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What to do if you can't afford your bond repayments

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Cape Town - What happens when, as a homeowner, you find yourself under unexpected financial strain and your monthly bond repayments suddenly become more than you can handle?

“This kind of situation happens all the time,” says Tony Clarke, managing director of the Rawson Property Group.

“As hard as banks try to ensure that bond holders will be able to meet their repayments, people get retrenched, they have unexpected medical expenses, the interest rates rise – there are all kinds of things that can affect financial circumstances that nobody can predict," says Clarke.

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