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 joint holder for home loan, how to transfer name?

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TSvaio_me
post Jul 17 2008, 01:57 PM, updated 16y ago

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Hi All Sifu,

I am currently a joint holder for a house in puchong with my sister, the house is under my sister and my name, but her bf parent is staying in the house and they are paying for the instalment. However, they are defaulting payment each month, it's coming 3 months due and this effect my ccris, I would like to know, would this affect my ccris information, because whenever I apply for credit card, it was rejected. I am thinking to buy house in the next 2 years, would this affect me to get a house loan in the future?

Also, I would like to know what is the procedure and how much to pay to transfer my name out from this housing loan?

Thanks in advance for reply if any.
speakeasy
post Jul 17 2008, 02:16 PM

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QUOTE(vaio_me @ Jul 17 2008, 01:57 PM)
Hi All Sifu,

I am currently a joint holder for a house in puchong with my sister, the house is under my sister and my name, but her bf parent is staying in the house and they are paying for the instalment. However, they are defaulting payment each month, it's coming 3 months due and this effect my ccris, I would like to know, would this affect my ccris information, because whenever I apply for credit card, it was rejected. I am thinking to buy house in the next 2 years, would this affect me to get a house loan in the future?

Also, I would like to know what is the procedure and how much to pay to transfer my name out from this housing loan?

Thanks in advance for reply if any.
*
ok first of all...your CCRIS will definitely show that you have been delinquent in paying your monthly arrears for the last 3 months..this has definitely added lots of weight on the rejection of your Credit card application..the Bank does not know and does not care who the occupants of the house are..they are only interested in their money..you have few options:-
a) get your sister to explain to her bf parents on the implication that she and you are facing due to their inability to pay.
b)as your suggestion above..get your self out of the mess...but dont you wanna think of your sister? she will also face the same consequences as you.
c) get them out of your house by force...
d) sell the house and let the new landlord handled them..
e_withdraw from your epf and settle the outstanding first before your name is really barred

kindly take note that the more you delay the more expenses you will bear..every notice sent to you by the Bank will cost you some money..the moment they send you a legal notice (varying on who the solicitor is), the price of each notice stands between RM75 to RM250..all these will be debited against your housing loan..

just for your info, once your loanis in default for a min of 3 months, the Bank will initiate legal action against you and proceed to auction of your house..

So please be fast in whatever decision you make as every day counts..
TSvaio_me
post Jul 17 2008, 02:36 PM

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Hi Speakeasy,

Thanks for the reply, but I did not pay a single cent for the house neither my sister, I was just helping my sister and she was just helping her bf parent, because their parent can't apply bank loan due to business they are doing. It could be due to trust or something.

What if I just want to transfer my name out and other thing is none of my business, can this be done?

This post has been edited by vaio_me: Jul 17 2008, 02:36 PM
speakeasy
post Jul 17 2008, 03:04 PM

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QUOTE(vaio_me @ Jul 17 2008, 02:36 PM)
Hi Speakeasy,

Thanks for the reply, but I did not pay a single cent for the house neither my sister, I was just helping my sister and she was just helping her bf parent, because their parent can't apply bank loan due to business they are doing. It could be due to trust or something.

What if I just want to transfer my name out and other thing is none of my business, can this be done?
*
First thing first...Is your name only under the financing or is your name also on the title of the house?

b00n
post Jul 17 2008, 03:07 PM

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QUOTE(vaio_me @ Jul 17 2008, 02:36 PM)
Hi Speakeasy,

Thanks for the reply, but I did not pay a single cent for the house neither my sister, I was just helping my sister and she was just helping her bf parent, because their parent can't apply bank loan due to business they are doing. It could be due to trust or something.

