I currently own a house which is 50% - 50% share with my Ex for both Loan n S&P

Also, my Ex does not seems like tends to sell the house as I not sure what kind of trick is he playing. I have ask few salesman helps to sell off the house dy but now the market is so low and seems hardly get buyer...

no one is occupying the house and it is a new property....

And, I am not really affordable to pay for the house anymore as every month need to pay around 1800myr each person... so I wonder, if I refuse to make the payment, will bank lelong my house?


If yes, what is the impact on myself? I will be sue bankruptcy?
If being sue bankruptcy, again, what is the impact??

Hope that someone could help me on this!!!
Thanks!!!!

this must call bear bear wong ....

as long your debt not more than 30k, than no bacrupt

Since both of you also borrowers for the loan, if you refuse to pay and your ex couldn't afford to pay RM3600 for the next few months, your bank will lelong your house. As you mention your house could hardly get buyer on the free market, I am afraid that the bank auction would fetch very low price to pay back to the bank. With the outstanding loan after the auction plus all the fees the bank gonna charge, I don't think you can afford to settle that since you can't even afford RM1800 now. In that case, you will be sued to bankruptcy unless you could convince AKPK to help you negotiate with the bank. Impact of bankruptcy? I don't think you really want to go down this path.

If the bank auction off your house then the proceeds of the auction will be used to pay off your loan.
If it is enough to cover the loan then no issue with bankruptcy.
If it is not enough then you have to fork out the difference or may face bankruptcy depending on the amount outstanding.
The market is good now for property so I don't see how the proceeds of the auction will not cover your loan.
If the property market collapses then you may have a problem.

sorry to hear that, either u should buy the remaining 50% or sell the remaining 50% to him.

If it comes to auction, both of you will file bankruptcy and the impacts are serious like u cannot travel apart from Malaysia and own any properties until u have dissolve the bankruptcy.

Suggest you go talk to him.

depends on how much you owe the bank, and how much it sell.

if lelong can recover the debt, then no bankruptcy.

You have asked few agents to sell but your ex doesn't seem like wanna sell it?
Then even if you manage to get a purchaser but if your ex doesn't want to sign then it's useless too.

You should really discuss with your ex on the next move to sort things out. Being stubborn and make things worse isn't going to benefit anyone.

Good luck!!

im sure u got some problem with ur ex that y make u sell the house, the best thing sell the house to ur ex or take over ur ex part. sure u try it before...
the worse lelong it the different u have to top up, if dun hv that kind of $$ try akpk

Don't wait for the court to issue you the summon. I'm basing this on your property already having been issued a title. But I'm afraid if you've already defaulted on your loan for several months, you will already have difficulty securing another loan should you need one. Something to do with citos or whatever system the banks have now to track defaulters.

If you have been summoned to attend a court hearing, please turn up & plead your case. The court will not cancel the case but you will given a longer period between the hearing & the actual auction date. Otherwise, the court may just set it a month after you fail to turn up. If your property is sold during the auction, as per comment above, the proceeds from the auction (final price sold) minus all expenses incurred by the bank in the auction (lawyer, court, auctioneer etc costs) will be deducted against your total outstanding amount of your loan. If it exceeds 30k, the bank will sue you for bankruptcy should you fail to settle the balance.

I'm afraid there's not much good news if your property has not been issued with a title. The bank will still proceed to auction your property albeit at a much faster rate. They can literally set an auction date every month until sold whereas with court auction, you may have reprieve of at least 4-6 months between auctions.

If you wanna know more, do PM me.

The monthly installment is rm3.6k not the loan amount..The debt is the loan amount.. this case if tenure 30 years the debt is around rm700k.. so now can bankrupt ?

try to sell your property here... many rich man here.

Why does the bank lend to joint borrowers who are not related. Can you give some details on your property as in location and asking price. Judging from the 3600, your loan amount is around 650k.

lol how you get an ex husband? when going divorce never settle matrimonial property issue?

which state you stay? hardly seen the court not asking for matrimonial home divison unless you have agree before hand both of you..

half share is very infamous... no one will buy the other half... ask ur Ex buy or you buy ur ex's one then resell..

lelong, sure low price... before lelong that depends, some can straight lelong without bankrupt, some need to bankrupt only lelong..

either way depends on how much loans remaining... is jsut started and bought an inflated ones sure no valuation, if service long enough then no worries, if not selling too high as auction sure got buyers to help pay off loans..

problem is too many property around... so competitive

what if the property got sold more than the balance of loan, charges etc?

who take the profit?

split evenly back to the respective owners.. if any

Foreclosure related matter need Bear Bear Wong as he is specialist in this, summoned @bearbearwong.

