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Removing Name from Joint Name Loan Agreement
372 Views  ⚫  Asked 6 Years Ago
asked on Jul 7, 2010 at 17:55
by   Helpless
hi,
I bought a house under a joint name with my ex. Both the S&P and Loan has our names.  After the split many many years ago, he promised to re-finance the loan, and remove my name.  For the reason of not wanting to pay the bank penalty should one refinance earlier that the tie-in 5 year period, nothing was done. 

7 years has since passed since he collected the key. He has been servicing the loan, and at times, when repayment are not prompt, there were bank letters, notices, warning, etc sent to me.
Recently things gone worse. And I have a letter from a Lawyer representing the Bank informing me that house will be auction off. 

I have done all that I could to do ask around people on how to get myself out of this situation. I have not pecuniary interest in the house,etc.  But because my name is stuck to the loan, there are a lot of problems that came with it.

Can anyone help to advise me on how I should do in this situation.

a) If the bank does auction off the house, and assuming its enough to cover the outstanding amount, what next? I'm off the hook?
b) If the house is sold, but amount is not sufficient to cover, can I assumed that the bank will come after me, and seek half the oustanding amount? Then on, I suppose my name will be blacklisted and will not be able to take any loan this lifetime?
c) If he managed to solve the current outstanding, and the house is removed from the auction, and continues to pay, this same problem will come back again. I doubt he will do anything to re-finance. 

The auction notice is in the website for an auction in 2 weeks time.

I'm really helpless.  I once went to a Consumer's Association, and while I understand that I have willingly taken part in this buy&sell deal but is there no way I can get out now?

If I were to go to a lawyer to do something? what would be the correct course of action?

He has since change to a bigger car, but yet, I can't understand why he is being so selfish to hang on to my name. I had to call him, email him, or look out for him when I go back to Malaysia every year for my holidays.  I have the same promise every year that he promise he will get it done in the next few months.

Friends were telling me, technically I'm not at a disadvantage end, as somebody is paying for a loan that 50% of the property belongs to me.  It has never come my mind to gain anything out of this. I just want to be done with it.

Can anyone help me? Should I go to the lawyer? Once in life now, I feel so helpless and drowning. 

Please help.

Thanks in advance.
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answered on Jul 13, 2010 at 13:20
by   confuse
Hi,

I also stuck in same problem.  Mine even worst since he didn't even collect key of the property.  And didnt pay the installment for many years.  Now our name got blacklisted.  I was thinking to settle half and clear my name......is it possible? can anyone help?
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answered on Jul 14, 2010 at 19:49
by   Helpless
You need to go to the bank where you take the loan, and see their Loan Recovery Section.  If you tell them your IC No, they will even know which Lawyer within the department is in charge of the loan.  You need to go see the person, and discuss with him/her. She can advise you the amount to pay, and if this happen, she will give you a release letter when you pay up.

This is what I've been told. I'm waiting to see if the Auction will go on for my case.

Please let me know if you do approach the bank, and what the results are.
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answered on Jul 19, 2010 at 12:10
by   confuse
i did contact the central bank and they told me the amount due is rm180k.  My actual loan amount only rm89k.  I offer to pay half and tell the office to chase the balance from my ex.  I dont even know where is he.  But the bank reject and ask me to pay at rm100k and they will consider the balance amount to be split to half.  If i have that much of money..i wouldnt have waited this long.  I am thinking of appoint a lawyer and ask them to contact and speak to bank.
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answered on Jul 29, 2010 at 04:38
by   LoyerBrook
You best deal now is to let the bank auction the house, as you cannot do much to settle the debts, unless you have the money and willing to pay for your Ex's share of debts too.

You should wait to see the outcome after the auction, then decide on the next step. Not now!

All your worries now are in vain.
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answered on Aug 2, 2010 at 13:32
by   confuse
What will happen once the house been auction by the bank?  They will immediately declare me as bankruptcy is it? I have call the bank the other day and they told me they not able to auction the house due to below market price.

If i appoint a lawyer to make the payment and ask the bank to waive the interest....do you think it will work?? i dont mind paying monthly installment provided they remove his name and waive all the interest.

Any comments?
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answered on Aug 7, 2010 at 00:36
by   LoyerBrook
For Confuse,

IF Consulting a Good Lawyer can help you reverse the predicaments, then, try it. But, ask about the Service Fees first and foremost!

OTHERWISE, it's not Worth to do anything now, since you are already Blacklisted! If your Lawyer cannot help change the situation at this stage, then, Just wait and see!
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answered on Aug 12, 2010 at 07:44
by   Helpless
Confuse,
Can you let me know the outcome. Tx
My house is off the auction, and I'm still stuck.
It be just a matter of time, before the bank sent me notice about unpaid installment, auction, blacklisting,etc.
Thanks again.
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answered on Aug 30, 2010 at 14:15
by   confuse
well, the lawyer say he will try to contact the bank and my ex.  To nego the bank installment and see if we could split the amount to half.  I did call AKPK but they told me they only handle credit card debts.

Its not easy.  Will take long process.  I dont mind blacklist, just worried if will be blaclisted.
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