select
|

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 rescue@realnet.co.za 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
  
2000
Characters remaining


    Latest Property News
    • 20 Apr 2018
      Whenever changes in the political ecosystem of a traditional property market create uncertainty, smart investors begin to look elsewhere for new opportunities. Property experts at IP Global have analysed the trends and crunched the numbers to find new markets to explore in Europe and the United States.
    • 20 Apr 2018
      Energy and water self-sufficiency are increasingly important factors in home buyers’ choice of property – especially in Cape Town where the extreme drought of the past few years has made municipal supply costly as well as uncertain.
    • 19 Apr 2018
      During the last decade, rampant development has progressively transformed Cape Town’s property landscape with densification being the order of the day, but there are still one or two hidden gems like Scarborough which have retained their original character, offering an inimitable lifestyle and an attractive investment opportunity.
    • 19 Apr 2018
      The rental market is a cut-throat sector of the real estate market that waits for nobody. According to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, first-time renters need to be fully prepared before they even start the process of looking for a place to rent in order to avoid the disappointment of losing out on their ideal property.
    • 19 Apr 2018
      Choosing to buy your first home instead of continuing to rent is a big decision that will usually take some time to put into action, but the sooner you can save up a sizeable deposit, the closer you will be to reaching your goal.
    • 18 Apr 2018
      Selling your home is no small task and as you will quickly find out, there are a lot of misconceptions about the process. Gerhard van der Linde, Seeff's MD in Pretoria East lists the top 5 misconceptions when you are selling your home.
    • 18 Apr 2018
      The Cape Town municipality is now installing water-management devices at properties that have been non-compliant with the new level 5 water restrictions and there are talks of fines between R5,000 and R10,000 for households that use too much water.
    • 17 Apr 2018
      The recent interest rate cut has stoked the coals in the first-time buyer’s market. At least for the next two months until the next interest rate announcement, homeowners are guaranteed lower monthly instalments than in the previous quarter. But, is it wise to take out a 100% bond just to enter the property market while interest rates are low?
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK