Are you a distressed property owner in South Africa?
Introduction
If you are like a many people, then you probably assume that the term distressed homeowner means someone who is very stressed out about their home purchase, or someone who is constantly in distress over the state of their home. This couldn’t be further from the truth. A distressed homeowner actually means something very different.
What is a distressed homeowner?
A distressed homeowner is someone who has trouble paying their mortgage, taxes, utility bills and other financial obligations.
If you are a distressed homeowner, you have likely fallen behind on your payments and have been contacted by the bank to either pay them or face foreclosure. If this is happening to you, we encourage you to seek legal counsel immediately.
How do most of these people end up in this situation?
Many distressed homeowners get into trouble because of a job loss, disability or illness. Others have experienced divorce, the death of a spouse or the loss of their home due to a natural disaster.
Distressed homeowners are often not aware that they are, in fact, distressed. They may have fallen behind on their mortgage payments but be unaware of the fact that they’re in trouble. When you’re a homeowner, and especially when you’re making mortgage payments, it’s easy to get used to a certain level of comfort—and when this comfort disappears, you might not realize right away that something is wrong.
How to know if you are a distressed homeowner.
If you have missed more than two payments on your mortgage, have been served with a foreclosure or repossession notice, are behind on your property taxes, insurance or homeowner’s association dues and find it difficult to make your house payment, you may be a distressed homeowner. If this is the case for you now or has been in the past 12 months then Real Estate Assist has some programs available that could help you avoid foreclosure and to stop the auction on your home.
We can advise you if you own a property, we are a registered real estate advisory in South Africa
We can assist you if you own a property, we are the property solution experts in South Africa
What you can do about it!
Real Estate Assist is the distressed property market solution designed to help you get out of debt and improve your credit score and improve your property before you sell your home. It also helps homeowners avoid foreclosure and keep their homes without having to sell them.
The program helps by:
- Getting back on track with your finances
- You’ll be given access to financial programs and services so that you can better manage your money, which will lead to an improvement in both credit scores and loan payments.
- The more quickly this happens, the less time it takes for lenders to trust you again
Do not let stigma attached to being a distressed homeowner get you down, our team is here to help!
The first thing you should know is that you are not alone. Millions of South Africans have been in the same situation as you, and we can help you. Don’t let the stigma attached to being a distressed homeowner get you down. There are options for people in your situation, and our team is here to help!
The next thing to consider is that it’s never too early and it is not too late. Don’t wait until things worsen before making a change. You may feel like all hope is lost, take action now instead of letting things get worse. Remember: You are not a bad person; this is just an unfortunate situation that can be resolved by trusting us and letting us help you keep your property. We are South Africa’s one stop property solution experts!
Conclusion
Distressed homeowners are not alone in their struggles with the foreclosure process. According to a report from the National Association of Realtors (NAR), over 1 million borrowers across America were in some stage of default on their mortgage loans during 2018. That’s a lot of people who may feel like they have no way out, but there are options available that can help ease your stress as well as save your home from foreclosure.
