Many South Africans have found themselves under severe financial pressure due to a high household debt burden, and as a result have got into arrears on their mortgage payments.
Until a few years ago, the banks would, on many occasions, foreclose on such clients in arrears.
The property would then be sold at a Sale in Execution (SIE) where sub-market values are often the norm, leaving the client with a significant shortfall which has to be paid back.
This also results in a judgement against them with the credit bureaus negatively affecting their credit records for years to come.
The major banks have each devised an assisted sales or distressed sales program in an effort to help these clients experiencing financial difficulty.
At Chas Everitt, we have created our “LifeSaver” programme, which is designed to dovetail with the distressed client programs of the major banks, to help families with mortgage arrears. This “LifeSaver” programme has been highly successful.
Phone Chas Everitt today should you be interested in making use of this dynamic program.