Dec 2 2020, 09:55 AM
QUOTE(Ya Rerd @ Dec 1 2020, 12:39 AM)
Hi guys, need advice on what options do I have if I wanted to stop my home loan but I could not get a buyer for the house.
Can I discuss with the bank on how to get the property auctioned off and I convert the difference (if auction price can't cover the remaining loan amount) into a personal loan to clear the amount off?
My current property is still tenanted but the rental amount is not enough to service the loan.
So I was thinking to just get rid of the property instead of keeping it and continue with the hassle.
I do realise that it was a big mistake to begin with for getting the property so do not need further "lectures" on that topic!
There are too many auction now and it is not really helping your case.Can I discuss with the bank on how to get the property auctioned off and I convert the difference (if auction price can't cover the remaining loan amount) into a personal loan to clear the amount off?
My current property is still tenanted but the rental amount is not enough to service the loan.
So I was thinking to just get rid of the property instead of keeping it and continue with the hassle.
I do realise that it was a big mistake to begin with for getting the property so do not need further "lectures" on that topic!
The auction will reduce the value of your property in stage, and some can go as much as 50% of the original developer price.
Now add in whatever fee the auctioner, legal and misc fees that going to eat up whatever you earn from the sales.
If rpgt is applicable, that gonna hurt the bottom line.
When everything settles down, you might be seeing more than 50% losses than what you paid for the house.
Dont forget whatever penalty by the bank because that might be deemed as early settlement?
All in all, gonna be a huge loss.
Try to make your house more attractive to get better tenants.
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