I think this thread derailed already. TS is asking about consequences if her property is foreclosed. And judging by the difficulty in selling it in the sub sale market, one can assume it's not what VIP would consider hot property. Unless of coz if the VIPS knows there's gold hidden under the property.

The consequences are detailed by me & some of you in previous comments.

You guys really like to bring this fight to every thread.

yup, derailed already.. so stopping it now..

I think what you predicted is right.. the prop is very hard to sell in subsale market... either too high a price, or too not attractive to be bought, they definately have exhausted all avenue to come to this..

just ring up an agent and all will be done, but even then now, got agent alsoc ant save... too bad a market..

if the prop is new one bought from developers sure no problem.. 700k looks like 400k to 500k product, TS bought at 700k.. to me it looks like this.. to free from loan need to sell 800 to 850k at least..

how do you see?

There is a report button. Feel free to use it.

If total outstanding is 700k, maybe if manage to sell around 730k is enough.

Dear xx_xx,

If you cannot pay your portion and your ex refuse to negotiate and pay, just let the bank foreclose the property, as per tigerr comments. Desperate times call for desperate measures.

Worst case scenario, you will be bankrupt.

Less worst case scenario, you will need to top up the differences should the auctioned price is less than the loan borrowed plus others misc fees&charges. And if you can't top up, you will still be sue bankruptcy; hence worst case scenario.

This kind of situation cannot be solved unless two party is willing to negotiate on terms such as selling the house.

Bear in mind that, if you are bankrupt, you cannot do a lot of things. Here is a URL for you to look through.
http://www.insolvensi.gov.my/faqs/bankruptcy

Taikor memang Taikor

Actually, after giving some thought about your case, can try the below:

1) Tell agent your property is available for sale.

2) If there is an interested purchaser, told the buyer you use purchaser lawyer (the purpose is to save cost since you cannot afford any legal fees; assuming only). If you can afford, do use your own lawyer.

3) After SnP is available, you sign on the SnP first. And tell the lawyer to call your EX to ask him to sign at the lawyer firm.

Two options will happen:
a) he will go and sign the SnP.
In case this happen, you do not need to waste your time to negotiate or see him if you don't want to. The property successfully sold off without foreclosure and no bankruptcy case.

b) he refuse to sign and swear !@#@#%$#^%$* the whole world.
In case this happen, as per suggestion just now. Stop paying your portion and let the bank deal with it. Either he pay the whole portion or he goes down the sinking ship with you. If he can afford to pay, just let it be. If he cannot pay, after warning letter from bank or foreclosure letter, he most probably will go and sign (unless he don't mind going bankrupt). Then the worst case scenario comes to play.

There a few catchs:
1) You tell the agent the property is available for sale. You say the other owner is also willing to sell. (sorry Agent )

2) You tell the purchaser you use his/her lawyer. He/she will put up some money for the draft SnP. Hence you save legal fees until your EX sign then you pay your portion of legal fees. (sorry Purchaser )

3) You tell the purchaser lawyer to direct informed the other owner to come up the firm to sign. Let the lawyer deal with him. Either the lawyer gets a good scolding from him or he comes up and sign. (sorry Lawyer )


Sorry, just try to shoot some ideas here, not sure if it will work. If it doesn't work, only then you opt for the worst case scenario.

Boss bearbearwong, what do you think of my idea?

This post has been edited by edyek: Jan 21 2015, 11:02 PM

Hai boss, me kicimiao tailor, tok kok is my forté. You are biggiemiao taikor.

Bbw....now u see the problem of joint name in buying? That's why your gf resist to join name with u in case relationship goes sour.

From the limited info. I draw an assumption that her ex is not willing to talk n sell n exert pressure on TS as she has pressure to come up with the 1800 monthly. To be able to get a loan n pay 3600 a month while TS financially not in a good standing, I believe her ex must be earning quite a good salary. Hence tilt the pressure to him by not paying n she still owns 50%of the property ll eventually force his ex to come to talking terms. If I am her ex, I ll not be stupid to pay 3600 monthly. The ex is also ll lost his job n his career if things goes to worst case n he ll more to lose than TS.

For the couple if buying new launch, I guess they if sell back at new launch price or give up the 10% dp by selling at -10% launching price may not be hard unless both also die die want to sell X+200k like bbw always said.

fuh... messy situation...

buying a house from owner(s) with dispute is very troublesome. i usually avoid this kinda transaction.

I think it will work.. well most the flippers are like this..
but d husband can still choose not to sign neither entertain purchasers lawyer .

if the ex is rich person and trying to do this intentionally.. charm to lawyers.. unauthorised dealing.. but stick with what we have.

ur idea works..last minute inform sure got scolding.. sumore selling -10% also investors wont buy.. looking for home owners..

I doubted tigerr analysis.. first of all.. if one or both are capable.. the ex can take loan all by himself.. if he is dat love dovy with her.. can borrow loans solo name property 2 names.. I m guessing both are financially tight.. or heavily invested .. unless scrapping x +200k formula.. and sell it wont work.. x+ 100k sure many ppl consider..if both are investors haizz sure lousy view.. low floor and etc.. cheapest that explains

question is if one cant afgord to service.. how d banks can approve d loans? New DSR also never help.. think of ppl who got loan pre DSR.. and undertable activity.. not to worry as long as u sell cheaper than expectation.. like - 100k should be ok.. see just how u manage ur expectation..

having sell off at lower and mb cant have enough to cover d loans.. but a smaller sum is easily tackle compared to larger sum..

if you say u lost job or sth then cant help..

Where is TS?

I may be able to recommend you a Company which especially specializes in assisting individuals such as yourself to stop the lelong and solve your property problems.

You may get in touch with the Company via their website http://www.sellpropertyfast.com.my/ .

I think there is a contact no. which you can either call. Or alternatively, you may put in your details for them to call you back for a free consultation.

I would think this is a great n free opportunity for you to at least try it out.

All the best!!

very easy, rent out the unit to cover reduce the monthly instalment lo..

Just joined and recommend already. TS please triple check and don't trust it too much.
Better to be safe than sorry.

robert82 I think you meant MJ Lim just joined this forum & already starts recommending stuff?

Actually TS also just joined & after 3 pages, no reply yet.

ask your parents buy over the whole unit

deleted

This post has been edited by aromachong: Nov 1 2016, 05:01 PM