Seeking advice on bankruptcy and hdb matters

[Mecisteus]

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"?

You are mixing 2 defaults.

 

[Whimsica]

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

Please read and understand what I wrote.

The bank giving the mortgage loan can declare an event of default if it becomes aware that its borrower(s) has been served with a bankruptcy order and is/ are unable to repay its liabilities to it or someone else.

I have written very clearly in my post your quoted and even attached the full T&C document I referred to.

I have even underlined the "to someone else".

 

[Whimsica]

You are mixing 2 defaults.

I have attached a DBS loan T&C.

You dun even want to read it/ you can't even understand and want to poke at what I wrote.

There is no mixing.

The bank can declare an event of default on its mortgage loan A if its borrower(s) default on some other loan B to the bank or to someone else.

It's all written down and everyone happily signed it.

 

[Mecisteus]

I have attached a DBS loan T&C.

You dun even want to read it/ you can't even understand and want to poke at what I wrote.

There is no mixing.

The bank can declare an event of default on its mortgage loan A if its borrower(s) default on some other loan B to the bank or to someone else.

It's all written down and everyone happily signed it.

lol dont think too much.

The mom is low salary.

You believe can take 800k loan ?

TS is not telling the real picture.

 

[socade]

The only asset property that they can't touch is HDB I believe the property meant condo landed house or even your car etc definitely hdb Ur mother can keep but soon someone will go your home paste sticker anything valuable in house they can take include TV fridge anything

 

[socade]

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

The letter did not indicate HDB flat specifically

 

[socade]

my mom is a guarantor for an 800k loan

So who is the borrower

 

[socade]

I think the problem here is your mum is pr not Singapore citizens

 

[Whimsica]

lol dont think too much.

The mom is low salary.

You believe can take 800k loan ?

TS is not telling the real picture.

Oh after trying to poke at what I wrote and realised you are wrong, you now go with don't think too much.

An apology will be good.

 

[socade]

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.

Don't think so , as long as your mum is joint account owner they can take

 

[Mecisteus]

Oh after trying to poke at what I wrote and realised you are wrong, you now go with don't think too much.

An apology will be good.

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.

 

[DebtfreeDilemma]

even if bankrupt i remember hdb flat cannot force you sell one leh

HDB is protected from all creditors unless you owe ah gong money

 

[socade]

Who is the one who borrow 800k how the person related to your mum

 

[socade]

Actually in this desperate moment go to the borrower house n make them pay

 

[Whimsica]

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.

You are an embarrassment.

Come in say quote other people and say they are wrong, and then act blur when they call you out.

You are still holding onto this very wrong understanding about two "separate" loans.

I have already included a DBS loan T&C and pointed out the para stating that DBS can declare an event of default when you are unable to repay your liabilities whether to DBS or someone else.

Also, if banks cannot force sell HDB flats if their loans are not paid, IT WILL BE THE BIGGEST LOOPHOLE IN THE WORLD cos everyone will take up HDB loans from banks and not pay a single instalment.

I have repeated enough and not going to waste any more time on you.

EDMWers can read for themselves, esp how you continue to paint yourself into a corner with your ignorance.

 

[DebtfreeDilemma]

my mom is a guarantor for an 800k loan

Was there any negligence on the due diligence check? How can your mum be a guarantor for $800K?

 

[eyz]

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 suspicious. maybe you can question the banks in what are the document submitted for their vetting? were there any misleading documents submitted which was why she was allowed to be a guarantor. maybe the 100k saving is one of the supporting document that was provided by your mom.

as for your flat, just seek advice from official assignee and public trustee on whether the bank has the right to "force" you and your mother to sell the flat.

you might want to make a police report for the police to investigate whether there is any cheating element in the loan process ie. misrepresentation or etc

 

[ctan84]

My ns mate also got declared bankrupt recently because someone forged his signature to be a guarantor for a car loan.

He reported to the police about this incident before his bankruptcy but yet he was still declared bankrupt.
Recently, he engage a lawyer to overturn the bankruptcy order but had to spend 17k on lawyer fee.

As of last week, his case is still pending (so he is still a bankrupt now).

Can i go to the bank directly and ask them on steps they take to determine whether a person is eligible to be a guarantor anot?

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.

 

[qhong61]

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

How abt ur wife?

 

[3G SAINT]

The only asset property that they can't touch is HDB I believe the property meant condo landed house or even your car etc definitely hdb Ur mother can keep but soon someone will go your home paste sticker anything valuable in house they can take include TV fridge anything

No leh once declared bankruptcy cannot proceed Writs of Seizure.
I think bank dnt want finance their house want them sell their house.

Best to ask OA if want retain hdb flat