Seeking advice on bankruptcy and hdb matters

[60Remajust]

surprised u guys are actually helping a foreigner learn how to avoid paying her debts to a presumably local bank

 

[dontwastetime]

bank is afraid your mum the co-owner can't pay , they rather force sell than to deal with u

Actually u can still meet up with them & show them your payslip maybe get a new loan UNDER YOUR NAME ONLY to refinance / replace the current loan ?

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?

 

[crazythen]

Impossible the bank can’t enforce because it is a HDB. Irrespective of the nationality, it can and has to be enforced following the loan docs. Otherwise it is not 1.73. It will be 3.73 and no risk of eviction….

 

[bukeyisucker]

She dont dare to come home right now because she knew the trouble she caused

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

Your mum is sibei rabak. Earn 1k be guarantor for 800k loan. Does she not discuss financial decisions with you? And no good friend will bring someone down the drain like this. Seems your mom got pressured into this tho

 

[rottingapple]

my mom is a guarantor for an 800k loan

Knn. Sorry to hear that.

 

[3G SAINT]

All debts cleared once you declared bankruptcy? You wait long long.
Only thing is that the creditors cannot harrassed you for your debts. The OA is now in charge. You have to pay a monthly sum to the OA to clear your debts.

If the person no job how to pay and I know someone dnt pay but cannot travel oversea only

The worse dnt let you discharge only

 

[thisisnotme1212]

i think u cannot sell your flat since not reached mop.

maybe cans sells tos banks?

 

[thisisnotme1212]

For ts, just says chius financeds mosts of the loans, like 80%.
Theres noes suchs things as sells 20% of house, just saying since others already said the house is protected.

Unless its stated in contract then maybe differents storys

 

[Happyman8]

Why don't u rent out rooms

I can’t rent out the room because my sibling and children is staying in the current house

 

[wulu1_69]

She probably didn't realise the implications of her role as guarantor.

I believe most people don't fully realise the legal and financial implications of being a guarantor for loans.

Die die cannot be a guarantor for anyone, period...

 

[ctan84]

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

You should also lodge a complaint to MAS n Fidrec about why your mum can actually be eligible to be the loan guarantor. Sounds very predatory to me. And pls, don't be kum gong, HDB is a protected asset in the case of bankruptcy, that's one thing good about the sg gahmen.

 

[Whimsica]

Best is to find out more from the bank/ bank's lawyers the basis they are acting upon.

A lot of people never read the T&C when they take up property loans or other facilities from banks.

Take an example of a standard DBS property loan T&C:

https://www.dbs.com.sg/iwov-resources/pdf/loan/mortgage-of-residential-commercial-property-tnc.pdf

If you go to pgs 11 and 12 on Events of Default, you will see that if you have a fresh bankruptcy order filed against you (20.1.4) or if you are unable to repay your indebtedness whether to the bank providing you the property loan or to someone else (20.1.5), an event of default is deemed to have taken place and the bank can demand all outstanding balance of the property loan be paid up immediately.

As for deposit accounts, a bank can withhold/ appropriate/ set-off any amounts in your deposit accounts with them to pay and discharge your liabilities to them.

So, if TS' letter is from one of the local banks, I dun think they are bluffing and they are doing things within their rights as governed by the agreements you signed with them.

Suggest TS find out more from his mother what she had done and also dig out all the property loan agreement and also download a copy of the standard T&C for his joint deposit account.

I think the daichi is jin dua tiao so please start to look for a lawyer.

 

[Whimsica]

EDMWers prolly shouldn't add to the confusion.

HDB is protected in the sense that Bank A cannot seize it if you fail to discharge your liabilities towards it.

But if your HDB is bought with a loan with Bank B, Bank B will have certain rights based on its agreement with you as long as the loan remains unpaid.

Cannot be you take a bank loan and dun pay and the bank cannot do anything to you cos "HDB is protected".

Liddat everyone will buy their satki "protected" HDB flats with bank loans and then dun pay.

 

[Mecisteus]

Best is to find out more from the bank/ bank's lawyers the basis they are acting upon.

A lot of people never read the T&C when they take up property loans or other facilities from banks.

Take an example of a standard DBS property loan T&C:

https://www.dbs.com.sg/iwov-resources/pdf/loan/mortgage-of-residential-commercial-property-tnc.pdf

If you go to pgs 11 and 12 on Events of Default, you will see that if you have a fresh bankruptcy order filed against you (20.1.4) or if you are unable to repay your indebtedness whether to the bank providing you the property loan or to someone else (20.1.5), an event of default is deemed to have taken place and the bank can demand all outstanding balance of the property loan be paid up immediately.

