Father fights Old Mutual over his auctioned home
Sello Nthite is fighting to reclaim his house after Old Mutual allegedly sold it at an auction following a second loan he claims he did not apply for.
Nthite, 57, of Diepkloof Ext 10, Soweto, said he did not know that taking a home loan of R120,000 from Old Mutual would cause him so much pain, sleepless nights and tear his family apart.
The father of three was allegedly evicted from his house in October last year after several attempts to stop Old Mutual from selling his house.
Nthite said he was approached by an Old Mutual agent at Chris Hani Baragwanath Academic Hospital in 2000 where he worked as a male nurse.
An agent told nurses that they too could get home loans and the funds would be directly paid to the developer once the contract was approved, he said.
Nthite said he had a 14-year contract to repay his home loan at an instalment of R1,495 a month, which he paid without fail until 2007 when his initial loan was phased out, he said.
"At first I received a letter congratulating me for taking a further loan of R130, 797, which I new nothing about," Nthite said.
He said when making follow-ups, he was faxed a letter with a house address in Protea Glen, also in Soweto, confirming that the cycle of the second bond was effected from October 2006.
However, a letter advising him that his loan was approved was dated November 3 2007, which was a date on which he allegedly applied for the same loan in question.
He asked for his loan application form that he would have completed when applying for it and the bank details into which this loan amount was paid but that he did not get a response.
"The second bond was also not registered with the deeds office in favour of Old Mutual as required by law," Nthite said.
He said he decided to stop repaying the loan in question in June last year when no explanation was forthcoming about the loan he took out with the insurance company.
"The house was auctioned in October last year and it has now been sold to a second buyer, who forcefully evicted me from my house," Nthite said.
"My family is scattered all over and this has also destroyed my marriage."
Nthite said his house was worth R400,000 but it was auctioned for R205,670.
Old Mutual says it is investigating the complaint. Although the financial giant undertook to respond by 11am on Friday, it failed to do so.
It had also not responded at the time of going to print yesterday.
Would you like to comment on this article or view other readers' comments? Register (it’s quick and free) or sign in now.
Please read our Comment Policy before commenting.