Seeking advice on bankruptcy and hdb matters

[mryongtan]

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?

are you both SG citizens? if yes, you're protected from selling your flat.

 

[highsulphur]

Wah the joint account was a disaster

 

[Happyman8]

The cash proceed will be decided by you and your mom.. If the money go to your joint account then the bank will be able to take it, same like your current joint account.

Btw, mind if we ask. Is your mom a victim of love scam?

No. its her good friend that wanted to start a restaurant business. i just wonder how the bank allowed my mom to be a guarantor when her income is only 1+k and she does not have any asset at all

 

[highsulphur]

No. its her good friend that wanted to start a restaurant business. i just wonder how the bank allowed my mom to be a guarantor when her income is only 1+k and she does not have any asset at all

She had your joint account and hdb flat. Maybe that joint account was used as a collateral without you knowing since it's the same bank

 

[Happyman8]

Wah the joint account was a disaster

Yes. im quite fked right now. Im starting to question whether she really my mom anot like why did she do this to me

 

[ouroboroso]

Yes. im quite fked right now. Im starting to question whether she really my mom anot like why did she do this to me

She probably didn't realise the implications of her role as guarantor.

I believe most people don't fully realise the legal and financial implications of being a guarantor for loans.

 

[galmongie]

Bank is the saint they got right dnt loan you $$$ finance your house

Can ts refinance with loan from hdb?

 

[Happyman8]

are you both SG citizens? if yes, you're protected from selling your flat.

Im SG citizen. My mom is a PR

 

[I_am_bored]

Just go down HDB and seek legal advice with the letter.
Don’t come to edmw ask for serious matters.

 

[addict951]

Im SG citizen. My mom is a PR

ts, can tell us moar about that 800K loan? Huai your mum agreed to be guarantor for such a big sum?
How is that borrower related to your mum? You didn’t know she became a guarantor for that 800K?

So nao what happened to the borrower? Ran away/out of Sg alrdy??
Wah lao…

Another kwestian: is the bank 1 of the 3 local banks?

 

[Acetone]

Can ts refinance with loan from hdb?

Nope.

 

[newborn1000]

You see your GRC got free legal clinic or not , I know some GRC or SMC have de loh

This kind of question , not difficult , they should entertain you

 

[Happyman8]

also, I remb HDB cannot be collareralized if that’s the only property.

Yes i dont think we can use hdb as collateral and this hdb is our only property. Im staying here with my mom, sis, brother and my child so this house is really important to us

 

[galmongie]

Just go down HDB and seek legal advice with the letter.
Don’t come to edmw ask for serious matters.

It's ok to get opinions and learn more options from here. Then seek confirmation from the authorities and professionals.

 

[Laneige]

Heng haven’t hit mop
I read got those “$1” lawyer
U wana ask them? In the news recently
They work in container n outside a temple at hougang or something

i think even though 50-50 plan but u paying 80%
Shld b able to fight
And some said the laobu can declare bankrupt but I’m thinking is there some t&c to it else one have asset under them n don’t sell n declare bankruptcy is simi???
Thought is for banks etc to repossess but yr case is because u r owner?

anyway this is def v frustrating n hope u able to find the gui ren u need

and that yr mother won’t blame herself too much also

she is guarantor in sg or Msia n for simi?
So the friend vanish liao?

Don’t let the letter scare u
Go seek help from both hdb n lawyer

 

[28cMostlyCloudy]

In Singapore, the Housing and Development Board (HDB) has certain rules and regulations regarding the ownership and sale of HDB flats.
If one of the occupiers of an HDB flat is declared bankrupt, the Official Assignee (OA) may take possession of the bankrupt's share of the flat. However, the OA cannot force the other owners to sell the flat.
According to the HDB's policy, if the OA intends to sell the bankrupt's share, they must obtain the consent of the other owners. If the other owners refuse to sell, the OA can apply to the court to sell the flat, but only as a last resort.
It's also important to note that the HDB has certain priority claims on the sale proceeds, such as outstanding mortgage loans and other charges.
Here are some relevant scenarios and their outcomes:
Scenario 1: The bankrupt owner has no outstanding HDB loan.

• Outcome: The OA can sell the bankrupt's share, but must distribute the proceeds according to the interests of the other owners.

Scenario 2: The bankrupt owner has an outstanding HDB loan.

• Outcome: The OA must settle the outstanding loan with the sale proceeds before distributing the remaining amount according to the interests of the other owners.

Scenario 3: The other owners refuse to sell.

• Outcome: The OA can apply to the court to sell the flat, but only as a last resort.

 

[ceestudent]

No. its her good friend that wanted to start a restaurant business. i just wonder how the bank allowed my mom to be a guarantor when her income is only 1+k and she does not have any asset at all

Wah, this is surprising. Maybe use her partner name and your mom name to secure the loan.
800k loan for PR with 1k income is really doesn't make sense.

 

[addict951]

ts, do you have a gd relationship wif your mum ar?

That 6-digit joint bank account wif mum 1, you mean the bank ‘auto’ cleared out the entire balance to settle part of that 800K?

 

[congster2]

HDB cannot be used as collateral bro.

Not if it's paid up but they borrowed from the same bank for mortgage so technically the bank has a hold on the flat for her side of the mortgage

 

[2_sillies_trap]

In Singapore, the Housing and Development Board (HDB) has certain rules and regulations regarding the ownership and sale of HDB flats.
If one of the occupiers of an HDB flat is declared bankrupt, the Official Assignee (OA) may take possession of the bankrupt's share of the flat. However, the OA cannot force the other owners to sell the flat.
According to the HDB's policy, if the OA intends to sell the bankrupt's share, they must obtain the consent of the other owners. If the other owners refuse to sell, the OA can apply to the court to sell the flat, but only as a last resort.
It's also important to note that the HDB has certain priority claims on the sale proceeds, such as outstanding mortgage loans and other charges.
Here are some relevant scenarios and their outcomes:
Scenario 1: The bankrupt owner has no outstanding HDB loan.

• Outcome: The OA can sell the bankrupt's share, but must distribute the proceeds according to the interests of the other owners.

Scenario 2: The bankrupt owner has an outstanding HDB loan.

• Outcome: The OA must settle the outstanding loan with the sale proceeds before distributing the remaining amount according to the interests of the other owners.

Scenario 3: The other owners refuse to sell.

• Outcome: The OA can apply to the court to sell the flat, but only as a last resort.

who is right?

https://singaporelegaladvice.com/law-articles/bankrupts-hdb-seized-faqs/

Can a Bankrupt’s HDB Flat be Seized and Sold to Repay Creditors?​

As long as at least 1 owner of a Housing and Development Board (HDB) flat is a Singapore Citizen, the flat is protected from creditors by law and cannot be sold or taken over by the Official Assignee (OA).

The OA manages the affairs and estates of bankrupts, and has a duty to raise money or make advances for the purposes of the estate in order to fund repayments to creditors, among others.

However, if all the owners of your HDB flat are not Singaporean Citizens, you will need to surrender your flat to the OA. The OA has the right to forcefully seize possession of your HDB flat should you refuse to cooperate.