As for deposit accounts, a bank can withhold/ appropriate/ set-off any amounts in your deposit accounts with them to pay and discharge your liabilities to them.

So, if TS' letter is from one of the local banks, I dun think they are bluffing and they are doing things within their rights as governed by the agreements you signed with them.

Suggest TS find out more from his mother what she had done and also dig out all the property loan agreement and also download a copy of the standard T&C for his joint deposit account.

I think the daichi is jin dua tiao so please start to look for a lawyer.

That is mortgage loan with a bank to finance a HDB flat.

TS case is mother used HDB as collateral for an equity loan.

But HDB flat cannot be collaterized. Protected from bankruptcy.

EDMWers prolly shouldn't add to the confusion.

HDB is protected in the sense that Bank A cannot seize it if you fail to discharge your liabilities towards it.

But if your HDB is bought with a loan with Bank B, Bank B will have certain rights based on its agreement with you as long as the loan remains unpaid.

Cannot be you take a bank loan and dun pay and the bank cannot do anything to you cos "HDB is protected".

Liddat everyone will buy their satki "protected" HDB flats with bank loans and then dun pay.

Nothing is confusing.

Its clear TS said mom took loan as guarantor for a friend.

 

[3G SAINT]

All debts cleared once you declared bankruptcy? You wait long long.
Only thing is that the creditors cannot harrassed you for your debts. The OA is now in charge. You have to pay a monthly sum to the OA to clear your debts.

At least no one chase you $$$ and you can go find job....if you can't pay to OA they cannot do anythng but they will block you go travel and refuse let you discharge.

Life can restart again

 

[goodluckchuck3]

so many kumgongs here still believing his csb, trying to hard to "help".

1k salary guarantor 800k loan (With or without hdb as collateral) lmao.

 

[3G SAINT]

I can’t rent out the room because my sibling and children is staying in the current house

Better call OA see what they can help you.If not all your sibling no place to stay liao

 

[Shinning_Wolf]

Buy toto and hope to win big money to clear debts.

 

[ctan84]

Best is to find out more from the bank/ bank's lawyers the basis they are acting upon.

A lot of people never read the T&C when they take up property loans or other facilities from banks.

Take an example of a standard DBS property loan T&C:

https://www.dbs.com.sg/iwov-resources/pdf/loan/mortgage-of-residential-commercial-property-tnc.pdf

If you go to pgs 11 and 12 on Events of Default, you will see that if you have a fresh bankruptcy order filed against you (20.1.4) or if you are unable to repay your indebtedness whether to the bank providing you the property loan or to someone else (20.1.5), an event of default is deemed to have taken place and the bank can demand all outstanding balance of the property loan be paid up immediately.

As for deposit accounts, a bank can withhold/ appropriate/ set-off any amounts in your deposit accounts with them to pay and discharge your liabilities to them.

So, if TS' letter is from one of the local banks, I dun think they are bluffing and they are doing things within their rights as governed by the agreements you signed with them.

Suggest TS find out more from his mother what she had done and also dig out all the property loan agreement and also download a copy of the standard T&C for his joint deposit account.

I think the daichi is jin dua tiao so please start to look for a lawyer.

Halo you are quoting a property mortgage loan term. TS mother defaulted on a business loan, NOT the mortgage lah

 

[Whimsica]

That is mortgage loan with a bank to finance a HDB flat.

TS case is mother used HDB as collateral for an equity loan.

But HDB flat cannot be collaterized. Protected from bankruptcy.


Nothing is confusing.

Its clear TS said mom took loan as guarantor for a friend.

Where does TS say his mother has used their HDB flat as collateral?

Tell me which bank in SG will accept a HDB flat as collateral.

You think a bank will do this and now wants to possess the HDB flat?

Anyway that's not what the letter TS shared shows.

Based on what he had written, TS' mother has acted as guarantor. Her friend defaulted so the liabilities became TS' mother's. It is likely that the bank providing the loan for TS' HDB flat has deemed this to be an event of default and now wants the flat sold and the bank loan settled.

My suggestion to TS is to (1) find out the basis on which the bank issued the lawyer letter, (2) get all the loan documents for the HDB flat and the T&C for the deposit account frozen and read them, and (3) hire a lawyer.

Any issue with the above, vs your "TS mother used HDB as collateral"?