Dec 1 2020, 02:07 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!
Can be done but you need to discuss with the bank. The problem is if you can't find the right officer in the bank to sit down, discuss and help you, it won't be approved. Normally bank officers won't prefer to do this kind of work because no incentive for them to help you. The marketing staff when you first obtained your home loan has commission and bonus to get you to sign on the loan, that's why the service is better.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!
This is why when you small fry, no one cares about you. But when you owe the bank RM500m, the bank themselves will try their best to help you restructure your loan, because the big fry's loan is a big portion of their books.
So I stop trying to be so negative. Try to talk to bank ahead of time of your intentions and find the right officer. And also try to sell/auction your house for the highest amount
This post has been edited by e-lite: Dec 1 2020, 02:12 PM
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