Seeking advice on bankruptcy and hdb matters

[Happyman8]

How abt ur wife?

I’m divorced. I bought my current flat after my name was removed from my old bto.

I couldn’t buy resale as I’m below 35 years old hence combine name with my mother for the current place

 

[3G SAINT]

I’m divorced. I bought my current flat after my name was removed from my old bto.

I couldn’t buy resale as I’m below 35 years old hence combine name with my mother for the current place

You should put your mother as occupier so you are direct owner and bank cannot take your flat away

 

[Happyman8]

Very nonsense leh. Take loan from bank the applicant and guarantors need to apply through Singpass one loh. The bank will also do a check on the guarantors credit score and this check will be reflected in the credit score report which can be bought for $8. It's the same process for car loan. So either you r a liar/ troll or your friend is just ********ting you.

my friend case is not with a bank. For his case, he was a guarantor for a credit company. I think is Sw** S**g according to him and he reported the matter to the police saying that his signature was forged

 

[qhong61]

I’m divorced. I bought my current flat after my name was removed from my old bto.

I couldn’t buy resale as I’m below 35 years old hence combine name with my mother for the current place

U couldn't buy resales with ur children name?
Custody of children under ur wife?

 

[Foetid]

Nah im not reading the WOT in that link.

Its just common sense.

We have 2 separate loans here. Don't mix them.

Plus its a loophole if banks can force owner to sell HDB flat in an event of a bankrupt. This has NEVER happened in the news.

Okay my 2 cents take on this.

1. TS has property loans and joint account with the Bank A. The property loan is joint tenancy and joint saving accounts 6 digits which is allows any party to withdraw. TS did not clarify how much is 6 digits, is it 500k, 600k, 800k cash in the saving account.
2. TS did not indicate the number of guarantors to the 800k loans, it should be possible for any number of the guarantor to the bank's satisfaction.
3. Putting aside whether the hdb can be a collateral to the business loan of 800k, which obviously no bank can allow to use hdb as collateral. Here, all i can say is Bank A definitely has the unilateral right to rescind or cancel a property loan, be it hdb or condo. Bank A dont really need to act in anyone's interest, it definitely can suka suka early terminate, in addition, all T&S conditions definitely has it that in bankruptcy or any other, the bank can early terminate.
4. Hence, what is very clear is that, Bank A has already (or going to) terminated the property loan even if TS did not default on the loan installment, the crux is that if bank A has already terminated loan, nobody, not even hdb, MAS, Member of parliament or govt can stop the bank from cancelling the loan nor force the bank reinstate back the bank loan. That's not important, whats important is that in a normal scenario, the borrower needs to refinance from another bank or if not TS must pay up the liability upon the notice period, hence the 400k.
5. What i do not know is this, is TS able to refinance from another bank?? Not very sure if i am right but i am afraid TS is probably unable to refinance because simply put that Bank A will not allow the refinancing as it has lien over the property due to TS's mother acting as the guarantor. Bank A has 50% share of the HDB and definitely has 100% ownership of the joint saving account. Bank A will not allow the other party to take over the HDB without the share of the HDB flat value owner by TS's mother. The law do not allow the bank A to sell the property without consent with all the owners agreement, however, the Bank A can force sell if TS do not pay the 400k. Hence, the question here is only whether can TS pay up the 400k, is he able to seek refinancing.
6. TS should seek HDB's counsel's help immediately or go to supreme courts or places where there is free lawyer service. (its 30mins for the free law advice)

 

[3G SAINT]

Okay my 2 cents take on this.

1. TS has property loans and joint account with the Bank A. The property loan is joint tenancy and joint saving accounts 6 digits which is allows any party to withdraw. TS did not clarify how much is 6 digits, is it 500k, 600k, 800k cash in the saving account.
2. TS did not indicate the number of guarantors to the 800k loans, it should be possible for any number of the guarantor to the bank's satisfaction.
3. Putting aside whether the hdb can be a collateral to the business loan of 800k, which obviously no bank can allow to use hdb as collateral. Here, all i can say is Bank A definitely has the unilateral right to rescind or cancel a property loan, be it hdb or condo. Bank A dont really need to act in anyone's interest, it definitely can suka suka early terminate, in addition, all T&S conditions definitely has it that in bankruptcy or any other, the bank can early terminate.
4. Hence, what is very clear is that, Bank A has already (or going to) terminated the property loan even if TS did not default on the loan installment, the crux is that if bank A has already terminated loan, nobody, not even hdb, MAS, Member of parliament or govt can stop the bank from cancelling the loan nor force the bank reinstate back the bank loan. That's not important, whats important is that in a normal scenario, the borrower needs to refinance from another bank or if not TS must pay up the liability upon the notice period, hence the 400k.
5. What i do not know is this, is TS able to refinance from another bank?? Not very sure if i am right but i am afraid TS is probably unable to refinance because simply put that Bank A will not allow the refinancing as it has lien over the property due to TS's mother acting as the guarantor. Bank A has 50% share of the HDB and definitely has 100% ownership of the joint saving account. Bank A will not allow the other party to take over the HDB without the share of the HDB flat value owner by TS's mother. The law do not allow the bank A to sell the property without consent with all the owners agreement, however, the Bank A can force sell if TS do not pay the 400k. Hence, the question here is only whether can TS pay up the 400k, is he able to seek refinancing.
6. TS should seek HDB's counsel's help immediately or go to supreme courts or places where there is free lawyer service. (its 30mins for the free law advice)
7. Why is the bank A able to make HDB an implied collateral through such a structured package deal, i think it is a question for the law makers.