What if I just want to transfer my name out and other thing is none of my business, can this be done?
*

Your loan agreement is under one or joint name?
If it's under joint name which I suspect it is, than it's going to be tricky.
As when you transfered your name out, meaning to say the bank would only recognise your sister as the main borrower (yes you need to inform the bank). Than the bank would again re-evaluate your sis capability of repaying the loan.
If they found out that your sister capability is not enough, they might not even let you off the hook. Worst case they might even force sale the house i.e. auction it off.
So the best way to settle it is to sell it off like Speakeasy mentioned.

mIssfROGY
post Jul 17 2008, 03:14 PM

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QUOTE(vaio_me @ Jul 17 2008, 02:36 PM)
Hi Speakeasy,

Thanks for the reply, but I did not pay a single cent for the house neither my sister, I was just helping my sister and she was just helping her bf parent, because their parent can't apply bank loan due to business they are doing. It could be due to trust or something.

What if I just want to transfer my name out and other thing is none of my business, can this be done?
*
u can transfer your name out anytime from the house land title, just go to the land office.
Thing is, it the bank loan u ll have problems transferring out. Not sure how it can be done, but u can call up your LOAN LAWYER and ask him. I think your sis will have to refiance the house under her name or something like that. Better to ask the lawyer la.
TSvaio_me
post Jul 17 2008, 03:15 PM

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QUOTE(speakeasy @ Jul 17 2008, 03:04 PM)
First thing first...Is your name only under the financing or is your name also on the title of the house?
*
I am just the joint holder and my sister is the main borrower, due to my sister income and her bf family, they can't apply loan.


Added on July 17, 2008, 3:19 pm
QUOTE(b00n @ Jul 17 2008, 03:07 PM)
Your loan agreement is under one or joint name?
If it's under joint name which I suspect it is, than it's going to be tricky.
As when you transfered your name out, meaning to say the bank would only recognise your sister as the main borrower (yes you need to inform the bank). Than the bank would again re-evaluate your sis capability of repaying the loan.
If they found out that your sister capability is not enough, they might not even let you off the hook. Worst case they might even force sale the house i.e. auction it off.
So the best way to settle it is to sell it off like Speakeasy mentioned.
*
I am the joint name only, hmm... I think they can't afford to pay and if I take the house, they would be homeless, but I have to bear all this consequences. This is terrible .. my god.

QUOTE(mIssfROGY @ Jul 17 2008, 03:14 PM)
u can transfer your name out anytime from the house land title, just go to the land office.
Thing is, it the bank loan u ll have problems transferring out. Not sure how it can be done, but u can call up your LOAN LAWYER and ask him. I think your sis will have to refiance the house under her name or something like that. Better to ask the lawyer la.
*
Yea, that would be the same, they would be homeless. I think there is no more option. Thanks.

This post has been edited by vaio_me: Jul 17 2008, 03:19 PM
mIssfROGY
post Jul 17 2008, 03:19 PM

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QUOTE(vaio_me @ Jul 17 2008, 03:15 PM)
I am just the joint holder and my sister is the main borrower, due to my sister income and her bf family, they can't apply loan.
*
No matter what u ll kena if they keep on defaulting the loan. Ya...like some suggested, sell the house else if nobody pays, the bank will take and auction, and u n yer sis will be blacklisted. Else u can opt to start paying the loan 1st and your sis bf's parent pay u guys back later.
TSvaio_me
post Jul 17 2008, 03:21 PM

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QUOTE(mIssfROGY @ Jul 17 2008, 03:19 PM)
No matter what u ll kena if they keep on defaulting the loan. Ya...like some suggested, sell the house else if nobody pays, the bank will take and auction, and u n yer sis will be blacklisted. Else u can opt to start paying the loan 1st and your sis bf's parent pay u guys back later.
*
Yea, that would be too risky. I think I have no choice if thing gone worst.
b00n
post Jul 17 2008, 03:37 PM

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QUOTE(vaio_me @ Jul 17 2008, 03:21 PM)
Yea, that would be too risky. I think I have no choice if thing gone worst.
*

Either way you have to make a stance.
It's either you pity them or you get pitied at.
Your choice.

If your sis income is not enough than sorry to say you'll need to sell the house off as the bank wouldn't even lend to your sister.
But if her income is sustainable, than by all means go to the bank and discuss transferring of loan back to her so it wouldn't burden you. As a joint borrower, you are liable for any legal action taken against defaulting of loan repayment.

