Standard Bank
Auction property for nothing

I have purchased a property in 2008 and it was financed by Standard Bank. In 2009 I realised I could not afford this property and begged the bank to help so we can make a plan. Nothing was done from Standard the bank side except for forcing me to continue with monthly installments. In 2010 I ran out of reserve capital and the bank offered we work on a solution (too late no money left). We then from 2010 to 2013 (Q1) listed the property on the assisted sales program 4 times. The bank then opted to auction the property even though I communicated various options to them. The bank phoned me this morning to advise me that I am liable for a shortfall of R850, 000 on a property I bought for R800, 000 this after they sold it on auction for R67, 000 whilst estate agents are still getting prices of around R600, 000 for properties in the estate. All the benefits of the assisted sales program is waved and I have a bigger bond than I started with (now just without the asset) and some person (most like well connected) has bought a bargain of note that he can sell within a month for 8 to 10 times his/her purchase price. I do not believe this is fair!!!

Company: Standard Bank
Country: South Africa
City: Home Loans

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