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Housing Loan Overdue: How to delay Order for Sale (Form 16G)?

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asked on Jul 14, 2017 at 00:00
by   caramel
edited on Jul 30, 2017 at 14:12
 
I have my housing loan overdue for about 7 months. I went to the bank to discuss for waiver but I still did not have enough to pay the lump sum with the waiver they offered. After the 3rd month due my mortgage interest has been increased to the maximum interest and my monthly installment is around RM5,200 from the original RM2,300.

Recently they just updated me saying the legal action is still on going and on the 11th July they have submitted Form 16G to the court which according to them it's an Order for Sale.

Question is how long does it take for them to obtain it from the court? I just managed to sell off the house and waiting for the buyer to sign S&P and also mine is a leasehold which will take another few months to complete the whole process. How can I delay everything so that it won't interrupt with my house selling progress? Once they obtain the Form 16G, will my selling transaction still go on?
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answered on Jul 14, 2017 at 02:13
by   vkpc
edited Jul 30, 2017 at 14:13
 
If your house have a title, you need to personally accept receipt of a form (possibly Form 16G) before the High Court will agree to an Order for Sale.

This means if you don't sign anything, the Order for Sale will be delayed by a few months.

Without this Order For Sale ( Perintah Jualan ) the house cannot be auctioned.
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answered on Jul 14, 2017 at 04:26
by   caramel
edited Jul 30, 2017 at 14:16
 
Thank you so much vkpc. Really appreciate it.

Yes, my house has a title deed. So I guess I can delay a bit. What if some other person signs it? ...like my mom or husband? Will it be considered acceptance of the form? If yes, I'll ask them to stop signing any registered letter.

I am aware that you said I personally need to accept it but just need to double confirm. Thank you very much again. 
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