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What to do before and after knowing Bankruptcy Notice is on the way due to housing loan

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asked on May 17, 2017 at 01:16
by   stuck
edited on Aug 5, 2017 at 09:28
 
Story as this:

1. The debt is RM60,000++, not more RM70,000. Confirmed Bankruptcy Notice not yet issued from bank but soon.

2. Due to default payment of housing loan and the house on 4th auction already, the bank says there is no more auction already.

3. Called the bank's person in charge and asked how come so much default as the monthly installment is only RM1,200 and I defaulted 12 months while I was overseas for 1 years so the total should be around RM15,000. The reply was that once I defaulted 4 months, the property will be auctioned and each auction my property will drop 10%. My case is 4th auction, thus total up is RM60,000 plus.

4. Called bank's person in charge and the reply was asked me to fully settle or write in to propose installment payments.

5. Problem now is I am expecting my first baby overseas in August and I don't have enough money to settle the debt plus I need to working overseas.

6. Does anyone know what's the housing loan auction standard operating procedures?

Anyone experience with this situation before, please advise me.
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answered on May 17, 2017 at 03:19
by   jeff005
edited Aug 5, 2017 at 09:30
 
I defaulted 12 months while I was overseas for 1 years so the total should be around RM15,000
The housing loan agreement has been terminated. Full settlement is required. After a successful auction is done, you will have to settle the balances.

Does anyone know what's the housing loan auction standard operating procedures?
Lelong.. lelong.. lelong.. until someone buys it. It can also be the 10th auction. What SOP do you want?

For lelong issues read here

https://www.lawyerment.com/answers/questions/11927/court-summons-shall-we-attend
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answered on May 17, 2017 at 05:27
by   stuck
edited Aug 5, 2017 at 09:33
 
@jeff

I missed one point. The bank said that they have already purchased the property so no more auction.

What should I do next?
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answered on May 17, 2017 at 15:09
by   vkpc
edited Aug 5, 2017 at 09:35
 
I missed one point. The bank said that they have already purchased the property so no more auction.
By law, the bank cannot purchase the property itself, it must be sold via a public auction. However, when the reserved price becomes very low, banker may tip off relatives or staff to buy it.
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answered on May 17, 2017 at 21:18
by   stuck
edited Aug 5, 2017 at 09:38
 
@vkpc

Is it possible the bank purchase via public auction? Please correct me if I am wrong.
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answered on May 20, 2017 at 04:15
by   Coyote
edited Aug 5, 2017 at 09:39
 
Is it possible the bank purchase via public auction?

vkpc has answered. By law, the bank cannot purchase the property itself.

Don't ask silly questions.
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answered on May 22, 2017 at 16:31
by   stuck
edited Aug 5, 2017 at 09:41
 
@vkpc @coyote

I followed up with the bank and they confirmed that the bank has purchased the property via auction reserved price without my agreement. They told me that they can't reach me. What should I do?
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answered on May 22, 2017 at 16:45
by   vkpc
edited Aug 5, 2017 at 09:42
 
I followed up with the bank and they confirmed that the bank has purchased the property via auction reserved price without my agreement. They told me that they can't reach me. What should I do?

Which bank said this?
Post the letter or email here for checking.
If the bank purchase the property themselves, you can contest against any Writ Summons and win against the bank so you cannot be bankrupted.
Write a letter to the bank and inform them of your new address and telephone so that they don't send the Writ to the wrong address.  Make sure you let them sign and stamp on your copy as proof that they have received your letter.
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answered on May 22, 2017 at 16:55
by   stuck
edited Aug 5, 2017 at 09:44
 
@vkpc

PBB said this, no letter or email received.
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answered on May 22, 2017 at 19:13
by   vkpc
edited Aug 5, 2017 at 09:45
 
no letter or email received...
No letter or email saying PBB has purchased your house means the bank did not purchase your house. Why you go and listen to the 'kerani' bank talk nonsense for what? Next round you will listen to what the security guard say?
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answered on May 22, 2017 at 19:55
by   jeff005
edited Aug 5, 2017 at 09:47
 
@ stuck

via auction reserved price without my agreement.
Do not need your permission or agreement. Your loan agreement has been cancelled by law.

As you are overseas now and going to have a baby soon. You would better read up on immigration laws, citizenship laws for your child. How to properly register your child's birth and many other related issues. Bankruptcy Notice is probably the least of all serious other issues.
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