You seriously need to come clean with them!

TSvaio_me
post Jul 17 2008, 03:53 PM

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QUOTE(b00n @ Jul 17 2008, 03:37 PM)
Either way you have to make a stance.
It's either you pity them or you get pitied at.
Your choice.

If your sis income is not enough than sorry to say you'll need to sell the house off as the bank wouldn't even lend to your sister.
But if her income is sustainable, than by all means go to the bank and discuss transferring of loan back to her so it wouldn't burden you. As a joint borrower, you are liable for any legal action taken against defaulting of loan repayment.

You seriously need to come clean with them!
*
Thanks b00n, thanks for the advise. I seriously need to go clean, else I would be deep shit in future if my name get blacklisted, learned a lesson, sometimes being good guy is hard.
mIssfROGY
post Jul 17 2008, 04:02 PM

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QUOTE(vaio_me @ Jul 17 2008, 03:53 PM)
Thanks b00n, thanks for the advise. I seriously need to go clean, else I would be deep shit in future if my name get blacklisted, learned a lesson, sometimes being good guy is hard.
*
Poor thing..how come their own son cannot join his name with your sis?
I am sure they will understand your situation geh. Can they stay wif someone else then? your sis n her bf maybe?

Goodluck...but u can also ask yer sis to pay the installment 1st if thats an option.
yks8845
post Jul 17 2008, 04:16 PM

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I also agree with others as sell off the house to settle the debt as soon

as possible ( for sure, must tell the problem to them ), then , move to /

buy the cheaper house.(at least they are not homeless) smile.gif



speakeasy
post Jul 17 2008, 04:19 PM

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QUOTE(vaio_me @ Jul 17 2008, 03:53 PM)
Thanks b00n, thanks for the advise. I seriously need to go clean, else I would be deep shit in future if my name get blacklisted, learned a lesson, sometimes being good guy is hard.
*
u might wanna heed to all the sifu's advises here andtake a drastic action in sweeping off the dust from your name..i guess lots of choices and ideas have been put forward to you here..now its time for you to make the call..my advise to you is this...in order for you to take care of others back you need to be safe first...you cant safe them if you are in danger as well..so the bottom line is you must make a decision that favours you first ...once you are out of the mess...then you can help them to revive their problem by voicing out some amicable solutions...
Syd G
post Jul 17 2008, 05:36 PM

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vaio_me,

Firstly I'd like to applaud you for being a noble person. It's sad that they defaulted payment for 3 months and you're getting a mark in your record because of it.

What you should've done is to treat them as renters - use the rent to pay off the installment. I havent pay a single sen to my investment home's monthly mortgage but still I dont feel like I owe anything to the tenant wink.gif

Anyhoo talk your sister about it. I'm assuming that this is a big purchase - more than 300k?
TSvaio_me
post Jul 18 2008, 01:28 PM

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QUOTE(speakeasy @ Jul 17 2008, 04:19 PM)
u might wanna heed to all the sifu's advises here andtake a drastic action in sweeping off the dust from your name..i guess lots of choices and ideas have been put forward to you here..now its time for you to make the call..my advise to you is this...in order for you to take care of others back you need to be safe first...you cant safe them if you are in danger as well..so the bottom line is you must make a decision that favours you first ...once you are out of the mess...then you can help them to revive their problem by voicing out some amicable solutions...
*
Thanks, yea, I have talked to them and they say will think about it and let them settle their financial problem first. I'll just wait till October.

QUOTE(Syd G @ Jul 17 2008, 05:36 PM)
vaio_me,

Firstly I'd like to applaud you for being a noble person. It's sad that they defaulted payment for 3 months and you're getting a mark in your record because of it.

What you should've done is to treat them as renters - use the rent to pay off the installment. I havent pay a single sen to my investment home's monthly mortgage but still I dont feel like I owe anything to the tenant wink.gif

Anyhoo talk your sister about it. I'm assuming that this is a big purchase - more than 300k?
*
Thanks, the purchse was 250k above. It's not that much, hopefully things goes well, thanks for reply.

 

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