Seeking advice on bankruptcy and hdb matters

[RedRedWine]

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?

Of course bank can ask you , and they will ask you cus asking is free ma

but u dont sell they also lan lan suck thumb

 

[goodluckchuck3]

Could it be that the bank allows because they know your mum owns a HDB flat that can be liquidated in the event of the loan default?

even if can use HDB as collateral,

value of HDB WILL NOT be enough to collateral a 800k loan

 

[Clarence NMT]

Sound like ur mum friend is scaming, think possible fake document so ur mum can guarantee huge amount

 

[decodedlight]

You are still repaying HDB loan? Why never redeem? Paiseh offtrack abit.

Yes still servicing loan. Interests not that high. I can use cash for other purposes e.g. Tbills

 

[106gunner]

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.

Exactly, probably TS did not tell the full story

Bank wun anyhow loan ppl if his income doesn’t meet

 

[Ethan_]

Bro business man if cannot even exceed the income cap for eligibility then go work get salary better.

Think there is a reason what salary man stay salary man. If got observed, most of the businesses tend are started by the bold but poor. Many its because have nothing, have guts, want to bet a brighter future that's why go into business. Do business successful or not the first step is always intimidating. Its not for the faint hearted. Its mostly for the risk takers or those with abit of courage, dare step out of the comfort zone.

 

[jazz2005]

Could it be that the bank allows because they know your mum owns a HDB flat that can be liquidated in the event of the loan default?

bank tries to frighten u one. if u listen to them sell, they gain, arm chio

Not entirely true. Only if the loan is small they will just sue for bankruptcy and write off. If very very small, than not even worth the cost of suing for bankruptcy.

 

[Coffeelix]

Wah, this is surprising. Maybe use her partner name and your mom name to secure the loan.
800k loan for PR with 1k income is really doesn't make sense.

U are rite.

All these don’t add up…

There is more to it than meet the eyes…

Take up S$800k and declare bankrupt and hopes to keep the HDB …

There is NO free lunch in this world…

 

[3G SAINT]

i think is ppl saying borrow loans from banks buy hdb. if cannot pay hdb is protected from creditors.

Hdb loan still the best....

 

[Coffeelix]

even if can use HDB as collateral,

value of HDB WILL NOT be enough to collateral a 800k loan

It didn’t make sense that bank would give up a loan bigger than the value of HDB…

something is missing

 

[Coffeelix]

The shop got open a not? Or run road after take Mooney...

Tis is what I m wondering too…

 

[footi3]

how your mum can be guarantor for 800K loan!!

 

[Roundtreex]

No
HDB is protected from bankruptcy

Bank can "ask" u to sell but cant force u

Dun listen to them

HDB is not a charity. They will force you to sell as you are just a leasor.
Bank will try to invalidate the loan and ask you pay all immediately

 

[106gunner]

I have a corporate acct with bank and been using it for moi biz and has 10 plus years transcation and I try applying for biz loan or CC, they still request me to submit the past two years NOA etc

Not easy to get loan imo, unless your income is high and has paid slip to prove

 

[Coffeelix]

I have a corporate acct with bank and been using it for moi biz and has 10 plus years transcation and I try applying for biz loan or CC, they still request me to submit the past two years NOA etc

Not easy to get loan imo, unless your income is high and has paid slip to prove

Certainly has missing puzzles…

 

[Lss]

Yes still servicing loan. Interests not that high. I can use cash for other purposes e.g. Tbills

Different strokes bah. I feel 1 less thing on my mind more bandwidth for other things.

 

[Lss]

Think there is a reason what salary man stay salary man. If got observed, most of the businesses tend are started by the bold but poor. Many its because have nothing, have guts, want to bet a brighter future that's why go into business. Do business successful or not the first step is always intimidating. Its not for the faint hearted. Its mostly for the risk takers or those with abit of courage, dare step out of the comfort zone.

If have nothing then you won't even have the option of getting a bank loan to begin with.

 

[3G SAINT]

Exactly, probably TS did not tell the full story

Bank wun anyhow loan ppl if his income doesn’t meet

Maybe TS mum is TS

 

[keytheboogamer]

I rmb they cannot force u to sell your flat dun be the idiot who sell it to finance the loan but your mom likely need to declare bankruptcy

As for point 2 if really wan to sell need get approval from hdb

No Need to sell bah.
Before bankrupt still can wack some more.
My frd dad’s uncle’s dog’s wife’s owner.

owned $200k due to stocks.
No money pay, knew he will bankrupt.
In Gov job,
Go max out his unsecured credit, request for temp limit increase, etcs. Got about $2xxk in cash. Went for his last holiday in HK.
Bought gold/etcs/ pass to his sisters to keep.

Owned almost 500k in total.
The 1st bank to wack him is Amex,
Bank/ FI cannot take away your HDB. The home is also dual owner. The other party is housewife.

But they can take your things inside,

Ppl dunno from where came in to paste sticker with “Supreme Court” sticker on everything inside the home. TV, Hi-Fi, coffee maker, massage chair,etcs. Then a transport will come and take it away for auction.
This can only prevent if the item belong to another family member with proof of purchase.

Later the new home appliances was purchase with receipt kept. The ppl from dunno where LL cannot take. Continue to pay very min like $200-$300 per month during yearly declaration as got supporting doc need money for medical, children education, etcs. Cannot travel during this period.

Think nv even pay 10% then got written off and discharge Liao. Now Jin happy keep traveling.

 

[Roundtreex]

Can a Bankrupt’s HDB Flat be Seized and Sold to Repay Creditors?​

As long as at least 1 owner of a Housing and Development Board (HDB) flat is a Singapore Citizen, the flat is protected from creditors by law and cannot be sold or taken over by the Official Assignee (OA).

The OA manages the affairs and estates of bankrupts, and has a duty to raise money or make advances for the purposes of the estate in order to fund repayments to creditors, among others.

However, if all the owners of your HDB flat are not Singaporean Citizens, you will need to surrender your flat to the OA. The OA has the right to forcefully seize possession of your HDB flat should you refuse to cooperate.
Bro or sis u need cool down and read up more
https://singaporelegaladvice.com/law-articles/bankrupts-hdb-seized-faqs/

Keyword is owner must be singaporean.