Can banks seize personal assets?

[Andrew001]

Hypothetical question.
Say one gets a Homeloan for 110% in their personal capacity and one cannot pay the loan off anymore. Ie, You owe the banks more than what they can get back from the house.
Can the banks seize your personal assets such as car, etc?

 

[B-1]

Yes, they can lay claim to all your assets and you can still owe them money in a scenario like this after they auctioned it off for less than you owe.

 

[zerocool2009]

Hypothetical question.
Say one gets a Homeloan for 110% in their personal capacity and one cannot pay the loan off anymore. Ie, You owe the banks more than what they can get back from the house.
Can the banks seize your personal assets such as car, etc?

The bank will just start a section 66... to auction the property off

Banks dont want assets, they want money!

Thats my view

 

[Pho3nix]

No. Difference between what they sell the house for and what you owe will still be for your account.
Rather pay them or get the debt restructured

 

[seted]

Everything can be attached except tools of trade.

 

[Pineapple Smurf]

Look at what happened with Guptas here

 

[Messugga]

Nope. They can only come for what you have put up as collateral.

 

[Pho3nix]

Everything can be attached except tools of trade.

No

 

[RedViking]

Yes. They took all our stuff. I remember that day as if it is yesterday. Or so it felt like. We lost the nice car, the furniture, the house...... The house they definitely took. Maybe the others were sold off....

Mommy putting our bags in the car.
Tears stained my shirt.
I didn't understand.
Where we going mommy?
Why can't I take my tree house mommy?
She said we moving to grandpa in another town.
But mom, grandpa doesn't have room for us all.
Why is daddy not coming mommy?
Because daddy can come when he has found another job and find us a place to stay.
But mommy this is our house.
We don't have a house anymore.

/little skinny RV crying snot and trane

 

[Pho3nix]

Things changed RV.

Only why you've gotten the loan for house or car and whatever you've put down as collateral.

Furniture etc you can take with you.

 

[Smokey888]

Yes. They took all our stuff. I remember that day as if it is yesterday. Or so it felt like. We lost the nice car, the furniture, the house...... The house they definitely took. Maybe the others were sold off....

Mommy putting our bags in the car.
Tears stained my shirt.
I didn't understand.
Where we going mommy?
Why can't I take my tree house mommy?
She said we moving to grandpa in another town.
But mom, grandpa doesn't have room for us all.
Why is daddy not coming mommy?
Because daddy can come when he has found another job and find us a place to stay.
But mommy this is our house.
We don't have a house anymore.

/little skinny RV crying snot and trane

Wow. That's bad.

 

[supersunbird]

No

Tell me more.

 

[RedViking]

Wow. That's bad.

Nothing some Metallica or Korn bursting in my ears couldn't fix.

 

[supersunbird]

Things changed RV.

Only why you've gotten the loan for house or car and whatever you've put down as collateral.

Furniture etc you can take with you.

So this is all wrong?

What Can The Sheriff Attach?

When a creditor is in possession of a judgment in its favour, it is in a position to execute this judgment. What exactly is execution?

www.vermeulenlaw.co.za

 

[RedViking]

This was our house. Found it on Google Maps. Sad to see how it deteriorated.

The walls, the gate, the post box, the garage upgrade, the left side rooms. My dad built it all with a builder.

Now the garage is missing a door (probably just open, lol) . The shadecloth is gone, only the skeleton showing. The driveway gate is missing its feature planks. Probably replaced it with thst cheap thing. Gutters and roof falling apart. Swimming pool green like grass. Peach trees gone and replace with what looks like a dump and garden overgrown. At least the tree in front is still there.





See they haven't painted it in over 20 years.

 

[Pho3nix]

Tell me more.

They can't attach anything.

Buy a house, they'll sell the house and you pay the remainder.

Buy a car, they'll sell the car and you pay the remainder.

CC debt? They'll hound you and eventually sell your debt if you don't pay up to people that will properly hound you.

Only a sheriff can attach and for homes, furniture etc wouldn't be included albeit there are small exclusions to this.

 

[Messugga]

So this is all wrong?

What Can The Sheriff Attach?

When a creditor is in possession of a judgment in its favour, it is in a position to execute this judgment. What exactly is execution?

www.vermeulenlaw.co.za

That's for a judgement. The entire point of security in lending is to decrease risk to the lender by providing them something of value to take possession of in the even that the loaner stops paying. If the banks could just go around attaching stuff, security wouldn't be required for home loans and similar.

The security could take various forms. Collateral assets such as the property itself, Other items of value (cars, boats), share portfolios and so forth. Alternatively, you could get someone to sign surety for the loan or part thereof. It's a big part of why you have a legal risk department in banking.

 

[Gozado]

The bank could get a judgment, surely? And then attach according to the @supersunbird posted?

 

[Gozado]

This was our house. Found it on Google Maps. Sad to see how it deteriorated.

The walls, the gate, the post box, the garage upgrade, the left side rooms. My dad built it all with a builder.

Now the garage is missing a door (probably just open, lol) . The shadecloth is gone, only the skeleton showing. The driveway gate is missing its feature planks. Probably replaced it with thst cheap thing. Gutters and roof falling apart. Swimming pool green like grass. Peach trees gone and replace with what looks like a dump and garden overgrown. At least the tree in front is still there.

View attachment 1099325

View attachment 1099327
View attachment 1099329
See they haven't painted it in over 20 years.

Ever had an impulse to buy it back?

 

[RedViking]

Ever had an impulse to buy it back?

I left that town in 2008 with only a sleeping bag and a PC. I have never been back there. Never will.