Asked by Anonymous
How to safeguard a roof when one co owner the mother forcing other owners to sell?
HDB and CPF both explained to the all owners on negative sale.
The Story is the Parents bought a resale hdb house 20 years ago at high entry price and could not pay the mortgage after the first 10 years. House was almost repossessed by HDB back then. Their son who was single and working, his name was added as another owner and remaining loan was refinanced for another 18 years under joint tenancy. Since then their son has been paying the mortgage and still got another 6 more years to complete the loan. He is also the sole breadwinner, taking care of the parents and their needs. Son is also married and his family is also staying together.
His mum recently being manipulated/ influenced by others outside their home is forcing the son to sell the house despite knowing the fact the house is already going on a Negative Sale. By selling the house all owners will have limited financial capacities and proceeds from the sale may not be sufficient to purchase another property. It’s only going to be more financial difficulties especially for the son who already reaching his 50. It will put him in more financial burden with further loans and hinder him to take care of his aging parents age 70 plus and also his own family.
The mum wants to cash out whatever she can even if the property is going at a lost and her intention is to still stay with the son after selling. Looking at the whole situation the son and the father doesn’t want to sell and son doesn’t want to take further loan to buy over the mother share or buy another house and go for more loan. What options the son and father has to safeguard their roof? If this goes to court what is the usual outcome?
HDB and CPF both explained to the all owners on negative sale.
The Story is the Parents bought a resale hdb house 20 years ago at high entry price and could not pay the mortgage after the first 10 years. House was almost repossessed by HDB back then. Their son who was single and working, his name was added as another owner and remaining loan was refinanced for another 18 years under joint tenancy. Since then their son has been paying the mortgage and still got another 6 more years to complete the loan. He is also the sole breadwinner, taking care of the parents and their needs. Son is also married and his family is also staying together.
His mum recently being manipulated/ influenced by others outside their home is forcing the son to sell the house despite knowing the fact the house is already going on a Negative Sale. By selling the house all owners will have limited financial capacities and proceeds from the sale may not be sufficient to purchase another property. It’s only going to be more financial difficulties especially for the son who already reaching his 50. It will put him in more financial burden with further loans and hinder him to take care of his aging parents age 70 plus and also his own family.
The mum wants to cash out whatever she can even if the property is going at a lost and her intention is to still stay with the son after selling. Looking at the whole situation the son and the father doesn’t want to sell and son doesn’t want to take further loan to buy over the mother share or buy another house and go for more loan. What options the son and father has to safeguard their roof? If this goes to court what is the usual outcome?
681 views
