Declaring bankrupt but have sufficient CPF to continue my bank mortgage

wendysu

Member
Due to unable to repay all the loan owing $200K in debts after my business failed, i am thinking of declaring bankruptcy, however, my property had just TOP not even a year and I have sufficient CPF to continue to service my monthly mortgage bank loan, will bank still seize my property?

I have nothing left but only this property, please can any kind soul who are lawyer or housing agent or whoever have experience to share please guide me. Everyday is a torture to me now, if not because of kids i think i will not be able to continue living.

Thanks
 


frog

Active Member
This is when it is important that you are talking about:
1. HDB Flat
2. HDB Loan
3. You are a SG Citizen (or at least one of the owner).

Given all the above conditions are met, your HDB flat is safe for as long as you manage to service the mortgage. In the event that you come to a point that you are unable to service the mortgage, a trip to HDB office or MP office will help to find a way to reduce the repayment or deferment etc etc. I don't think HDB has ever taken procession of any flat so far (at least never seen news)

However, if you are taking a BANK LOAN - your HDB will not be force-sold for as long as you manage to repay the bank loan. But if you default, yes, the bank does have the right to force-sell your property... and unfortunately, they are in it for the profit. So... they are most likely to exercise every legal right.
 

wendysu

Member
Thanks, mine is an executive condominium bought during good times because never be able to predict will land into this few years later.
Can you advise?
 

tiggerpooh

Active Member
Hello there! I know, this is an old thread... Hope you're okay. I have a problem, maybe you can help me solve it? A bank refused to give me a home loan only because I have no credit score. I didn't know what this stuff is all about, one of my friends showed me this https://arrestyourdebt.com/. And now I'm confused. If it's right, the bank can't just refuse my attempts to take a home loan. I think, you have more experience with this stuff than me. Can you give me an advice?
U are missing out a lot of information, n hence, whatever advise given may not b appropriate.

1) R u Singaporean?
2) R u buying a HDB?
3) R u working?
4) While I did not click of the web dat u have provided, i know of another link https://www.creditbureau.com.sg/
 

Drain

Member
Hello there! I know, this is an old thread... Hope you're okay. I have a problem, maybe you can help me solve it? A bank refused to give me a home loan only because I have no credit score. I didn't know what this stuff is all about, one of my friends showed me this https://arrestyourdebt.com/. And now I'm confused. If it's right, the bank can't just refuse my attempts to take a home loan. I think, you have more experience with this stuff than me. Can you give me an advice?
No credit score means you have super bad debt or creditworthiness...
Not only hdb loan, you cant even apply for credit card etc.
 

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