Your advice needed.

Anyway TS has you consider sell at slight lower price ? Maybe your asking price been slight over enthusiast ?

I wonder where is this place? 3,600 per month must be a nice place

Rm700k of course CERTAINLY can get you bankrupt.

But if you have tones of $$$, get a good professional lawyer and the winning percentage is high.

Yup, a person who has tonnes of $$$ have too much time on their hand & are just against authority.

Well, first lelong will usually be market price at the time of valuation. Assuming the market price didn't increase by the time of the auction, and assuming there are bidders who are interested in a market value auction property, then the defendants (owners) liability after deducting all cost will be not so substantial.

However if the property is very attractive to buyer (but I don't think so as owner struggles to sell it off with sub sale), then it may spark a bidding war with final selling price that absolve owner from paying or maybe get a little profit.

But my advise is still is, don't wait for the lawyer's and/or court summons to appear.

If u want to get rid of the property. Play show hand with your ex. Dont pay n force him to pay 3600 a month.if he cant pay, then only talk. Either both agreed to sell or both also got into trouble by lelong. After lelong, your ex also could be in same shit as u. Either he top ot up or goes bankrupt. You can try find family members to buy the property from auction if you worry the price too low. Like this u can settle the problem once n for all. Else youe ex later may leaves it to you to shoulder the 3600 a month if u too chicken.

Great advise. Who dares win. Another alternative is to negotiate with bank you'll pay your portion and let the bank go after him with legal action. He may crack under pressure and agree to sell

A house title is classified as 50:50 if 2 names but loans under 2 names are not. She pay her half doesn't mean the other half the bank will pursue from her ex.

yup try to sell lower ...

what you said is the front door... back door side... once reach banks hands and court... alot undertable offer to VIP.. valuation also can be altered one.. they human too 1k to 2k report change di...

u never encounter these b4? if VIP are interested... sure not let go/...

Last time I say deals can b done b4 auction y u nvr blif me wan???

lol pro lawyers can only prolong it.. I m I will screw that lawyer with cost and ask that lawyer to pay personally for frivolous suit.. what to defend? never borrow?

never try refinancing? can get some money and use bit and bit to cover loans for next 5 years and more...

buy time...

lol see our taikor, even never sampai lelong stage also sapued

I ain't any taikor. But I know how to do it ma.

Wah when debate last time u die die say tak jadi. Now u go n say ada udang di sebalik batu. Kns.

sure or not bank can choose to do like that?

as I know even cc if you are principle and I am sub -card... any debt, bank still bancrupt both..

same as guarantor and borrower's analogy, bank can recover from who ever... if the wife nego and pay off 50%, means this wife got money, If i bank i hantam then wife, later ask wife sue husband for proceeds

but well, depends some bank managers are really easy on divorcees... mostly UTAR

Jv la. Ex oledi no hiew loan. Lagi Mau refinance meh.

Dont pay, let the ex pay, force hin agreed to sell, if he pay, you still own50%

Don't understand ur last sentence ....

jialat, nego with bank, and if bank ok please put in black and white.. they are more evil..

if property hot, the bank manager himself will try hantam , u try ask other banks... lol back to area valuers side, manager control

important is how badly inflated the prop is, iof new launch, no worries after auction sure enough to cover

bro just kidding only, please respect the TS... dilema..

half share realy hard.. like bro Edyek mention it is half portion, you cant file court order to force him to sell..

this matter is under matrimonial home division, not the bro Edyek's pure common share, in marriage situation, matrimonial home empowers the court under law to divide the props by:

a) order to sell off and apportioned the money or debt if any
b) ask either side to buy off

still dun understand, how come matrimonial home never addressed? divorce by legal aid? got a sloppy lawyer? pre agreement?

if cant sell, and one party still staying there, ask for rentals

U really hor so green in prop. Now most if not all banks get approval fr hq la. Branch minizers boh lat liao la.

haiya... HQ robot meh? eat vege only? no friends with branch meh? no talk? lol

Branch minizers r not allowed to approve loan liao lo. U got many banker frenz ma. Try ask. Or maybe my bankers lie gao me.

