The biggest mistake people do when taking a home loan, is to sign documents without reading the content after their home loan has been granted.
This is according to Igshaan Higgins, attorney at De Klerk & Van Gend Attorneys.
Banks secure themselves so well, there's pretty much nothing you can do in order to prevent foreclosure— Igshaan Higgins, Attorney at De Klerk & Van Gend Attorneys
Foreclosure is the legal process where a home loan lender takes possession of the property of a home loan borrower who has fallen behind on their payments to the lender.
I've seen situations where banks would call someone for paying six rand short of their bond— Igshaan Higgins, Attorney at De Klerk & Van Gend Attorneys
According to Higgins, banks are diligent in trying to make people to stick to their home loan agreement, which is why foreclosure becomes non-negotiable.
If the bank decides to use the most expensive attorneys, that's what you agree to pay if you default. The consequences are severe— Igshaan Higgins, Attorney at De Klerk & Van Gend Attorneys
Higgins says that a person who defaults on their home loan payment risks paying high legal costs for banks when they face foreclosure.
He spoke to #NightTalk's Gugs Mhlungu and Sizwe Dhlomo on the weekly Money Matters feature.
Listen the conversation below: