Free Living Equity Saver
Garth, Marlene & Myric Wilson form a compasionate capitalist family whose motto is "LiVe LiFe, LoVe LoTs". The objective of compassionate capitalism is to assist as many families on this planet as is in their capacity to do so whilst also maintaining a sustainable wealth expansion strategy for self.
Garth Wilson had over 25 years’ experience in the financial institution industry. In these years he has witnessed horrific practices by banks in the foreclosure industry, back to the day when banks were able to buy the client’s property for R 1 and sue the client for the balance of the bond; taking house, kitchen sink the lot, leaving many families destitute. Whilst a lot has changed since then, the fact remains that many families are still being stripped of their homes, dignity and a whole lot more.
Debt in today’s time is still far too readily available and can be procured over the telephone in 10 minutes against the client’s word that he is able to afford the loan…the proverbial "recorded telephonic contract".
Hence Equity Saver is designed to assist debt burdened families out of the quagmire into some settling cash flow for a sufficient period to enable the family to recover. At this stage, Equity Saver is designed only for residential property under R 800 000, in security complexes and in stable suburban areas.
Who Equity Saver is suited to:
- Property owner with equity in property (Value of property exceeds outstanding bond)
- Struggling with debt and unable to maintain monthly instalments
- Need to retain occupation of property for various reasons (lifestyle, schooling, work etc.)
What property profile Equity Saver is suited to:
- Residential property
- Maximum 2 storey walk-up located in secure security complex*
- Located in residential suburb in major metropolitan area
- Property value between R 300 000 and R 800 000
- Outstanding bond under R 600 000
* Other residential property also considered but with more stringent parameters to be applied (see below “How Equity Saver Works”).
Consequences of falling into arrears:
- If bank repossesses property, you will lose the property
- You will also lose occupation of the property
- The property usually fetches well-below market value at foreclosure auction
- You usually lose most or all the equity in the property
- The bank will sue you for any shortfall and attach your remaining assets
- Your credit record will be tarnished, disqualifying you from any future credit
- Other creditors may also foreclose
- Inordinate amount of stress on family and friends
Benefits of Equity Saver
- You retain occupation of your property without disruption to your family, lifestyle, schooling for children, work environment etc.
- You are not exposed to the trauma of losing your home to vulturous creditors
- Your credit record remains unscathed
- You get a Free Living period to enable you to get back up onto your feet
- During the Free Living period you pay no rent, no bond, no rates, no levies…absolute Free Living apart from water and electricity
- Eases up your cash flow significantly to focus on family and lifestyle maintenance
How Equity Saver works:
- We purchase your property at the outstanding bond amount
- We settle all outstanding arrears on bond, rates, levies, insurance
- We calculate the value of the remaining equity using a discount formula on market related rentals, rates, levies & insurance where applicable.
- We grant you free occupation for the number of years the remaining equity equates to (Free Living)
- After the Free Living period, the rental reverts to market related rentals
For further information on how we can assist you, please complete and submit the "Equity Saver Enquiry"