Apr 17 2012, 12:17 PM
QUOTE(baharinsav62 @ Apr 17 2012, 10:42 AM)
I'm a newbie as far as property auction goes and have 1 nibbling question :
Say I'm not able to service my housing loan and the bank decides to auction off the property. If the outstanding balance on the loan is less than the auctioned price, will I get back the difference between the loan outstanding balance and the auction price (after deducting auction/bank expenses)?
Say I'm not able to service my housing loan and the bank decides to auction off the property. If the outstanding balance on the loan is less than the auctioned price, will I get back the difference between the loan outstanding balance and the auction price (after deducting auction/bank expenses)?
QUOTE(michaellee @ Apr 17 2012, 11:51 AM)
Yes. You will get the balance back. But bear in mind, there are a lot of expenses incurred in auctioning off a property so please do not be too optimistic.
i agree with @michaellee. If the difference is not much, you might get rm 0 or end up paying xxx fees and xxx interest to the bank.
If the difference is big, you end up getting peanuts or less than what you anticipate from the bank due to xxx fees charge by the bank.
So yeah, dont be too optimistic.
So, the moral of the story is : The bank is always the winner.
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