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Unable to pay housing loan

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asked on Mar 11, 2020 at 17:38
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What if I'm unable to pay my condo loan and what are the steps the banks will take? Will they declare me bankrap immediately or they will take steps to sell the condo in an auction?

My concern is they will declare me a bankrap immediately. The other concern will be if they take over my condo and auction, not sure what is the duration and the cost to cover this. I'm concerned that if I will make a profit of RM100k after auction (based on today's price which is quite soft), the bank will say all the cost and etc so now no profit.

Can you please advice.
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answered on Mar 11, 2020 at 18:20
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Read thru the bkcy section of this website for the past 5 years.

Your predicament and Qs have been discussed a hundred times over and over again.

Equip yourself with appropriate knowledge by reading past Q&A here.

Only you and help U better than anybody else.

No 'IF' for bankruptcy. It only exists in poor knowledge of Debts issues.
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answered on Mar 11, 2020 at 18:47
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You can withdraw from EPF to pay the condo loan.
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answered on Mar 11, 2020 at 20:00
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Thanks William but that option have also been done.
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answered on Mar 11, 2020 at 20:11
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You can withdraw from your wife's EPF to pay the condo loan.
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answered on Mar 11, 2020 at 23:56
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Hahaha... William, I find that you are a joker. Probably you may also ask me to pay with my siblings EPF as well.

This is a serious forum and an intelligent and proper advice will be much appreciated
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answered on Mar 12, 2020 at 06:28
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You can withdraw from your wife's EPF to pay the condo loan.
EPF allows spouse account to be used for housing payment.
The more wives you have, the better.
Use it to settle all outstanding ( do not pay extra ) before the house is auctioned for a low price and you become a bankrupt.
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answered on Mar 12, 2020 at 11:24
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edited Mar 12, 2020 at 12:29
by   jeff005
@ Unfair

I find that you are a joker.
1.  My personal objections to name callings. People reply in good faith.

2.  The IR Officer is correct to advise you on the small claims court.

** Small Claims Magistrate Court (Order 93, rule 2 ROC)

** Small claims cases not exceeding RM5,000 

** No lawyer is allowed to represent either the claimant or defendant, unless it is a registered company (Sdn Bhd).

** Only the claimant and the defendant are allowed to put their cases forward before a magistrate.

Procedure in filing Small Claims

Obtain Form 198 from the registrar of the Magistrate Court.
State the amount and particulars to the claim .
Signed/ thumbprint it[ and file 4 copes with the registry of Magistrate Court along with RM10.00 as filing fees.
Extract the sealed copies of Form 198 and serve it upon the Defendant via personal service or by prepaid registered post to the defendant’s last known address.
Defendant who receives Form 198 will then have to file their defence and counterclaim (if any) under Form 199 within 14 days upon receiving the claim to dispute the claim and if there is a counterclaim, the plaintiff may file a defence to the counterclaim under Form 200. The signage and service are similar to those of Form 198.

I had advise you to read the past cases in this forum. Do so if you have not yet.

If the bank ever recall the housing loan, any lelong (auction) can be 30-40% below market value considering the fact now that the Properties Markets is in dire straits and loomy bkcy lawsuits.

People are defaulting on housing loans due to loss on jobs and business dealings and coronavirus and banks are recalling loans and making bkcy threats.

Forumers here is not to teach people how to get around their personal financial issues. Rather teach people to read past cases, documented cases and how to deal with their woes. 80% of Questioners do not declare their actual financial issues.

Do watch out for the  counterclaim  clause.
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answered on Mar 12, 2020 at 16:00
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Thanks Jeff for the more contructive and valuable advice.

As most of you know the people coming here to seek advice are in a dilemma situation and hence hoping for better advice/solution without someone giving out unsensible advice. Just my 2 cents.
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answered on Mar 12, 2020 at 17:00
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edited Mar 12, 2020 at 17:18
by   jeff005
The Policies, T & C for both Small Claims Courts and "Bigger Courts" will be the same.

The same counterclaims issue applies.
Yours is employment flaws, not consumerism. It falls under employment laws only.

DIY the lawsuit only if your knowledge in Laws is reasonably "okay".
Self Representing is not hard but not as easy as ABC.

For your case, find the cases of the projects where your direct and invaluable contributions is un-disputable and make claims for commissions or commissions entitlement denied.

Make the claims below RM5,000 to qualify for the Small Claims Court.
(At least you may be able to get back something) and avoid paying big lawyers fees).
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answered on Mar 12, 2020 at 17:49
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Once again thanks Jeff on the good advice. Will consider further before I take this action with the company
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