Open letter to South Africa’s students‚ universities and government‚ represented by Minister in the .
Being a homeowner is a great feeling, especially in South Africa where house prices continue to soar. But missing payments on the precious property can lead to serious heartache as Cathryn Mosaka of Protea Glen discovered.
"When I fell in arrears in 2005, I received a call from an auctioneering company called Venditor [after my house was published in the Government Gazette] that said that they would help us with our bond," said Mosaka.
"But once we had signed the papers we were soon told that we had to vacate the house," she said.
Absa bank, through which Mosaka financed her home, said the bank could take legal action if a customer missed payments for three months or more.
A consultant said: "It all depends on the case itself and the reasons behind defaulting. There is no specific time frame, but the bank can also draw funds out the account if he [the homeowner] banks with us."
Mosaka was R50000 in arrears when action was taken.
"Our house was vandalised and we told the bank that we were using the money to fix the house up. My daughter said she would buy the house back," Mosaka said.
Venditor manager Koop Styger said that he was not surprised that Mosaka wanted to buy the house back.
Styger said: "Once the house has been sequestered [taken control of] most people come back and say they want to buy it back."