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Hi there, thanks for writing to us on AskGuru!

When a property is mortgaged to a bank, there are a few things to take note of when selling the property.
The bank will have first charge over the property, meaning whatever monies owing to the bank will be paid to clear of any loans that is owing to the bank pertaining to the subject property.

After bank loans are cleared, we would have to refund any cpf monies that was withdrawn from the property.

Should there be no bank loans associated with the property, and a bankruptcy proceeding is underway, it is best to check in with the Official assginee that is in charge

For more information on HDB sale proceeds you may refer to the link below!

Best Regards,
Ethan Ng
Team lead
PropertyGuru Finance Read More
Dear Sir/Mdm,

For HDB, even if your father is declared a bankrupt, the sales proceeds and the profit will not be used to repay his debt. However, once he is declared a bankrupt, he will not be able to secure another mortgage loan to buy another property.

I have assisted my clients who are bankrupt in their HDB sale and will be happy to share with you the issues to look out for. Please feel free to contact me privately so that I can understand your situation better and assist you further.

Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020

Visit my website to get to know me better:

I was featured recently on Council for Estate Agencies (CEA) Newsletter:

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“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
Peter & Wendy (Property Seller)

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Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations. We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer)
“Nick is very pro-active in helping us to resolve whatever questions and problems that we e Read More
Hi Blessed,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead.

Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

1) It is true that we are protected by law that our HDB will not be forcefully sold by creditors.
2) You may fully utilize the sales proceed to assist in your upgrade.
3) Due to the fact that your dad is not financially healthy, it will not be possible for him to assist in your next purchase. Regardless of whether he declared bankruptcy or not.
4) You will be the sole contributor to finance the monthly mortgage loan.
5) Your parents can still be owners even though they do not assist in financing the mortgage, but their CPF can be utilized to reduce the mortgage loan.

Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK

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