Halo Boss bearbearwong,

Long time no see leh.

Ex wor… TS got mention EX husband ka? Cannot be EX bf ka?

opss, sorry TS... jumping into conclution already..if ex BF, then deadlock as per bro Edyek..

hi there, flood not looking good over there wor...

This post has been edited by bearbearwong: Jan 21 2015, 10:19 PM

I kind of agree on boss Tigerr punya method. Desperate times call for desperate measures.

Live and die we shall be together.

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

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

Must pay, no matter how, interest keep counting and make ur ccris record very bad.

Both also lose if u dont pay.

ur ex ignore then u take care it, rent it out.

Yes, I am still here.. Didnt check the reply during working...
Anyway, thanks for the reply... I guess I kind of sorting things out from all of the comments given

1. yes, is Ex BF only, not Ex husband.

2. Why bank approve loan? it was about 3 years back.. Guess the property market is super hot during that period and many young people easily get loan

3. Is a brand new property in Puchong area which just done construction few months again. I just done all the defects check and so on only.

4. If there is anyone interested on the property, I dont mind selling it off at anytime

5. Have asked a few agents and seems like that place is not a hot cake yet for those buyers..

6. the loan amount was about 680k and now the price is plan to sell off at around 730k

7. and Is a Leasehold property, so I guess this is the reason why not much buyers interested on it

8. Any agent here that can help to sell off the house? also, I not sure about the commission for agent as some of them ask for 2-3%, some deal with 1% only... very confusing...

Can let us know the name of the project?

xx_xx, talk to your ex and come to an agreement to sell the Property

You can tell your ex that you will take the leas to sell unless he wants to take the lead.

Tell him the indicative market price is RM730K and that both parties MUST pay 50% of the installment until the Property is disposed

Profit will be 50:50 after deducting for all related cost such as Lawyer, Agemt, etc

Which part of Puchong is this? Landed or Highrise?

Is it Lake Vista?

Errrhh..... loan amt 680k (presume 90%)..... means u bought the prop at ard 755k 3 yrs back..... now after completion selling at 730k???

yes...
oh well...

What is your holding power?
How long more can you sustain the installment or you can't afford it anymore even for a month?

I think if you willing to try and hold it while trying to find a buyer, maybe can really find someone.
Also would you confider selling at slightly lower market price?
Market price at 730k, consider 710k perhaps?

[quote=xx_xx,Jan 22 2015, 05:38 PM]
Yes, I am still here.. Didnt check the reply during working...
Anyway, thanks for the reply... I guess I kind of sorting things out from all of the comments given

1. yes, is Ex BF only, not Ex husband.

sorry TS then.. BF and GF very large commitment

2. Why bank approve loan? it was about 3 years back.. Guess the property market is super hot during that period and many young people easily get loan

many BBB can self slap their face di...easy loan money= flippers alot

3. Is a brand new property in Puchong area which just done construction few months again. I just done all the defects check and so on only.

4. If there is anyone interested on the property, I dont mind selling it off at anytime

5. Have asked a few agents and seems like that place is not a hot cake yet for those buyers..

6. the loan amount was about 680k and now the price is plan to sell off at around 730k

7. and Is a Leasehold property, so I guess this is the reason why not much buyers interested on it

8. Any agent here that can help to sell off the house? also, I not sure about the commission for agent as some of them ask for 2-3%, some deal with 1% only... very confusing...

dun care about the commi but cap it at 2 % max..want more than 3% can confirm sell..

very high sums..

some jokers comment worth 32 years old only,, selling 730k and selling 710k got difference, mentality really not right... if ppl were to buy or not buy due to the 20k difference out of 700k plus... really , no wonder semenyih is incinerator area really a lot of rubbish lol

TS u say got logic or not? if ppl really want to buy at 710k and you open price 730k, fast fast sell di..

btw, TS there are RPGT too , you know right? and redemmption value from the bank, the 2% penalty for ealy settle ment

TS. You need to communicate with ex on this, and settle this amicably. No emotions invovled, for it will only make matters worse.

Once settled and agree to sell, and agree that you lead the sell... Continue to pay installment for your own half. Ask for help from family in this trying times, as it may take months to dispose.

