Banks can’t make homeowners pay for botched repossession cases – court
Judge lambastes 'drive-by' valuations used by mortgage lenders seeking to repossess customers' homes and then charging the costs to their accounts.
The Mpumalanga High Court recently ruled against three mortgage lenders – Standard Bank, FirstRand and Nqaba Finance – for their improper methods in attempting to repossess homes without conducting proper valuation reports. This decision highlights that homeowners should not have to shoulder the costs of such mistakes, which often lead to further financial distress and inevitable loss of their homes. The court emphasized that courts must not accept such shoddy valuations as factual evidence.
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