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.

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.

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.

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.

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

Where is TS?

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.

Can let us know the name of the project?

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?

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?

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

Coz they are very efficient & swift.

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

And what does that make you? A fraud?

So, any update on your case?