FNB home repossession goes horribly wrong: [an extract from an Article by: Ciaran Ryan in Moneyweb – 12 November 2024]
It took Patience Mavuso three years to get the sale of her property reversed, during which she had to fight off repeated eviction attempts.
FNB client Patience Mavuso had to fight off repeated attempts to evict her from her property despite catching up on her arrears and reinstating her bond as far back as 2016.
FNB claimed she fell into arrears on her mortgage loan and took judgment against her nearly 10 years ago. With that judgment in hand, the bank proceeded to sell the property at a sheriff’s auction in 2022, even though she had reinstated her mortgage bond six years earlier.
The new buyer picked up the property for a song and then started turning up at Mavuso’s door trying to evict her – in effect, an extrajudicial eviction attempt.
Mavuso informed both FNB and the buyer that she intended to bring an application before the court to suspend the transfer of her property on the grounds that she had caught up on her arrears and had reinstated her mortgage agreement.
… The managing agents of the complex where Mavuso lives sided with the buyers and revoked her access to the complex.
… The buyers claim that the sheriff did not inform them that Mavuso had brought an application to court to suspend the transfer of her property.
The Original, Full Article can be Viewed here → https://www.moneyweb.co.za/news/companies-and-deals/fnb-home-repossession-goes-horribly-wrong/
Also Read:
> Judges give banks a grilling over home repo practices
Link → https://www.moneyweb.co.za/in-depth/judges-give-banks-a-grilling-from-judges-over-home-repo-practices/
> Banks slapped down over home repossessions in Joburg court case
Link → https://www.moneyweb.co.za/news/south-africa/banks-slapped-down-over-home-repossessions-in-joburg-court-case/
> Evidence that banks sell repossessed houses for cents in the rand
The link: https://www.moneyweb.co.za/news/south-africa/banks-slapped-down-over-home-repossessions-in-joburg-court-case/