OVERCOMING FINANCIAL CHALLENGES: WAKEFIELDS' RESET REAL ESTATE PROGRAMME
Category Advice
Life can present unexpected challenges, and managing financial difficulties while maintaining homeownership can be overwhelming. If you're facing such a situation, know that you're not alone. At Wakefields Estate Agents, we understand the complexities of financial strain and offer our Reset Real Estate Programme (RREP) designed to provide a supportive solution during tough times.
Understanding the Situation
Experiencing a change in financial circumstances can be unsettling. It's normal to feel worried and uncertain about how to manage debt and housing expenses. Many homeowners are unaware that banks offering mortgage finance have programmes in place to assist in these situations.
Exploring Your Options
Banks such as FNB, Standard Bank, Nedbank, ABSA, and SA Home Loans offer programmes like FNB QuickSell, Standard Bank Easy Sell, Nedbank-Assisted Sales, ABSA HelpUSell, and SA Homeloans SellAssist . These programmes are designed to help you recover from debt before it escalates to a legal stage.
The Benefits of the Reset Real Estate Programme
Participating in Wakefields' RREP offers you, the homeowner, several significant advantages. One of the key benefits is the ability to sell your home before the legal process begins. This can be crucial in avoiding a negative impact on your credit and creditworthiness, which can have long-lasting effects on your financial well-being.
Additionally, banks may offer shortfall forgiveness as part of the programme. This means that if the sale of your home does not cover the full outstanding balance of your mortgage, the bank may forgive a portion of the remaining amount, relieving you of a substantial financial burden.
Moreover, banks may offer interest-free repayment of the remaining shortfall, providing further relief during what can be an incredibly challenging time. This can significantly reduce the financial strain and allow you to move forward with greater peace of mind.
By enrolling in RREP, you not only gain the opportunity to sell your home but also receive valuable financial assistance and support, ensuring a smoother transition during this difficult period.
Confidentiality and Discretion
Homes in the Reset Real Estate Programme are not marketed as "distressed." Wakefields' property practitioners exercise the highest levels of discretion and ensure confidentiality throughout the process, respecting the privacy and dignity of sellers. This approach helps maintain the integrity of the sale and protects the reputation of the homeowner.
Maintaining Control
It's important to note that engaging in our RREP is voluntary. As the seller, you retain control over the transaction and the price you accept for your home. This allows you to make decisions that are best for your situation while receiving the support you need.
How Wakefields Can Help
At Wakefields, we're dedicated to assisting homeowners in overcoming financial challenges. Our team is experienced in working with these types of situations and can guide you through the process with care and empathy. We believe that even in difficult times, there are positive solutions, and we're here to help you find them.
If you're facing financial difficulties and need assistance, please don't hesitate to reach out to Wakefields by emailing bankdeals@wakefields.co.za Together, we can explore your options and find a solution that works for you.
Author: Nicole Brown
