Unable to pay housing loan. Will the bank declare me a bankrupt immediately?

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asked on Mar 11, 2020 at 17:38
edited on Aug 24, 2020 at 19:11
What if I'm unable to pay my condo loan and what are the steps the banks will take? Will they declare me bankrupt immediately or they will take steps to sell the condo in an auction?

My concern is they will declare me a bankrupt immediately. The other concern will be if they take over my condo and auction it, not sure what is the duration and the cost to cover this. My concern is 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 advise.
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answered on Mar 12, 2020 at 18:10
Yes, this is employment flaws and not consumer hence not sure why the other response was providing me a link to Tribunal which is for consumer. It is disruptive rather than helpful for such advice.
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