Asked by Sam on 24-03-2022 10:07:44
Question posted in the General Law category relating to Free State
My friend's house was reposessed by the bank in around 2006. Property was sold on auction. He never received further correspondence regarding payment of any shortfall after the sale in execution from anyone, except for a phone call now and then in the past. He received a call from an attorney about payment of the shortfall and he did not admit to anything. Is he still liable after such a long time? His name is not even listed under any credit bereau.
Message from the Lawyer
Posted by Att. Patrick on 05-04-2022 18:08:54
I see that you haven't made a payment for the question, but I'm going to assist you a little. If you want to ask a follow-up question, please make the required payment, even if it is R150 or R200.
If the property was repossessed, then it was done through a court order, and court orders are valid for 30 years - meaning that the bank has 30 years (from the date of the court order) to come after your friend for the shortfall.
Please remember this is a dialog if you have follow-up questions please make the required deposit, then use the REPLY button and ask your further question. I would like to continue assisting you, but I need to concentrate on people who make deposits for their questions - they get serviced first!
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