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Property Debt Solutions in South Africa

by | Jul 5, 2023

Property Debt South Africa

Do you consider yourself a debt-ridden homeowner, don’t give up! There are personal property Solutions for you!

Introduction

A mortgage is a big deal. You’re taking on a massive amount of debt that can sometimes be larger than you make in a year, and there are hundreds of thousands of dollars at stake. There are several factors to consider before signing your name on the dotted line, including how long you plan on living there, how much money you can set aside for maintenance or renovation costs, and yes—how large the loan itself is. Here’s what we’ve learned about home loans over the years:

Debt crisis among South African homeowners

The debt crisis among South African homeowners is a problem that is rapidly growing and needs to be addressed. Many people are struggling to keep up with their mortgage payments, and as a result, their homes are being repossessed. In this article, we will discuss the causes of this debt crisis and offer some solutions on how to solve it.

South African homeowners are over-extended

One of the main reasons for the debt crisis among South African homeowners is that they are over-extended. This means that they are borrowing more money than they can afford to repay. As a result, they are falling behind on their mortgage payments and their homes are at risk of being repossessed. Another reason for the debt crisis is that many people have lost their jobs and can no longer afford to make their mortgage payments. This has led to an increase in the number of properties being sold in auction. For Auction advice and assistance Contact Real Estate Assist.

Save your house South Africa

Property arrear Solutions in South Africa

So what can be done to solve the debt crisis among South African homeowners? One solution is for the government to provide financial assistance to those who are struggling to make their mortgage payments. Another solution is for lenders to offer debt consolidation loans to debt-ridden homeowners. This will allow them to reduce their monthly repayments and become debt-free within a shorter period of time. If you are a homeowner who is struggling with debt, it is important to seek professional help so that you can find the best solution for your situation.

The Best Property debt solution for South Africans

Real Estate Assist provides solutions to the distressed and impaired property market and have helped many debt ridden property owners stop auctions and keep their house from being taken by banks and debt review companies.

If you are a property owner or homeowner in mortgage arrears contact Real Estate Assist for a free property solution consultation. Real Estate Assist is the best real estate advisory in South Africa who have helped the most homeowners recover financially.

What’s causing the debt crisis among South African homeowners?

The average South African household owes about R15 000 in credit card debts and over R168 000 in debt from personal loans, home loans and vehicle finance. This has resulted in many debt-ridden homeowners struggling to keep up with their mortgage payments, and as a result, their homes are being repossessed.

If you’re in debt with your mortgage, you should immediately get in contact with your lender to discuss your options.

Are you in debt with your mortgage? Contact Real Estate Assist immediately to discuss your solution options.

Are you Struggling with mortgage debt and facing foreclosure, it’s important that you consult with us as soon as possible. As mentioned above, there may be options available that could prevent foreclosure if pursued early enough. For example:

  • Short sale , We also stop sale in executions
  • Deed in lieu of foreclosure
  • Chapter 13 bankruptcy

Stop Your Sale in Execution in South Africa with Real Estate Assist!

The bank could issue a warning letter to try to get you to pay your mortgage on time. If this doesn’t work, they may take legal action against you.

The bank can take you to court and ask the court to repossess (take back) your home if:

  • You haven’t paid any of your mortgage payments for at least three months in a row
  • The bank thinks it’s unlikely that you’ll be able to pay off what you owe within a reasonable period

You can’t be evicted from your home while COVID loan moratorium is in place.

You can’t be evicted from your home while COVID loan moratorium is in place. If a landlord tries to evict you, they’ll have to go through the courts and prove that they are legally entitled to do so.

You can’t be evicted from your home during the COVID-19 pandemic. You won’t have to pay rent arrears until after things return to normal again, but only if you continue paying your mortgage at that time. It’s important to note that this rule does not apply if you’re renting a property that was built for sale rather than for occupation (e.g., an apartment building). In such cases, tenants will have no legal protection against eviction during COVID-19 pandemic unless they’ve signed a rental agreement with special clauses protecting them from eviction due to illness or other reasons beyond their control (such as war).

Property Eviction  South Africa

If you’re unable to pay your mortgage, you should contact the bank as soon as possible.

If you’re unable to pay your mortgage, you should contact the bank as soon as possible. You may be able to arrange a payment plan or holiday with them, although this is not guaranteed. Can’t get a deal with your lender and need to move out of the property, contact us for advice

In some cases, it might be better for clients just to give up on their homes altogether and let them go into foreclosure. This can be very expensive in terms of legal fees but will also mean that they don’t have to continue paying thousands per month on their mortgages. If a client decides this course of action is right for them, we would advise getting financial advice from an independent solicitor who specialises in debt problems before proceeding with any action against their lender/bank

There are a number of options available to assist homeowners who are struggling financially.

There are a number of options available to assist homeowners who are struggling financially. Real Estate Assist is the best option because they are a registered Real Estate Advisory team. They have a proven track record of helping homeowners in financial distress. They also have access to many different mortgage options. The possible options include:

  • A Mortgage deferral
  • The bond payment reduction
  • and Mortgage restructuring/modification
  • Refinancing & consolidation, which may also result in lower interest and payments if you meet certain criteria (being behind on your loans)
  • Real Estate Assist will take care of all of the above for you without any upfront fees

Reduce your Bond Payments with Real Estate Assist

There are also several other special loan forgiveness programs that can help people reduce their monthly mortgages. These include:

  • Mortgage Forgiveness Debt Relief Act (FDCRA)
  • Principal Reduction Alternative (“PRA”) Programs;
  • Home Affordable Modification Program (“HAMP”), which is designed for borrowers who were current on their mortgages at one point but fell behind due to job loss or other financial problems.
  • Real Estate Assist will take care of all of the above for you without any upfront fees
Protect your property in South Africa

Make sure that you are fully informed about your mortgage options before signing any contracts.

Make sure that you are fully informed about your mortgage options before signing any contracts.

There are many different types of mortgages, so it’s important to understand the terms and conditions of each one as well as their suitability for your situation. For example, if you’re a first-time buyer and don’t have much in the way of savings or equity in assets, then getting pre-approval from a bank can be helpful because it allows you to have more competitive rates when buying property. If you’re struggling with mortgage repayments, contact us immediately for advice on how we can help. We have the best homeowner assistance programs and property advice for South African homeowners

Conclusion

But the reality is, people are going to keep asking for a better interest rate. So what can we do about it?

There’s no one solution that’s perfect for everyone. But by speaking with homeowners who’ve been in similar situations, my team and I have found some commonalities among them. We have a personalized solution for every property owner and situation

Need help finding an affordable way out from underneath your debt, We got your home covered!

Disclaimer: The information provided in this blog is for general informational purposes only and should not be considered legal or property advice. We do not take responsibility for any actions taken based on the information provided in this blog. It is always recommended to seek professional advice for your specific legal or property needs. Contact us (Real Estate Assist) if you seek such advice and we will appoint a professional from our team to be of assistance.

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Please Note: We are unable to provide assistance if you do not own a property. Real Estate Assist specializes in helping property owners who are experiencing challenges with their mortgage payments. If you own a property and require support with debt consolidation without going through the debt review process, our team is here to help you explore options to unlock the equity in your home for necessary family matters.

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