What is home repossession?

Author
MyProperty
South Africa's #1 independent property portal

Repossession or foreclosure is what happens when a homeowner fails to pay the mortgage.

This legal process is when the owner forfeits all rights to the property. If the owner can’t pay off the outstanding debt, or sell the property via short sale, the property then goes to a foreclosure auction. If the property doesn’t sell there, the lending institution takes possession of it.

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