Tough economic conditions have meant that many more homeowners are not able to keep up with your home loan repayments every month. Loss of jobs, and over indebtedness has added strain to a struggling economy.
Fortunately, this slower economic climate has seen a positive shift in some areas where the banks were previously very ruthless. As the number of distressed clients increased, the banks saw a need to assist these clients in trying to solve their finance problems.
One of these initiative was setup to help those clients who can’t afford to pay their bonds anymore, by offering to assist them in selling their properties as quickly as possible.
The banks have partnered with a number of reputable estate agencies to sell off what they refer to as distress properties. The bank agrees lower commission fee with the agent and the agent is the able to market this property to their client base.
But, it is important to speak to you bank if you are struggling financially. There are a number of new options available to clients these days. New innovative solutions that were not around in the past.
Another solution is applying for debt counseling. Debt counseling can save you from having to selling your home and will also prevent the bank from repossessing the property if you are not able to pay the monthly bond installments.