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KZN homeowners forced to sell properties

2 Aug 2012

According to an IOL News report, cash-strapped homeowners in KwaZulu-Natal are selling their properties through bank-approved forced sales, rather than have them repossessed and estate agency Chas Everitt said sales of this type accounted for 30 percent of transfers between June last year and July this year.

According to the IOL News report, the figures showed that more than 5 000 section 129 notices - notifying consumers they were in default - had been sent out between December and May. The average amount of debt for each month was R532-million.

Read the full articel on www.iol.co.za.