Kaya Biz: How to protect yourself from banks trying to auction your repossessed property
Kaya 959 Reporter
Many South Africans find themselves in the unfortunate situation of not being able to pay for their properties, which as a result translates to the repossession of your property, an outcome of which is the auctioning of your home.
There have been numerous court battles on the manner in which these homes are auctioned off, particularly how the consumers end up not being protected.
The CEO of Lungelolethu Foundation King Sibiya recently spoke to Kaya Biz with Gugulethu Mfuphi on how they have campaigned against these irregular practices that saw thousands of people being evicted from their homes.
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Sibiya says what arose from his research about these irregular practices is that they found out that there are properties that are sold for as little as R10 in the market.
He said banks are not selling houses at the market value.
“When you approach this thing you look at a two-prone approach, the first thing is to mobilise consumer education, we’ve seen that our people are not aware of their rights.”
“The second one is injustice, what I mean by this is that within court proceedings there are injustices, in other words, what I am trying to say is those who have will see justice and those who don’t have will never see justice.”
He also said that they also found out that 80% of the court roll in the Gauteng High Court is filled with evictions and road accident funds claims, with 30 % of these being people who never appear in court, who end up getting default judgements for not appearing.
“These people never get an opportunity to speak for themselves. They only find out afterwards that their homes were bought on auction.”
He said lawyers have been found to be side-stepping the court by approaching judges in chambers when a reserve price was not obtained at auction to seek the judge’s blessing to sell the property at a lower price.
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