Seeking advice on bankruptcy and hdb matters

[addict951]

Anybuttie suspect the bank is a foreign bank? Like SCB or Citi.

 

[addict951]

yes run back to her own country le

O m g …
ts, do you suspect maybe your mum got…swindled?

 

[jack-320]

Seems like people come to EDMW only when they have problems with life and seek for help

 

[white_prince]

yes run back to her own country le

Means she is planning this since day 1 to run road for $800K loan.

 

[zhoholang]

my mom is a guarantor for an 800k loan

My parents always tell me don't be guarantor for others . This is the reason lor

 

[Laneige]

My parents always tell me don't be guarantor for others . This is the reason lor

Lend money or just don’t do anything

how gd also cannot be guarantor

 

[Jiakholiao]

prease noe wat chiu r getting into before chiu sign up to be a guarantor

 

[Lss]

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?

Where got kid pay mother loan one.

 

[KPO_SAHM]

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.

under HDB loan if banks needs U to pay , bank can't touch Ur HDB. But now U r under bank loan, U have to sell as per bank letter

 

[congster2]

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.

I mentioned that too, but like he said, the mum makes 1k+. Without pledging something, why would they let her guarantee 800k? I wonder if her liability was deem as fungible.

 

[congster2]

Where got kid pay mother loan one.

自古以来，父债子偿

 

[Lss]

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.

Bro business man if cannot even exceed the income cap for eligibility then go work get salary better.

 

[addict951]

I mentioned that too, but like he said, the mum makes 1k+. Without pledging something, why would they let her guarantee 800k? I wonder if her liability was deem as fungible.

That’s huai I asked ts on top
Something BIG must have been pledged to bank if not bank dun 谁谁便便 lend you 800K 1.
if the guarantor really showed proof of ownership of flat and really pledged it as collateral then…different story liao.

 

[Lss]

自古以来，父债子偿

No such thing la.

 

[congster2]

No such thing la.

Aiyoh I'm kidding can't u tell

 

[3G SAINT]

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

Seek OA see what option they can help you

Ask OA if dnt sell flat what bank will take action bcos your house is joint account

 

[Caterpillars]

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

This is not a legal advice so I would still suggest you seek opinion from proper legal channel.

Layman would tell you that in addition to being not bankrupt, the person should have a good credit history and sufficient income to repay the loan if the borrower defaults. But your mum could have put up your joint account full balance as collateral which would sort of demonstrating means to repay loan if defaulted.

Your mum needs to tell you everything, including providing the loan documents that she signed on. Otherwise, no lawyers can advise you effectively.

 

[galmongie]

under HDB loan if banks needs U to pay , bank can't touch Ur HDB. But now U r under bank loan, U have to sell as per bank letter

I'm wondering if he can switch to HDB loan at this point?

 

[Caterpillars]

I'm wondering if he can switch to HDB loan at this point?

Cannot. Once you go bank loan, you cannot return to HDB loan.

 

[3G SAINT]

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.

Now like you are left nothng except monthly salary

Bank will not return you $$$ and might ask you close account
Bcos your mum and you are joint account