Even though you have sold your home because you cannot afford to make the payments, you might still owe money to the bank. This happens when you owe more than what the house is worth. Sadly, this is happening all too often as the property market has become tough for sellers.
Many homeowners have bonds and the value of property has not increased in line with what people are paying back to the banks and in line with the balance owing. As more and more people sink into the debt trap, they find themselves unable to repay their bonds and other debts.
This is when the need to clear judgments becomes apparent to you
Many people choose to not address their debt issue and this leads to all sorts of legal and financial problems that culminate in judgments against their names. To clear judgments is not easy and it requires the intervention of an expert.
If you still owe the bank after the home has been sold then it is possible you will have a garnishee order on your wages. A garnishee order means that your employer is legally bound to pay a portion of your salary to the credit provider. You will also have a judgment against your name. Garnishee orders are no fun as they place additional strain on an already stretched budget. You could also have other debt that you are unable to manage and you can end up with the need to clear judgments on these debts as well.
It might not be your fault that you have defaulted on your bond repayments and close to having to clear judgments
You might have been retrenched and find yourself unable to find new work. Sadly, the creditors are not too sympathetic to this and they are most certainly not empathetic to your plight. Creditors want their money and will not hesitate to place you in a position where you are fighting to clear judgments.
Even though it is very stressful at this time and to clear judgments might be the furthermost thing on your mind, it is important to get some professional help. Companies are available to help you with this and especially to clear judgments. Professionals are trained to help you clear judgments and you should get hold of them as soon as possible.