Standard Bank has obtained a judgement to auction off my property, how do I protect my property?
What options do I have?
Thank you for your question.
If you made your payments strictly according to your monthly instalment, your creditor may not repossess an asset or begin legal action against you.
A creditor can register a judgment against your property to help enforce payment of an outstanding debt. If you do not file a proposal the judgment is a lien on the property (a claim on a residential property for the homeowner’s unpaid bills).
If a proposal is filed and approved the judgment becomes unsecured and the judgment debt is eliminated the same as any other unsecured debt. As long as your payments are kept up to date on your mortgage you will not lose your home.
Remember, you can also approach Standard Bank directly to make arrangements to repay your home loan. Here is a link to an article on how to negotiate with your creditors.