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After bank loans are cleared, we would have to refund any cpf monies that was withdrawn from the property.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!
PropertyGuru Finance Read More
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.
(M) +65 9644 4854
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
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:
Testimonial from Satisfied Clients
“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)
I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
Weilun & Benita (Property Seller)
“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
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.”
“Nick is very pro-active in helping us to resolve whatever questions and problems that we e 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: email@example.com if more information is needed.
I'll be glad to assist.
Any response to our answer does not reach us until we scroll through each and every query posted daily.
The best way to get a follow-up is to Whatsapp or email us directly. Read More