RealRescue service launched to help bank-shy homeowners

As detailed on Carte Blanche recently, the cost of food, fuel and services has risen so much over the past 10 years that the average salary earner would have needed an increase of 13% a year just to keep up.
“However,” says Jan Davel, MD of the RealNet estate agency group, “most increases have of course fallen well short of that mark, especially since the global financial crisis of 2008 / 09, and the result is that most households have been unable to make any significant dent in their outstanding debt.
“Indeed, more than 75% of the average household income currently goes towards repaying debts of various kinds, including home loans, vehicle finance, personal loans and credit and store card balances.
“And while this is less than the peak of 84% of household income reached just before the recession, it means that most households are still in a very precarious financial position that can easily become disastrous in the event of a job loss, illness, or other family emergency.”
Things can become especially bleak, he says, for homeowners whose budgets just won’t stretch enough anymore to cover their bond repayments, because defaulting means they face not only the possible loss of their home but also the destruction of their credit record for many years to come.
“But even when things have got to that stage, most people, it seems, are more than reluctant to talk to their bank – they will do almost anything to avoid doing so, perhaps fearing that by actually admitting they have problems they will cause the repossession procedure to be speeded up.”
The sad part about this, Davel says, is that most if not all of these distressed homeowners could be helped out of their difficult situation through one of the banks’ assisted sales programmes if they would only speak up early enough – “and that is where our new RealRescue service comes in”.
Created specifically to assist distressed homeowners, RealRescue offers them the opportunity to talk to a RealNet agent who will then act as their intermediary and work to get them listed as distressed sellers who qualify for one of the assisted sale programmes run by the four major banks, he explains.
“The idea of these programmes is to help homeowners who are in default on their bond payments to sell their properties on the open market rather than have them repossessed and sold at sheriffs’ auctions.
“The banks have in this way already saved thousands of homeowners from having to go through the trauma of foreclosure – a big relief that we now intend to make available to many more people through the introduction of the RealRescue service.”
RealNet is accredited on the assisted sale panels of all four major SA banks, Davel explains, “so in any area where we have a franchise or a point of presence, we can help most homeowners who are struggling to make their homeloan repayments and would like to do something positive to change their situation.
“The final discretion as to whether the homeowner qualifies will always be that of the bank, but we would be delighted to assist any homeowner who is in arrears. What is more, it couldn’t be easier to start the process. All they have to do is email or fax 012 348 3960. We will then put them in touch with an experienced and sympathetic RealNet agent who will help them and guide them through the whole assisted sale process.”

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 19 Jan 2018
      Extending from Randfontein in the west to Roodepoort in the east and including the towns of Krugersdorp and Magaliesburg, the West Rand has a plethora of property available to residents who choose to make this unique area their home.
    • 19 Jan 2018
      When it comes to financial planning, doing the work to ensure you’re prepared for unexpected emergencies is just as important as ticking off your other goals and New Year’s resolutions. The beginning of the year is also the perfect time to review your various insurance policies.
    • 19 Jan 2018
      No surprises at the first Monetary Policy Committee of 2018, as Reserve Bank Governor, Lesetja Kganyago, announced that the interest rates would stay at their current levels.
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
    • 18 Jan 2018
      New year, new goals! If you’ve resolved to purchase your first property in 2018, then this 6-step guide from the Rawson Property Group is a must-read. It will help you navigate and simplify what is often be seen as a confusing process of buying your first home – right from the house-hunt to the house-warming.
    • 17 Jan 2018
      While the current property market may still favour buyers, it doesn’t mean that they shouldn’t be well prepared before putting in an offer to purchase.
    • 17 Jan 2018
      Lightstone lists Blair Atholl as the most expensive suburb with an average house price of R11.2 million, followed by Westcliff (R10.5 million), Dunkeld (R9.3 million), Sandhurst (R9.1 million) and Inanda (R7.2 million).
    • 17 Jan 2018
      As it currently stands, there are four main ways in which a home can be bought in South Africa, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who adds that deciding in which legal entity to purchase the property is not a decision that should be entered into lightly, as each has its pros and cons.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us