Advertisement

Is the liability as an Assignor for housing loan the same as a Guarantor?

299 Views  ⚫  Asked 1 Year Ago
asked on Sep 4, 2020 at 17:02
by  
edited on May 18, 2021 at 02:33
 
My ex bought me a house. The Ownership of the house is both of us but the loan is only on him. He is the borrower. 

Now he doesn't want to pay. So the house was already sold thru auction or 'lelong'. I did contact the bank asking about my liability and they said none. But when I realized my name in CTOS got marked as 'defendant' under legal action. Now they said I am the third party for the loan. However I never receive any saman yet from the bank. 

How can? They said because I am the assignor. But assignor is not guarantor right? 

So my questions:

1. Is assignor a guarantor?
2. What will be my liability?
3. Will the bank come after me?
4. What should I do?

Please help me. I am very confused.
0 had this question
Me Too
0 favorites
Favorite
[ share ]
7 Answers

answered on Sep 4, 2020 at 21:18
by  
edited May 18, 2021 at 03:00
 
I did contact the bank asking about my liability and they said none.

Yes. That was before. Last week I went to Maybank to open account and they refused to let me because they said I have problem with BSN. When I checked my CCRIS clear, but inside my CTOS they update me as 'assignor' under the legal D1 area. 

Later the BSN lawyer informed me that I am actually the third party in the loan agreement - assignor.

So now I am curious about the liability as the ‘assignor’. Is it same as guarantor?

My ex is totally horrible, cheated on me, not paying our baby living cost, and now he purposely causing the house to be auctioned so that I lost my place to stay. Therefore I am very concern if this situation may impact me worst.
0 found this helpful
Helpful

answered on Sep 4, 2020 at 22:15
by  
edited May 18, 2021 at 03:04
 
@Mimiami

Personal Opinion (non-legal)

So now I am curious about the liability as the ‘assignor’. Is it same as guarantor?
It is not the same. A Guarantor (as in your case) has the (joint and severally) liability to any default of the loan. Since your ex has the financial ability to singly applied for the loan, the bank has amended their loan contract to make you an "assignor" so that you will not need to be consulted for approval in the event the house is being 'lelong' or even sold by the ex. This is like in certain situations the "Power of Attorney" assigned to your ex.

But being a Joint name owner of the property, you are not liable for the loan but a indirect "blacklist" from BSN into your financial standing.

Possible suggested solution from me (only):
Get your employer to be a sponsor for the opening of a savings account for the purpose of salary/wages bank-in's. 

(Caveat: The above comment is written by a Q&A registered User. It represents a personal point of view and is in no way associated with others in this forum nor be regarded as legal advice)
2 found this helpful
Helpful

answered on Sep 4, 2020 at 22:51
by  
edited May 18, 2021 at 03:08
 
@jeff005,

I hope it is like that. Indirect effect on me. CTOS is not helping me at all. They ask me send them various document from BSN to clear my name from CTOS which I know I will not get. Example (settlement letter or release letter).
Really worried if one day the bank freezes my account or anything. I am just scared. I have a baby to support. These few years have been hard and I try not to have another hiccup in life. 
0 found this helpful
Helpful

answered on Sep 5, 2020 at 11:25
by  
edited May 18, 2021 at 03:11
 
@Mimiami

Really worried if one day the bank freezes my account or anything.
1.  A bank would not freeze an account for no good reason unless there are abuses in the operation of the banking transactions.

2.  For a bank saving account for the purpose of salaries/wages, it cannot be garnished nor freeze as it is protected by the operation of Labor Laws. Just avoid private transactions into this account to avoid issues.

3.  Try opening Joint Accounts with lesser known banks.

I am just scared. I have a baby to support.
I can understand it is not easy and it is very tough to be a single mom. You have my empathy. I can fully understand your situation. I'm both father & mother to my 5 children when their mother died when they were young.

Just persevere thru these difficult times. The sun will shine again.
2 found this helpful
Helpful

answered on Sep 5, 2020 at 15:36
by  
edited May 18, 2021 at 03:11
 
now he purposely causing the house to be auctioned so that I lost my place to stay

If you are not staying at a house, would you continue paying the installments?
0 found this helpful
Helpful

answered on Sep 7, 2020 at 12:25
by  
edited May 18, 2021 at 03:13
 
@jeff005, thank you.

@william chan, I did not as I have to cover the cost for my baby. I can’t afford to pay all alone. Now the house already been bought by someone else through auction. Currently renting. 
0 found this helpful
Helpful

answered on Sep 30, 2020 at 06:43
by  
edited May 18, 2021 at 03:13
 
@Mimiami

You may apply for Social Welfare Aid For Single mothers from the Government (Services).
0 found this helpful
Helpful


You must log in to answer this question.

Not the answer you're looking for? Browse other questions by category or search to find answers.