Home Repossessions Increase

With home repossessions increasing, more banks are attempting to stop the flow and see if they can help people keep their homes. Absa Bank is one of those that is trying to stave off taking more homes.

The bank has opened a debt distress line so that they can give advice to those that are facing either default on their loan or the loss of their home. They say that they are not in the business of owning homes – just the notes.

The situation happens a lot these days, and banks do not want your home back. They want to see what they can do to get you into some sort of debt consolidation plan, or a refinance – anything they can do to hold off on having to take your home.

They are trying to do a debt consolidation for their clients – one that would consolidate it into their existing bond. This would give them more money to work with on a monthly basis, and hopefully relieve them of the stress that comes with financial insecurity.

They say that by working on debt consolidation with their clients, they think they can help them keep their homes. Not only that, but they can relieve the stress and help them keep their credit from being ruined as well.



 

 

Back to News Updates