South Africans are increasingly struggling to repay their home loans, and many are not acting quickly enough to prevent foreclosures.
Several factors have contributed to the high interest rate and inflation environment, such as supply-chain bottlenecks during the Covid-19 pandemic, the Russia-Ukraine war, and the recent conflict in the Middle East. “If you couldn’t make an arrangement in advance of missing a payment, and you’ve already fallen into arrears, pay something toward the debt immediately. Just pay anything you can and keep on doing that as a launchpad for negotiations with your home financier.”Moreover, if your financial distress is unlikely to end shortly, it may be to sell the property.
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