South African Woman Shares Heartbreaking Story of Aunty's Home Repossession in a TikTok Video
- A young lady took to social media to express her frustration over her aunty losing her house as it was reclaimed.
- In the clip, the stunner said her aunty's home was worth R900 000, but after it was seized, it was placed on action and sold at R200 000
- The online community reacted to the lady's video, with some being surprised while others shared their story of losing their homes
- Briefly News spoke to Andrea Carr, a homeownership advisor who shared the ins and outs on house bonds
A South African woman left people in their feelings after she revealed her aunty's house was repossessed.
Source: TikTok
A young woman speaks about her aunty's house being repossessed
A lady who goes by the name of @eleganceandequity on the video platform posted her clip on TikTok, where she detailed the reason why her aunty's home was being seized. The young woman said that the house was worth about R900 000; she continued by saying that they later found out that the person who bought the house after it was repossessed and went on to be actioned where it was sold for around R200 000.
As the clip continued, she went on to say she decided to make the video because it "hit home," and she had been seeing videos of people losing their houses. She said the following:
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"When it hits home, it just gives you a reality check. I just feel so misled, I feel lied to because these are the same people who tell you that you qualify for bonds to buy a house. It a great investment, it an amazing investment."
Mzansi stunner urges people to buy into bonds or loan
@eleganceandequity implores people not to fall victims to bonds or loans offered by the bank, adding that they will try to convince you to buy the house but not tell you everything that goes into it or how much your bond payments will increase over the years because of inflation.
"These people are so misleading, I feel like they are just making money off the black middle-class income households," she said.
The young lady notes that when your house gets repossessed, it ends up being actioned and sold for "four times less the value of the house," she said.
@eleganceandequity added that her aunty lost her house due to taxes and rates, and she had the house for 15 years. She continued by saying that her aunty renovated the house and extended it, which resulted in the home being valued at R900,000.
"These people prey over the minds of gullible black people who are in the middle-income class, just preying on us because we are not as educated as them, "@eleganceandequity adds.
At the end of the clip, she urged young people to educate themselves and not make the same mistakes as their parents did. She also noted that it was not the parents' fault, as apartheid ended not too long ago.
Watch the video below:
SA reacts to the woman's video
The young lady's story moved many people in the comments, and they rushed to the comments to express their thoughts.
Peter Judge said:
"When my aunt lost her job, she decided to move out of her house and rent it out. She went to rent a room for 1300, and the tenants were paying 9000."
Nob Mann shared:
"If you realise that you can't keep up with the payments...sell it. Don't wait for the bank to take it, and get the difference; it's better than getting nothing."
To which the young lady responded by saying:
"I wish she had done that while she had a chance."
Positive feedback added:
"I will never work with banks, they don't like us."
Furiousvixen commented:
"Also, kana, you still have to pay some monies even after it’s repossessed…the middle class is dying, we are suffering."
Andrea Carr speaks on everything you need to know about house bonds
According to Andrea, you can buy a home and finance it through a home loan and even possibly a housing subsidy. Home loans can be paid off over a 20 to 30-year period, and this long-term credit is available to you if you can show a bank that you’re capable of paying off debt, and if you have a regular income.
"Anyone older than 18 with a good credit score, stable and regular income and some money saved to put down as a deposit against your application for home finance is likely to qualify for a home loan. Getting pre-qualified is one of the best ways to improve your chances of qualifying for a home loan once you’ve eventually found your dream home," she said.
The Homeownership advisor adds that the First House Finance, formerly known as FLISP, is a one-time housing subsidy that gives South Africans access to reasonably priced house ownership alternatives. Permanent residents of South Africa who make between R 3 501 and R 22 000 per month are eligible for the subsidy. This market segment's income is higher than what is required for a government-built "free-basic house," but it is still too low to make them eligible for financing from independent banks and lenders for home loans.
If you purchased a residential property and got a home loan in the process, and it has been transferred into your name no longer than 6 months ago, you can apply retrospectively for the subsidy.
"The bank effectively owns your home while you’re paying it off, so the quicker you’re able to pay it off, the sooner you’re going to own it. But this also means that if you’re unable to make your monthly instalments, the bank is entitled to take it away from you. Banks will repossess your home and ensure they’re not losing money during this process (which is why it’s often a good idea to look for distressed property auctions/sales if you’re in the market for a bargain)", she adds.
However, this constant risk is something that all potential homeowners should be conscious of, which is why determining how much you can actually afford is so crucial.
Mrs Mops'' 5 bedroom double-storey mansion allegedly auctioned
Mrs Mops made headlines after her home with her husband, Lenamile Isaac Mophatlane, was allegedly auctioned.
According to City Press, the Mommy Club reality star Mrs Mops and her husband Isaac Mophatlane's abode was allegedly auctioned for more than R5 million. The former Real Housewives of Johannesburg star's Pretoria home was recently spotted on Bidders Choice by netizens who expressed shock by the news.
Source: Briefly News
