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Dear agent
I have an hdb currently and I got inheritance of an hdb which the completion date is on end of Aug 22. However I am given court order bankruptcy on End of July. Will the sales proceeds I get to keep or giving to the OA?
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2 Answers

Aaron Chong
Replied
Hi,

You may contact your OA to consult him further.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Mohamad Khalil
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Hi there,

In cases of bankruptcy, an HDB flat is protected under the Housing & Development Act so long you are a Singapore citizen. You are also not compelled to sell your flat.

However, in cases where you are unable to pay your mortgages with banks or HDB, your flat may be sold by the bank through a mortgagee sale, or compulsorily acquired by the HDB in the event that you defaults in the mortgage repayment and runs up mortgage arrears.

The Official Assignee's consent is not required if you wish to sell your HDB flat which does not vest in the Official Assignee. This applies to bankrupt flat owners who belong to Singapore citizen households.

Whatever sales proceeds will first go to paying your outstanding home loan, refunded to your CPF Ordinary Account with accrued interest and resale levy (if any).

Sincerely,

Mohamad Khalil (Khalil Adis)

Bachelor of Arts (Communications)
E: realtor@khalilrealtor.com
Mobile: +65 8201 9254 
Website: www.khalilrealtor.com Read More
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