Seeking advice on bankruptcy and hdb matters

[addict951]

ts, do you know if the bank is also chasing after that lender who defaulted as fiercely?
super chua tio how come $800K was lent so easily unless some kind of physical asset(s) were pledged as collateral.

 

[Acetone]

I believe the reason why the bank gave you option to sell the house is because she would likely not be able to finance her debt obligation… but I don’t think they have the legal right to force you to sell it.

Go check with a lawyer on your rights.

 

[PapaWith3Kids]

All the best TS. Which bank bully you?

 

[ouroboroso]

https://io.mlaw.gov.sg/bankruptcy/information-for-bankrupts/impact-of-bankruptcy/

6. What assets are protected from creditors?

Property held by you on trust for any other person

HDB flats where at least one of the owners is a Singapore Citizen​

Monies in your Central Provident Fund (CPF) account

Life insurance policies which are held in express trust for the benefit of your spouse or children

Any other property excluded under any other written law

Compensation awarded for legal actions in respect of personal injuries or wrongful acts against you

For bankrupts who are nominated beneficiaries of the Dependants’ Protection Scheme (DPS), the compensation amount will be paid to the Official Assignee for the benefit of the bankrupt’s creditors. Where a DPS payout is made due to the permanent incapacity of an insured bankrupt, the CPF Board or the private insurer will write in for the Official Assignee’s consent for the release of the monies to the bankrupt.

7. What will happen to my secured assets?

Creditors (e.g. banks or other financial institutions) who hold security over your assets or goods, have the right to sell the assets or goods if you default on your payments.​

The Official Assignee will require any proceeds of sale exceeding that of the value of the secured debt to be remitted to the bankruptcy estate for the benefit of his creditors.

 

[galmongie]

Reading all the replies, I think ts needs to seek advice from HDB first.

 

[3G SAINT]

Can ts refinance with loan from hdb?

Can ask OA write letter and ask MP write letter it will help him get higher chance

Nw all asset is control by OA after declared bankruptcy

 

[3G SAINT]

Reading all the replies, I think ts needs to seek advice from HDB first.

Hdb can't help much by bankruptcy law,all asset is control by OA

 

[focus1974]

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

U need to take a day of leave and go straight to the HDB office to get an answer straight from the horse mouth.

delay no more is very apt in this situation.

 

[congster2]

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.

You missed this part

"Separately, should you fall behind in paying the interest under your mortgage for a month, either HDB or the bank – depending on who you have taken a loan from – will also have the power to sell your flat."

 

[Caterpillars]

Just contact https://www.probono.sg/ and explore your options before taking any step.

Otherwise, you can reach out to private law firm, get a quotation for your query and proceed with it. It should cost few hundreds for such enquiry.

Your case may be slightly complicated because the same bank happened to be your mortgagee bank, which has a hold over your hdb , and the lender of the loan your mum acts as guarantor. You might be paying off the mortgage loan on time but your mum is also carrying the mortgage loan under her name too even though she is not paying.

You may even explore to contest legally if the acceptance of your mother as guarantor given her income , old age and profile is reasonable.

Lastly, get your mother back and get all the information from her. It is time for her not to hide and face the music. By hiding the information, it is hard for you to know the best course of action.

 

[sighinguy]

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.

He is correct

 

[ctstalin]

You missed this part

"Separately, should you fall behind in paying the interest under your mortgage for a month, either HDB or the bank – depending on who you have taken a loan from – will also have the power to sell your flat."

Can you read again or not, the debt is not hdb mortgage.

Keep talking mortgage mortgage mortgage

 

[marksnow44]

You can hide inside the HDB, bank cannot touch you and seize your property as HDB is gahment property, they cannot touch at all.

 

[addict951]

Ya Lo, @congster2
ts got say above in 1 of his posts - he nv miss an instalment at all. He pays religiously for this flat one. So that para you quoted dun apply here.

The entire business has to do wif his mum who dun know huai go be guarantor for 800K.

 

[TrollAndOgres]

my mom is a guarantor for an 800k loan

How did they even deemed that your mum had the ability to be a guarantor of this loan? 800k is a huge sum (to a normal salaried person at least)

 

[boredom2012]

Any creditors will use any means to get back the money. Relax,if not sure can ask free legal services

https://www.pa.gov.sg/our-network/community-clubs/legal-advice-service/

 

[white_prince]

my mom is a guarantor for an 800k loan

Where is the person now? Run road outside sg?

 

[106gunner]

Mine is a bank loan (not hdb loan). When my mom was declared bankrupt i thought hdb was a protected asset and the bank cannot force u to sell the flat but seems like i was wrong and they only giving me one month to sell.

Possible since is a bank loan you defaulted

 

[Happyman8]

Just contact https://www.probono.sg/ and explore your options before taking any step.

Otherwise, you can reach out to private law firm, get a quotation for your query and proceed with it. It should cost few hundreds for such enquiry.

Your case may be slightly complicated because the same bank happened to be your mortgagee bank, which has a hold over your hdb , and the lender of the loan your mum acts as guarantor. You might be paying off the mortgage loan on time but your mum is also carrying the mortgage loan under her name too even though she is not paying.

You may even explore to contest legally if the acceptance of your mother as guarantor given her income , old age and profile is reasonable.

Lastly, get your mother back and get all the information from her. It is time for her not to hide and face the music. By hiding the information, it is hard for you to know the best course of action.

Can i contest legally? because i didnt even know that my mom was a guarantor until they issued her a bankruptcy notice. From what i understand she was a guarantor for 3 different banks. Shes a foreigner (PR) in her late 50s.

When she sign to be a guarantor she was only earning 1k+ and she dont have any assets beside this hdb.
I dont think hdb is even considered as an asset

 

[Happyman8]

Where is the person now? Run road outside sg?

yes run back to her own country le