Property club ppl don't usually go for auctions. They go for Developer units and can usually cash out 15-20% cash from the bank loan after disburse. Then they use the cash go shopping spree or cover bank loan for a few years then hoping to flip after that.

all high-rise, not very enticing to me.

Technically he broke in and "stole" all the furniture as the unit doesn't belong to him yet

What the poster meant is the defaulter lost his house, and still have to service his loan of RM2,500 per month until the shortfall amount + interest is completed. Means if your loan was RM1mil, your lelong house sold for RM500k, you still have to payback RM500k if you don't want to be bankrupt. The RM2,500 per month is for the RM500k.

In short, he lost his house and still have to repay something he doesn't have.

If anybody wants to share lelongtips, auctionlist or brickz with me, please pm me.

I am willing to pay or pay upfront first. Spread the costs for us normal people

Anybody else want to share 14 months of lelongtips.com.my? The more the merrier so that the costs for everyone can be lower

Why cannot be Sime Darby or Sime Darby's high level staff buy back?

Their story a lot of loopholes and contradictory statements. They better not sue the bank, because the lawyer sure take out this news article and show how the defaulter twist and turn the story.

Actual house address is: No. 5, Jalan Limau Lelang 4/4J, 40000 Shah Alam.

You try defaulting your property term loan for 3 months then you will know

When become default, I think the bank will impose 8-12% interest rate. If I am not mistaken, when you default bank has the right to recall full amount of outstanding loan too. Your monthly repayments default suddenly become settle full outstanding amount.

This is the irony of things. If you have paid down your loan, bank is very quick to auction off your property because your outstanding loan is very little. So even if auction at any price, for sure can cover your outstanding amount. If you outstanding amount is 90%, then bank will be willing to talk/appeal/restructure because they don't want to incur losses. Remember banks are for-profit organizations.

The fastest way to lose money in property investment is when you turn into desperate seller.