Dec 1 2020, 05:11 PM
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!
Poor decision to do so. 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!
Best if you add value to the property to increase the rent, do room rental or other methods to decrease cash bleed.
Negative gear for the medium long term (for long term capital appreciation - provided... you bought the right location), or move in yourself (value in use)
Then sell it off in time.
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