What To Do If Your Property Is Being Repossessed

For a lot of people, owning a home is a major achievement, representing many years of hard work. Property ownership forms part of a solid investment portfolio, and for many, losing a home can deem absolutely devasting.

If you are under a great deal of financial pressure and worried about falling into arrears on your home loan repayments, you need to act quickly and smartly in order to prevent your property from being repossessed.

In this article we’re going to take a look at three ways that you can be proactive if your property is being repossessed.

3 Things to Do If Your Property Is Being Repossessed

Here are the three main things you should do if and when your property is being repossessed.

#1 – Apply for Debt Counselling

By applying for debt counselling, you will have the opportunity to sell your property while only having to pay 80% of the usual payment. Through this, you gain valuable time required to release the maximum property value.

#2 – Apply for Voluntary Surrender of Estate

The aim of voluntary surrender of estate is to equally distribute the proceeds of an individual’s assets to his/her creditors. If your outstanding bond exceeds the value that your property can be sold for, you can apply for sequestration and walk away from your debt.  

#3 – Oppose the Judgement

If there is no value in the property, then a valid option is to oppose the judgement. However, if your remaining bond is greater than the value of your property, you are able to apply for sequestration and not be responsible for debt.