will also be available on the website.
- Our boards are designed to have maximum impact and they contribute greatly towards the success of the auction process and ensure obtaining maximum
- exposure for your benefit – your assistance in ensuring that boards are not removed, damaged or displaced will be appreciated and in your favour.
- The auction will be advertised in national, regional and/or local newspapers the week prior to the auction.
- Only Full Title Properties will be shown the Sunday prior to the auction from 3pm to 5pm – Please ensure that your pets are safe and well secured during
- these two hours (as well as on auction day), as the gates will be opened.
- An hour prior to the auction, the property will be open to allow potential buyers and interested parties to view the property and to become emotionally
- committed to the property.