The statistics from the NCR below clearly illustrates the need for better solutions .
What this statistic does not show us is that the grace period for most people who found themselves in distress in 2020-2021 has already expired or is about to expire . Given the high number of applications we are still receiving from distressed homeowners , we anticipate a substantial increase in Sales in Executions in the near future . Furthermore , to assist those potential homeowners who are impaired credit consumers as per the statistics below , we should assist them to restore their credit status in order to qualify for a mortgage and to own a home .
For the process of litigation to be avoided , all role players need to put extra emphasis on first understanding the real estate owner ’ s situation and position as a whole , and if they are unable to do that due to the numbers , they will need to have private organisations , for instance , a panel , to assist with proper research of the available options , including but not limited to those of the bank to resolve the matter in the quickest and least costly way .
Through proper collaboration , there are many participants that can establish lasting solutions to the impaired and distressed real estate owner industry , as long as the focus is not to exploit the real estate owners ’ situation to enrich themselves . The goal should be to make a real measurable impact on everyone involved in the program and in particular on real estate owners who , in most cases , own only one home which is their most valuable asset and place of security .
Statistics from National Credit Regulator
SA Real Estate Investor Magazine APRIL 2022 63