Many people consider their property as their sole investment. However, what happens when a home owner is faced with financial hardships and defaults on their mortgage bond repayments agreement between borrower and lender.
President of Lungelo Lethu Human Rights Foundation King Sibiya says, when we speak about property we must speak about the market value, “However when it comes to repossession of property why these properties are not sold on market value, we call it day light robbery on our side.”
Recently, the South Gauteng High Court in Johannesburg delivered a judgment that repossessed homes may no longer be sold at auction without reserve prices.
The case dealt with process that a bank is required to follow to sell a person’s home in execution should the home owner default on their monthly bond repayments.
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