Seeking advice on bankruptcy and hdb matters

[LetHerGo]

Maybe can call the bank and talk to them and show that u have the ability to service the loan for at least 2 years?

 

[kuti-kuti]

I thought so too. i read hdb website and multiple online forum and they say that hdb is a protected asset but the bank still request for me to either sell the flat in one month or repay the entire loan amount (400+k) in full.

I dont have 400k hence i think my only option is to sell the flat?

bank tries to frighten u one. if u listen to them sell, they gain, arm chio

 

[qhong61]

Why don't u rent out rooms

 

[decodedlight]

Hi all,

I would like to seek some advice regarding bankruptcy and hdb matters.

Background - Im currently staying in a hdb flat which is owned by me (SC) and my mother (PR) but recently my mom was declared bankrupt as she was a guarantor for a loan which was defaulted by her friend.

Due to her bankruptcy - i received a letter from the bank requesting for us to sell our hdb flat within one month.
Would like to seek fellow forumer advice :

1) Can the bank force me to sell our hdb flat? ( till date - i have been paying 80% of the monthly installment and downpayment for our current flat whereas my mom paid about 20%) Fyi, i still have enough cpf to service the monthly installment for the next 2 years (outstanding loan 400+k)

2) Can this flat be sold in the resale market? My flat have not reach MOP (left about 1.5 years till MOP).

3) Assuming if the flat is sold in the resale market. Does it mean that 50% of the sales proceed will be used to clear her debt? (this flat is under joint tenancy)

4) Can i buy over her share and refinanced it to make myself the sole owner of this hdb flat? (im turning 35 in a few months)

Sorry for my bad english and multiple questions as im pretty confused right now and would like to seek some advice

Oh actually the bank can. Go check the OA. My understanding is that if your hdb loan is taken with hdb, then the OA can't include it as an asset to be sold for repayment.

But if your loan is with a bank (your case), then OA can include it. Meaning the bank via OA can force u to sell it. Thats why for businessmen, always take loan from hdb to finance your flat, just in case.

 

[kamipify]

Im thinking if its possible to buy over my mother share of the flat and avoid this bankruptcy trouble but i would have to refinance it under my own name.

the bank letter has 2 options. Either i repay the 400k amount in full or sell the flat within 1 month

If I was u I act blur Liao gotta be an charsiew in this limbo just help her on the back and sides u wan u can actually buy over your mom share at market rate for her to finance her loan

But in your case you are not responsible for her loans in any matters unless u go sign extra stuff with the bank

 

[congster2]

my mom is a guarantor for an 800k loan

Ok and is the bank for that loan the same bank that you borrowed from for your hdb flat? For 800k, were any collaterals pledged?

 

[Happyman8]

FYI, I have a joint bank account with my mom in the same bank almost 6 digit and it was entirely wipe out. Im trying to appeal to get the money back

Because the joint account is entirely my money and i have proof that im the sole contributor.

 

[Cowbellc]

No
HDB is protected from bankruptcy

Bank can "ask" u to sell but cant force u

Dun listen to them

Hmm tat is the question posed by some MPs when govt decided tat can ask private entities like bank for hdb housing loan.
What if owner can't service the loan and bank forced them to auction out?
Tat will destroy *居者有其屋* motto
So hdb house is protected from bankruptcy?

 

[Happyman8]

Ok and is the bank for that loan the same bank that you borrowed from for your hdb flat? For 800k, were any collaterals pledged?

yes its the same bank. im not sure regarding the collateral pledge as my mom doesnt want to tell me the full information. fyi, my mother salary is only 1k+ every month so im not sure why they bank allow an old women who earn 1k+ to be a guarantor

 

[Darkshadows]

I thought so too. i read hdb website and multiple online forum and they say that hdb is a protected asset but the bank still request for me to either sell the flat in one month or repay the entire loan amount (400+k) in full.

I dont have 400k hence i think my only option is to sell the flat?

How come so misleading? Is it even legal for the bank to say that?

 

[kamipify]

FYI, I have a joint bank account with my mom in the same bank almost 6 digit and it was entirely wipe out. Im trying to appeal to get the money back

Because the joint account is entirely my money and i have proof that im the sole contributor.

You were in for an tough fight man need to spd money in lawyers fee go seek out pro bono or free legal advice from actual lawyers

 

[Acetron]

Get yourself a lawyer

 

[2_sillies_trap]

I thought so too. i read hdb website and multiple online forum and they say that hdb is a protected asset but the bank still request for me to either sell the flat in one month or repay the entire loan amount (400+k) in full.

I dont have 400k hence i think my only option is to sell the flat?

you sign on as your mum's guarantor? how come you need to paid your mum's debts?

 

[Balian]

https://www.probono.sg/

can seek free legal advice

 

[Happyman8]

How come so misleading? Is it even legal for the bank to say that?

Yes that is what it is said. My friends are all surprised too because they thought hdb cant be touched lol

 

[Happyman8]

you sign on as your mum's guarantor? how come you need to paid your mum's debts?

I did not sign as her guarantor but we took the housing loan together since shes a co owner

 

[sales69]

Ts Your mum already a bankrupt, ask the bank to get money from the OA office don’t sell your HDB as it is protected from creditor.

This one TS.

Anyone want money from your mum, tell them get from OA.

You don't owe money, don't need care anyone.

 

[2_sillies_trap]

Im thinking if its possible to buy over my mother share of the flat and avoid this bankruptcy trouble but i would have to refinance it under my own name.

the bank letter has 2 options. Either i repay the 400k amount in full or sell the flat within 1 month

isn't there a 3rd option? let your mum become bankrupt and have the OA and creditors fight it out on the repayment schedules? i dun think bankruptcy will affect a $1k/mth job, and they can't garnish 100% of that $1k either.

and remember to take back your moeny from the joint account

 

[XcoVar]

TS, your mom needs to come clean at this critical juncture. Check if the HDB was used as collateral when you mom act as guarantor.

 

[Alphas]

Don’t sell the flat, they cannot force you to sell as long as you are able to service the mortgage.