Homeowners are challenging banks for repossessing their houses and selling them for very little
Published at : 24 Jan 2021
Dispossessed homeowners are challenging major banks for repossessing their housing and selling them for a song.
Banks in South Africa have for years repossessed properties for a fraction of a market. Lungelo Ditokelo Human Rights Foundation has now filed an affidavit to support a R60 billion class action. This is after it was found that some properties were sold for about 50-60% of their proper value. Home owners hope to recover billions of rands in lost home equity as result.