nice... you are banker?

Seriously.. i also damn worry the way he 'spread' that kind of inaccurate information.. where did he get it from? Goosebump cause the example given sounds like me.. wtf

This post has been edited by Jenn77: Sep 6 2011, 04:38 PM

Just another 2-3years to clear off my loan.. I pity those are going to get stuck when the bubble pops.

until loan clean. also near to our life span. hahahahahha..

take words from /k/ with a pinch of salt, the property forum should have better and more accurate info

anyway, just discuss and be happy, but that no loan force sell one memang

d sifu all stop buying aldy. some might aldy cashing out. and turn into pm. property bubbles are very near in d corner

+1 Points taken bro..

you read again properly what he wrote lar.

say, john already got a property worth RM200k, loan settled.
he go and buy a house worth RM500k, for example, some how he get 100% loan, get RM500k loan

then bubble burst, house value drop to RM300k
john default loan payment, bank auction house for RM300k, but john still owes bank RM200k.
bank demands RM200k + interests from john.
john not enough cash to pay the RM200k

bank sues john for bankruptcy

does the bankruptcy act allows bank to force john to sell off his existing RM200k house (loan already settled) or not?

in that case, john better transfer ownership of the RM200k house to his waifu or others.

if like that then makes sense... sorry sorry

I deleted the rest just to answer this..

OK..once a person is made a bankrupt ..OA (Insolvency Office) steps in and manage all the bankrupt's asset and liabilities.

So say the house is incumberance free...OA can sell the house provided the house is the bankrupt's 100%. No issues.

However, when it comes to re-payment of the creditors, the OA cannot just pay the bank back 200k and ignore the rest of the creditors. That will end up as preferential payment.

So, OA will redistribute the asset after liquidation equally to all the creditors.

TLDR = Bank cannot sell the house ..as bankruptcy act does not allow the bank to do so.

Yeap. Property agents are usiing lies and cheap tactics to trick people into buying inflated properties. Many even fake demand so you'd secure your purchase quickly. And the funniest thing is the same people who are selling these properties are the valuators the banks call to estimate the fair value of the properties. It's THAT stupid.

Who cares? The banks just want to recoup their losses.

They have to lar, because when have you ever seen people accept unfavorable reality.

guys, i am 12, so hope u can clear the air.
if say i wanna buy property when the bubble bursted,bank won't allow for loan right?
i'm gonna have to fork own money right? or is it i can still make loan if i don't have any debts under me?

bubble bursts means difficult to get loan even when the properties became dirt cheap.
which will be the best time for the cash rich people.

the current situation is bank valuation could not keep up with the 'market' rate for subsales property.
no obvious fire sales or price reduction yet but transactions are going down. we will see what happens when those countless projects on DIBS scheme came into the market and still no takers.

do you really think the RM700k terrace house will become RM1 million in the next few years? do you really think those multi million Desa Park City properties will hit 10s of millions?

ooo thanks.
so this means although bank cannot sell the house, but the ppl who kena bankrupted will lose ownership of this house right?
i.e. the house which is encumbrance free will be managed by the insolvency office to be sold for monies, the monies then distributed to the creditors etc?

Also if I remember correctly, any transfer of ownership of any properties or assets within a year or two prior to bankruptcy will be rendered invalid.
In street speak, you cannot just transfer everything to your family members just as you about to bankrupt.

Bankers really know how to extract monies, lol.

buble burst or not will know when times comes....
buying frenzy is still on

a friend bought a 1.1mil prop with 10% discount thus not need to have any down... but the plan is to flip it within 6 months as they have no capacity to loan 1mil or cash to pay or even purchase the unit to stay/rent...i cannot make any sense out of this...

is this creating buble??

What if we take islamic banking loan?

the interest are fixed, so for sure the borrower could pay it every month until the loan settle. no?

yup it is these type of people which causes the bubble to burst when they cannot repay the loan when they cannot sell the house in time.

they'll increase the rate for new borrower -- no people able to afford new rate -- nobody can buy house -- property owner lower their price

Seem to be true.
One uncle I know earning 50k/month type own few bungalow units with many more property. Last month I meet him again I ask for tip on property. He said don't touch now, the price is too high already.