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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 22, 2017 at 20:55
by   stuck
edited Aug 5, 2017 at 09:49
 
@vkpc

Thanks for reminding me. I'm panic and kind of confused.

Any update since 2013 for the Section 254 of the National Land Code of 1965?

Thanks.
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answered on May 22, 2017 at 22:09
by   vkpc
You said you don't know any laws?
Now you ask about National Land Code?

National Land Code has not been amended since 2013.
To fight you case, you need to know whether your house has a title or not.

Once the bank sue, you can counter sue for damages due to their negligence in not doing a proper public auction.  The bank has a fiduciary duty to get the best sale price for you in a public auction and advertise the auction properly, not to buy the property up at the reserve price.
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answered on May 22, 2017 at 22:20
by   stuck
@vkpc

after your kung fung show at this forum and i study plus google and found then combined all your master kung fung skill and come out this NLC.

Thanks.
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answered on May 31, 2017 at 02:50
by   Xander
edited Aug 5, 2017 at 09:57
 
@vkpc

What are the differences in fighting this case if the house got title compares to without title?
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answered on May 31, 2017 at 04:08
by   vkpc
edited Aug 5, 2017 at 09:59
 
What are the differences in fighting this case if the house got title compares to without title?

If the house has a title, the bank must personally serve the owner a Form as specified in National Land Code and then apply for a Order For Sale ( Perintah Jualan ) from the High Court. If the owner cannot be found, the house cannot be sold.

If the house does not have a title, the bank can auction the house without personal service and does not need an Order for Sale from the High Court. Only a registered letter informing of the auction date will do.
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