Find a good agent, preferably one that specialize in that area. If you have more questions in regard of bankrupcy, and. So on, you can try this site http://www.akpk.org.my and even meet with one of the officers on any questions you may have.

Finally, zen yourself, you'll be fine and it will eventually be sold.

TS still haven't reveal where her house is. Who knows, there may be someone here who's willing to buy & help a damsel in distress?

The property name is X2 Residency in Puchong

Is a highrise condo, 2400 sqf +-

It would be great if there is someone want to buy.. haha

Yes, finally work out a deal... looking for buyer and sell it ASAP...

so far, I can still pay the 1700 every month with tight my stomach and expenses very very much lo...

by the way, I have a question.... everything is with 2 person name including the title and all... but I wonder why those letter from Majilis Perbandaran is only addressed to him but without my name inside???

Is It normal???

There is like so call 10% discount from the developer during that time.. so in the S&P it only wrote 680k +- only also

Yes, thanks for the suggestions.. will do so

Is a highrise condo, X2 Property

Hmm..so it's a condo meaning you won't have the strata title yet. Then it's even more urgent that you need to continue servicing your loan and try to get a buyer ASAP.

Properties without title are considered as Loan Assignment Case auction & the bank does not need to go through the court for the auction. This type of auction will be conducted usually at the auctioneer's office or a special event at hotel etc. These events usually attracts many buyers as some of you here knows.

Don't jump for joy when you read it doesn't need to go through the court as the bank can usually dispose off property faster with this method. They can literally set the auction dates monthly & each time it's unsold, your property's reserve price should drop 10% until sold. When the price is low enough, that's when all the bees will gather in hope of getting a piece of the action (auction veterans should know what I'm talking about )

How fast the bank works also depend on which bank your loan is with? Mind telling me which bank?

HSBC

That's about the worst bank to get yourself in trouble with seriously.

My advise, service your loan regularly. You don't wanna mess with HSBC on auction matters. Once the instruction for auction is out, you'll have close to no chance of a reprieve. Unless of coz if you have tonnes of money.

This post has been edited by treblecase: Jan 23 2015, 10:28 AM

Ya.... What i mean is that the proj completed without any or only marginal appreciation??....

Anyway its out of your main concern....

Your prop is a high rise 2400sf....... If after completion also no appreciation.... its really better to sell off asap..... i can only say good luck.....

why it is bad to mess with HSBC???

And I wonder why when there is any letter from Majlis perbandaran or the local office to ask for cukai and something,

those letter only addressed to him only??? Is it normal??

I am just worried that if he plating some tricks behind me and later ended up the property will turn to his name afterall

How many name(s) in spa???

Billings usually onli direct to 1 correspondence add. Kenot send to both.

Have you consider to withdraw your EPF Account 2 to help out in service the loan?

Usually foreign banks are not popular choice for consumer loan because they have different set of marking and higher rate due to pressure on liquidity.

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This post has been edited by aromachong: Nov 1 2016, 05:03 PM

Coz they are very efficient & swift.

That's true. But I don't like their service.

Even with 10% discounts or rebates, S&P cant put 680k. If 680k, bank ll give loan 90% on the 680k. So I assume your s&p price is about 730-750k n u getting 90% loan + about 5% on misc put under the loan. 3 years down the road, if can sell 730k means not much appreciation...but puchong area mostly got 50% to 100% appreciation leh...

Talk cock sing song? Prove the 90% thingy. Are you trying to solicit clients here?

I guess you'll always have problems with comprehending. If you comprehend well, you won't ask to proof at first place.

And what does that make you? A fraud?

robert82 concern is totally justified. Even in a norm circumstances, a person considering to sell their property will almost always go through an agent. There are too many ppl out there trying to earn fast $ while troubling others. Even with these mainstream avenue, problems may still arise.

If I may be more specific:
- Get to know who is it that you are dealing;
- Don't bring any documents relating to the property until you are comfy with who you are dealing with;
- Don't sign on anything until you are 100% confirm of the outcome. Never guess.

Long story short, an acquaintance of mine informed me of this post of which he encouraged me to see if I can help with my 2 cents especially on lelong props and its procedures.

everything is 2 names in... so mean that is normal for them to address only 1 people instead of 2??