A real estate agent shares tips that will help you keep your house during tough economic times. Read more here ⬇️ ECRLifestyle InterestRates
, says the first tip to help you keep your property is to be transparent about your challenges with the bank.
"For people that are struggling to pay their bonds," says Nunky, she strongly recommends that they"speak to the bank." The danger with defaulting on bond payments is that it will negatively affect your profile and result in an extension of your overall bond term. An extension of your bond term might see you paying more interest in the long-run.
Continuous failure to pay your bond might lead to you being blacklisted or your property being repossessed by the bank.The bank might assist in the following ways: a temporary or permanent reduction in your monthly repayments, a repayment holiday, or debt consolidation.The retail estate agent says a small payment towards your bond will go a long way.Property sells for R22m...
If you decide to sell your property before the bank reposes it, Nunky says the property professional will help you"to price your property right if you must put it into the market because if it’s priced too high it’s not going to sell. And an overpriced property is an undersell."
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