Seeking advice on bankruptcy and hdb matters

[astroboy82]

Dig up so many worms of course run away already la

 

[ctstalin]

TS have got more urgent matters to settle than to update edmw bahhh

 

[Rubyfy]

My understanding too. HDB is protected asset. Creditors cannot go after it. Go to HDB is a waste if you ask me. They will ask you seek private legal advise. So it’s good that you make n appt to see your MP OR write to him directly, MP wld get their staff to follow
Up with you. Email n take it from there. Dun
Do anything stupid n sell
The house Hor: . Get proper legal advise 1st. Write to your MP 1st. Wld be a better option. See what they advise.

 

[2_sillies_trap]

if a person a retired, no income but has property fully-paid, can always used as collateral. If the hdb is fully paid, then his mother cannot act as guarantor, hdb rule will overwrite the bank, so the bank wont lend. Essentially the credit analyst when looking at whether the bank can lend out the money is to assess all worst case scanario and look at the recoverable monies, all lose ends must be tie up. If one gurantor not enough, then need more gurantor to come in. if it becomes bad debt, the credit analyst n the approvor and his higher ups can get pok.

its abit like solving maths equations, all monies and loose ends must be tie up, if the loan was another bank then his mother wont qualify as gurantor.

Targeting bank loan HDB housewives to offer loans with free Europe travels and LV bags naosssss!!!!!!!!

 

[2_sillies_trap]

You can't declare bankruptcy without the consent of your creditors..

Simple la, tell your parents to estimate how much they spent raising you and issue a letter of demand for immediate payment, than declare bankrupt.

 

[2_sillies_trap]

We are not sure what are the documents that TS’ mother provided. At least on surface, we know that his mother has a joint account with 6 figure sum. And since it is a scam, then likely the scammers have documents in place to scam the bank. TS mother has also not returned home to explain what is going on. It is asking unclear where is the money now. There are various version, some said that TS mother us involved in illegal money transfer activities, the rest is that she is the front fur her “good” friend who borrowed money using her name and her company.

Well at least his mom never withdrawal all the 6 figures and than run road. Means she's also in the dark on the details and progress of the defaulting corporate loans. Not that she purposely and carefully laid a mines for TS to step on than run road.

 

[DragonFire]

My understanding too. HDB is protected asset. Creditors cannot go after it. Go to HDB is a waste if you ask me. They will ask you seek private legal advise. So it’s good that you make n appt to see your MP OR write to him directly, MP wld get their staff to follow
Up with you. Email n take it from there. Dun
Do anything stupid n sell
The house Hor: . Get proper legal advise 1st. Write to your MP 1st. Wld be a better option. See what they advise.

Your understanding is correct if the HDB flag were being actively targeted. It isn’t.

The bank loan for the flat is being terminated due to the financial embarrassment of one of the signatories. This means that the balance of the loan is immediately due. Failure to service this results in the bank seizing the flat. Same happens when you fall behind in mortgage payments.

The scenario where flat protection kicks in might be as follows.

A flat owner with a fully paid up flat is bankrupt. The flat is not vested with the OA.

A flat owner with a mortgage is bankrupt. They are able to service the loan with CPF and/or whatever cash they have left after garnishment. The flat is not vested with the OA.

The next scenario results in the flat not being protected through indirect circumstances.

A flat owner with a mortgage is bankrupt. The are able to service the load with CPF and/or cash. HOWEVER the cause of bankruptcy is because they have defaulted on some other loan with the same bank that holds their mortgage… AND the mortgage terms allows the bank to terminate/call in all associated loans with the bank. While the flat is not vested with the OA, the owner has to come up with the balance they owe the bank on their cancelled mortgage or the bank will take the flat for forced sale.

 

[The_Davis]

This TS ar....tsk tsk.
Keep going in circle at the start already knew is not simple case.

@Happyman8 can you explain yourself?

 

[The_Davis]

Dig up so many worms of course run away already la

@deathan9el you got any ideas?

 

[deathan9el]

@deathan9el you got any ideas?

how to find worms? nope
not my forte

 

[testart]

Usually what I will do is pretend I didn't see letter. What can they do?

 

[3G SAINT]

Usually what I will do is pretend I didn't see letter. What can they do?

They will issue court order you need go court hearing

Judge will made decision whether to proceed to sell property.
If declared bankruptcy they will not able proceed with court order.

If TS want pay 400k then sell property since he dnt want go into bankruptcy

 

[Happyman8]

We understand that you wish to remove Ms Xxxxxx as a co-owner for the subject HDB flat as she was declared bankrupt recently as she was a guarantor for her friend, and you have received a letter from the bank requesting for you to sell the flat within one month.


Currently, flat owners are allowed to effect the change in flat ownership without monetary consideration to eligible family members if there is a change in the existing family structure. This change could arise from a death, marriage, divorce, moving out, financial hardship and medical reasons. The proposed owners must also meet the eligibility conditions to take over the flat ownership.




A transfer of flat ownership (not through a sale) would not be allowed if the owners do not meet these conditions. You may wish to seek your own solicitor for further advice on this.




There are the eligibility criteria that proposed flat owners must meet before taking over ownership of an HDB flat. Proposed owners must physically occupy the flat upon the ownership change. The application for a change in flat ownership (not through a sale) is subject to HDB’s approval based on the prevailing eligibility conditions at the point when we receive the application.





Flat owners can effect a change in flat ownership online. The application link can be found in our HDB InfoWeb > e-services > Residential > Living in an HDB Flat > “Change in Flat Ownership – Application”.





The proposed owner(s) will need to refund the outgoing owners’ CPF (principal amount & accrued interest) if he/she used his/her CPF for this property. As a change in flat ownership involves legal processes, it takes an estimated of 4 months to complete after HDB has received the complete set of application.





For more information on the procedures and steps in a change in flat ownership, please visit our HDB InfoWeb > Residential > Living in an HDB Flat > Changing Owners/Occupiers > Change in Flat Ownership (Not Through a Sale) > Application Procedure.





Additionally, we also note that you have requested for us to look into your case for you to have an early Minimum Occupation Period (MOP) so that you can sell your HDB flat to the open market.





Our records shows that you and Mdm Xxx purchased your current flat on Xxx 2021. As at to-date, your effective occupation period is about 3 years 6 months only. We have considered your request carefully, however, as the 5-year MOP is not met for the subject flat as to date, you are not eligible to sell your flat on the open market at this point of time.





Thank you.

 

[Happyman8]

I have tried changing the flat ownership online but I can’t do so because I did not meet the eligibility criteria for financial hardship.

change of flat ownership due to financial hardship requires me to add an additional incoming owner as I do not have a additional incoming owner, I’m unable to proceed with the application

 

[ctan84]

I have tried changing the flat ownership online but I can’t do so because I did not meet the eligibility criteria for financial hardship.

change of flat ownership due to financial hardship requires me to add an additional incoming owner as I do not have a additional incoming owner, I’m unable to proceed with the application

So what's the update on this case in the end?