Life happens...
Navigating and thriving in life can sometimes prove to a bit of an obstacle course. Many South African households are currently finding themselves under financial pressure, and oftentimes unable to clearly devise a plan for their financial restoration. It becomes unclear how to best navigate the path or just to take one step in the right direction to possibly see a glimpse of light.
We recommend the following options to help get you on course again:
Should you find yourself in arrears on your monthly home loan repayments, we advise that you should contact your mortgage holder and explain your predicament to them as soon as possible.
1. Try to ask for an extension of term aimed at possibly reducing your monthly repayment.
2. Try to ask for the arrear amount to be reworked and included in the total outstanding loan, with the aim of starting on a clean slate.
3. If you have been retrenched and have a retrenchment cover in place, then go ahead and put a claim on your cover.
4. Contact a real estate agency to put your property on the market for either rental or for sale, it’s always better to be safe than sorry.
5. If there is a possibility of selling at a good profit and using the funds to secure a smaller property without any mortgage loan or with a much smaller amount of a mortgage loan, this is an option worth pursuing. It’s also still much of the buyer’s market, so when you decide to buy now; you are likely to get more for less.
Regardless of how gloomy the situation may look, do not ignore your mortgage lender; this will only escalate the situation and eventually result in a foreclosure and repossession of your property. Your property is an investment and should be treated as such.
Lerato M Real Estate property consultants are always willing and eager to help you navigate your real estate needs.