Case abit complicated.If TS did not pay back 400k so bank can sue TS instead her mum.Since mum declared bankruptcy cannot do anythng

I think HDB is only chance can finance their flat

Can see MP for help see can retain the flat and ask for appeal

 

[Foetid]

Case abit complicated.If TS did not pay back 400k so bank can sue TS instead her mum.Since mum declared bankruptcy cannot do anythng

I think HDB is only chance can finance their flat

Can see MP for help see can retain the flat and ask for appeal

bank won't sue TS, it will force sell or get TS to sell.

Did TS hide any other info??



Read HWZ Forum Rules!

 

[andyhtc]

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

Just choose option 3(i) and remain bankrupt.

 

[hammerhammer]

This whole post sounds very strange leh. How can someone with only $1K salary can be guarantor for $800K loan ? No bank in the right mind will do that. Even $20K loan also not possible.

TS, you are the one that owe bank money isit and now declare bankrupt and OA in consultation with bank are asking you to consider selling your property to finance your debt ? If you are Sporean, then OA cant touch your property. They can advise you to clear your debt asap, but they cant force you to sell. In any case, the earlier being discharged from bankruptcy the better. Being bankrupt is no joke, practically cant do anything cant travel etc.

Bankruptcy can travel lah. As long as you keep paying the installment. You are in the green zone. Login to IPTO website and apply for overseas travel a day before can already. Instant approval. I was bankrupt last time. But true even discharge bank will not lend you anymore. And money otang to telco they wun waive. Ask you pay up then open line. Unless amount is huge like my friend close to 1m then will be managed by public trustee instead of OA usually is a law firm. That one apply overseas cannot online must go through them.

 

[DebtfreeDilemma]

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

How come open restaurant needs $800k loan? Sounds like a red flag already. $80-100K maybe more credible due to renovations and purchase of ingredients

 

[deokiejisoo]

Confirm something wrong - no full story.

 

[hammerhammer]

I think TS you are in deep ****. The lawyer letter part 3 state that 1 month you dun sell they will chase you out for a mortageee sale and if got shortfall then still need to workout repayment plan with them. Means they somehow made arrangements for the HDB to be auction off. Law firm dun suka suka chut lawyer letters to scare people de.

Letter addressed to your mum or you? If address to your mum then maybe you can f care them. But from when I read seems like address to the owners of the property.

 

[congster2]

will refinancing with loan from another bank help?

You could refinance/restructure the loan I suppose but if you are already in default it would either be very expensive (very high interest rates), require a lot of collateral, or the bank simply won't lend.

 

[congster2]

I think TS you are in deep ****. The lawyer letter part 3 state that 1 month you dun sell they will chase you out for a mortageee sale and if got shortfall then still need to workout repayment plan with them. Means they somehow made arrangements for the HDB to be auction off. Law firm dun suka suka chut lawyer letters to scare people de.

Letter addressed to your mum or you? If address to your mum then maybe you can f care them. But from when I read seems like address to the owners of the property.

Yes. Oh dear yes this doesn't sound good.

 

[Asphodeli]

Case abit complicated.If TS did not pay back 400k so bank can sue TS instead her mum.Since mum declared bankruptcy cannot do anythng

I think HDB is only chance can finance their flat

Can see MP for help see can retain the flat and ask for appeal

I think TS you are in deep ****. The lawyer letter part 3 state that 1 month you dun sell they will chase you out for a mortageee sale and if got shortfall then still need to workout repayment plan with them. Means they somehow made arrangements for the HDB to be auction off. Law firm dun suka suka chut lawyer letters to scare people de.

Letter addressed to your mum or you? If address to your mum then maybe you can f care them. But from when I read seems like address to the owners of the property.

If this is allowed then all the banks will push 80:20, 99:1, etc. joint-mortgage loans liao and pray one of them defaults so they can force-sell or take over the house

Assuming TS is not hiding any info, this case can refer to SC liao

 

[congster2]

Confirm something wrong - no full story.

Agree. TS had exposure to this 800k loan since his flat was on the line but somehow the bank didn't get his signature? Doesn't make sense.

 

[Foetid]

Yes. Oh dear yes this doesn't sound good.

indeed the earlier edmwers said can ignore blah blah not serious, i dont think so. Essentially the bank has already terminated the loan, so meaning pay or move or sell on own accord. This is serious business. The bank did not use HDB as collateral as its not allowed, the bank simply terminate the loan and ask the other owner to sell it simply because its a joint tenancy, irrespective of he is the sole contribution to the hdb loan is not important to the courts or bank, it simply states his mum has the share of the hdb. This is no longer a hdb as collateral case but the bank using 1k a month salary as 800k loan guarantor, recognises his mum has a hdb asset. The bank just needs a few of such guarantors for the 800k loans.

Too bad, TS did not well plan b4 the bankruptcy, now leading into such a state is irresverible.

There is still some reprieve, TS will lose his cash portion and whatever 50% capital of the hdb flat. What he can do next is to either buy over his mother's share or to buy from the market new flat and sell off the current flat. It wont be a total loss but still a significant loss given the aggressive hdb appreciation across the years.

 

[Foetid]

If this is allowed then all the banks will push 80:20, 99:1, etc. joint-mortgage loans liao and pray one of them defaults so they can force-sell or take over the house

Assuming TS is not hiding any info, this case can refer to SC liao

this is not a case of hdb as collateral but rather bank cancelling the loan. This is only possible where the bank giving the property loan and the business loan is the same bank. Its indeed a loop hole, but still no hdb rules are broken.

 

[Foetid]

Agree. TS had exposure to this 800k loan since his flat was on the line but somehow the bank didn't get his signature? Doesn't make sense.

bank dont need to get his signature because the hdb is not a collateral.

 

[fly1111]

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

Once bankrupt the court will decide how to pay back the money. The court will not let them touch ur HDB. What they are trying to get u to do is sell HDB to avoid bankrupt.

bankrupt = courts decide tell the bank go fly kite