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We explain the foreclosure process and give you tips to help you save your home from repossession.
If a borrower defaults in payment and money needs to be recovered by the credit provider, the credit provider is entitled to cancel prior agreements made on the house to recover the funds owed to them.
The foreclosure process is (normally) initiated after three (or more) months of missed payments from the debtor. A letter of demand can be sent if a bond is more than 20 days in arrears.
One of the biggest mistakes people make when they cannot make their bond payments is not contacting their bank to discuss a way to move forward. Instead, many choose to avoid their phones and emails, but it’s actually in the bank’s best interest to help you.
There are options available to you where the bank would prefer to help you settle your debt and keep your home.
Yes, some banks offer assistance in selling a home on the open market bringing in more money and protecting the debtor from what could be long-term financial ruin should their home be repossessed.
Yes. Your best plan of action is to apply for debt review and pay your bond under this arrangement. There are a few avenues to explore to appeal a repossession under Section 129.
Legal&Tax is your companion in helping you manage your debt and avoid repossession of your assets. Contact us for more information on general debt advice, credit reports, garnishee orders, alternative dispute resolution, repossessions and debt counselling.