Finance

Banks and financial institutions are a part of everyone's life. The financial relationship between a person and his bank is government by documents and agreements. In the event of loans, especially mortgages, this relationship is beneficial but can become complicated, especially when issue arises of default. If An individual with a mortgage is a salaried employee who no longer retains his job, he is forced in a situation where the bank seeks payment regardless of his employment status. The financial institution can persue this matter in 2 ways:

Firstly, the commercial route. In this case the financial institution starts commercial proceedings in court to try and enforce specific performance of the contract. It usually means that the individual has to hire legal representation to defend themselves in court. This process takes 12-30 months and involved the appointment of experts by the court to view the viability and enforceability of that contract.