Bank wants to auction property despite the amount already paid to JIM.

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asked on Jun 9, 2017 at 17:28
by   iman62

I was made a bankrupt in 2002 (Personal loan).  At the same time I defaulted on my housing loan and the bank tried to auction the property several times but not successful (no bidder).
The bank also submitted the PoD on the housing loan to JIM. The last time they tried to auction the property, I negotiated with the bank to stop the auction and made payment to JIM on the agreed amount.

However after several years, JIM did not release the payment to the bank since the amount is not sufficient to pay my other creditors and JIM fees. After several negotiations, all the creditors agreed to give discount on the PoD amount.  (The total amount is less than the amount I paid to JIM).
However, JIM still did not release the amount since after adding their fees (about RM38K), the amount is still not sufficient.

According to JIM, I still need to pay another RM15K before they can release the amount to the creditors. The problem is after paying the full amount for the housing loan, my business has folded and I’m having problem to raise the RM15K

Now the bank is trying to auction my property again.  


They want to auction the property for RM1 million because I cannot pay RM15K to JIM.  What can I do to stop the auction?  I have tried to negotiate with the creditors but not successful. I need time to raise the RM15K.

I was told by a friend that since I already made the full payment to JIM for the property, the bank cannot auction the property. The money is already there with JIM.  JIM’s lawyer is not helpful at all and said that they cannot do anything since the bank is just following the book.

Thank you.
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