In the High Court. Bank Inflates Homeloan Debt And Holds Client’s Property Ransom.

One of the worst experiences is to receive a summons on your homeloan, especially during these difficult times. Nonetheless, our client swiftly concluded a Deed of Sale for a market related purchase price of R1,270,000.00 and we presented it to Nedbank.
 
Instead of happily accepting the sale, Nedbank’s attorneys insisted that our client must first sign an agreement to pay an inflated shortfall of R646,523.36 by way monthly instalments of R13,050.85. Otherwise, the Bank will reject the sale and proceed to the High Court for permission to sell our client’s property on auction with a reserve price of R500,000.00.
 
Yes, you are reading this correct, Nedbank would rather auction the property for R500,000.00 instead of accepting R1,270,000.00.
 
As a result, we had to file lengthy pleadings in the High Court to show the court how badly our client is being treated by Nedbank.
 
Finally, when the pressure was intensified, Nedbank admitted that they made a “bona fide error” by inflating the outstanding balance of the Nedbank bond by more than R200,000.00. Ultimately, Nedbank capitulated by agreeing to accept the Deed of Sale and writing off a massive 62% of the original shortfall. Our client was happy to agree to the pay the significantly reduced shortfall balance of R250,000.00 at a much lower instalment of R5,000.00 a month.
 
My first question is this... HOW OFTEN DO THESE BANKS get away with this? My second question is how much longer are we going to let them get away with it? Please choose your Property and Court Attorneys wisely. Let us help you fight against these financial injustices and get the best deal possible when you need it the most.