Seeking advice on bankruptcy and hdb matters

[3G SAINT]

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

I guess your mum not educated enough and helping her frenz do business

 

[3G SAINT]

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.

Dnt need keng 2 days MC to resolve problem..OA is the one can help him

 

[harky]

my mom is a guarantor for an 800k loan

Poor ts.. Your mom so power..

 

[galmongie]

Dnt need keng 2 days MC to resolve problem..OA is the one can help him

How can he be sure that the OA will act in his interests?

 

[I_am_bored]

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.

If I remb correctly, we can’t pledge Hdb or use it as any form of collateral against any loan, except for the HDB home loan itself.

 

[106gunner]

Poor ts.. Your mom so power..

Likely guarantor for him

Maybe his income and cpf not enough for the loan

 

[gnoes85]

Just ask the OA?

 

[addict951]

If I remb correctly, we can’t pledge Hdb or use it as any form of collateral against any loan, except for the HDB home loan itself.

I feel this ish the part where we all say there’s probably moar to this that ts isn’t telling us cos to suit his narrative, etc

 

[Ethan_]

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

Think abit confused, correct if wrong...

Thought public housing cannot be use as collateral one. Cannot be touched by debtors.

Then again, even if can, it sounds somewhat fishy when someone earning only 1k+ with no other assets can be a guarantor for such a large amount. Sounds like some sort of fishy business going one between the various parties.

If so, wonder if can test test report or not. Maybe need seek some legal advise on this to see if something fishy is going on or not. Throw craps at wall see what sticks perhaps.

 

[Caterpillars]

I feel this ish the part where we all say there’s probably moar to this that ts isn’t telling us cos to suit his narrative, etc

The mother needs to reveal full story. Any debts from creditors should be filed with OA, which OA will assign which assets to be sold or can be sold.

For a bank to issue such a letter, putting intimidation aside, there should be something else to this. Br default, hdb is protected from creditors during bankruptcy when there are other SC owner.

 

[3G SAINT]

How can he be sure that the OA will act in his interests?

I got frenz been bankruptcy and OA is more powerful once declared bankruptcy all debt will clear,creditor cannot touch you even you owe 500k

OA can give you gd advice

 

[congster2]

If I remb correctly, we can’t pledge Hdb or use it as any form of collateral against any loan, except for the HDB home loan itself.

In a bank mortgage as is their case, the hdb flat is the collateral and the bank has a claim on it in the event of a default. This is quite well established.
Basically TS better take a look at the loan document your mom signed as a guarantor to see if there are any covenants that would give the bank a claim against her half of your flat. I'm guessing there is.

 

[galmongie]

I got frenz been bankruptcy and OA is more powerful once declared bankruptcy all debt will clear,creditor cannot touch you even you owe 500k

OA can give you gd advice

What was the selection process for OA? What if you got assigned a lousy one?
Wouldn't it be better if he independently sought advice from HDB and PA as others have suggested?

 

[jericho75]

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

wow lau. still many ppl saying bank loans for hdb. if cannot pay the loans banks cannot do anything.

 

[galmongie]

In a bank mortgage as is their case, the hdb flat is the collateral and the bank has a claim on it in the event of a default. This is quite well established.

will refinancing with loan from another bank help?

 

[Caterpillars]

In a bank mortgage as is their case, the hdb flat is the collateral and the bank has a claim on it in the event of a default. This is quite well established.

TS did not default in the mortgage loan. It was another loan which his mum acted as guarantor that was defaulted.

 

[addict951]

Whatever it is, ts pls update us
Moar importantly die die cannot sell else I think y’all need to go sleep void deck what wif rental so high these days and y’all got so many headcount.

 

[Ethan_]

In a bank mortgage as is their case, the hdb flat is the collateral and the bank has a claim on it in the event of a default. This is quite well established.
Basically TS better take a look at the loan document your mom signed as a guarantor to see if there are any covenants that would give the bank a claim against her half of your flat. I'm guessing there is.

But when the flat is owned by two persons, even if want to use as collateral, isn't it necessary to have both the owners agreement to be able to use it? TS seems like none the wiser about it. If so, something seems not right about the whole deal.

 

[3G SAINT]

What was the selection process for OA? What if you got assigned a lousy one?
Wouldn't it be better if he independently sought advice from HDB and PA as others have suggested?

See OA first then decide what option they give maybe OA got right to stop bank.

 

[3G SAINT]

wow lau. still many ppl saying bank loans for hdb. if cannot pay the loans banks cannot do anything.

Even you are bankruptcy still get can loan from hdb buy hdb flat.

Bank know you declared bankruptcy dnt loan you $1