housing & financial probs
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Hi there. Need some advise.
House co-owned with my mum. This is my mum's 3rd HDB flat. She claims she is in-eligible to buy another HDB in SG. I called town council and was told she can buy another using a bank loan.
1st qn - Anyone knows which is right? Can my mum still buy another HDB using a bank loan?
2nd qn: If i wanna sell but my mum doesn't want to - how do i go about it? i wanna go to the extent of even stop paying for the monthly instal of which i am fully financing the whole loan mortgage. my mum is not working and we are in utility bills arears. I am in financial debt too and the main reason why i wanna sell the house is to clear all my debts and we will still be in good financial health after that ( looking at a 100% profit with a balance of 100k after clearing my debts).
Any solution here? thanks..
And i am pretty sure lotsa ppl will come n curse n swear at me for being unfilial bla bla and so.. to them i just wanna say - keep ur peace to urself coz u are not me or a part of my family. thanks
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Originally posted by Roberto hierro:
Hi there. Need some advise.
House co-owned with my mum. This is my mum's 3rd HDB flat. She claims she is in-eligible to buy another HDB in SG. I called town council and was told she can buy another using a bank loan.
1st qn - Anyone knows which is right? Can my mum still buy another HDB using a bank loan?
2nd qn: If i wanna sell but my mum doesn't want to - how do i go about it? i wanna go to the extent of even stop paying for the monthly instal of which i am fully financing the whole loan mortgage. my mum is not working and we are in utility bills arears. I am in financial debt too and the main reason why i wanna sell the house is to clear all my debts and we will still be in good financial health after that ( looking at a 100% profit with a balance of 100k after clearing my debts).
Any solution here? thanks..
And i am pretty sure lotsa ppl will come n curse n swear at me for being unfilial bla bla and so.. to them i just wanna say - keep ur peace to urself coz u are not me or a part of my family. thanks
She may be ineligible for HDB loan as she had previously owned HDB flats using HDB loan twice.
She may be ineligible for bank loans as she may be a undischarged bankrupt.
100% profit? Sure bo. You sell, you still need to pay back CPF, you sell, you still need a place to stay.
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I dont think you can sell with just 1 party / 1 person.
If I am not wrong , it needs both the co-owners agreement / signature.
So in the end you still need to talk to your mom and reach an agreement first.
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Originally posted by Veggie Bao:
I dont think you can sell with just 1 party / 1 person.
If I am not wrong , it needs both the co-owners agreement / signature.
So in the end you still need to talk to your mom and reach an agreement first.
I know a way to do it, but it is not worth it, nor I think it is morally right to perform it. Success rate of that is also not optimistic.
Seriously, talking to your mother is a better solution.
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Sell your house, settle debts, and have a cool 100 grand.
Where are you going to stay with the 100 grand?
Best option, stay in the current house with your mother. And think of a way to settle your debts, and manage your finances.
There is a jinx about house, if you sell your only house, it will be your downfall.
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Originally posted by Roberto hierro:
Hi there. Need some advise.
House co-owned with my mum. This is my mum's 3rd HDB flat. She claims she is in-eligible to buy another HDB in SG. I called town council and was told she can buy another using a bank loan.
1st qn - Anyone knows which is right? Can my mum still buy another HDB using a bank loan?
2nd qn: If i wanna sell but my mum doesn't want to - how do i go about it? i wanna go to the extent of even stop paying for the monthly instal of which i am fully financing the whole loan mortgage. my mum is not working and we are in utility bills arears. I am in financial debt too and the main reason why i wanna sell the house is to clear all my debts and we will still be in good financial health after that ( looking at a 100% profit with a balance of 100k after clearing my debts).
Any solution here? thanks..
And i am pretty sure lotsa ppl will come n curse n swear at me for being unfilial bla bla and so.. to them i just wanna say - keep ur peace to urself coz u are not me or a part of my family. thanks
Filial piety has nothing to do with the above. Good financial health after selling ?.. maybe not.
First of all, how much is your current debt? How much is your interest on your debt ? What is your current income ?
Second, what kind of HDB are you living in ? 3 room 4 room or 5 room ?
If you sell your house and purchase another one, your mother can no longer hold a public funded loan , you will be taking on private bank loans with HIGHER interest rates in the long term. And private banks are very strict in who they loan their money to. Especially in our economy right now. The banks cannot guarantee you will get a loan. Think about it.
You are giving up low interest rates to settle that debt.That's a very bad move.
Always keep low interest loan and pay off the high interest ones.
After you sell, where are you going to live in ? The rentals you pay and the inconveniences you have to incur with landlords and other nuances will outweigh the debt ,( Unless your debt is astronomical.)
If you can, I suggest you try to work out a payment plan with your creditors to pay off the debt instead of taking a easy way out and suffer in the long term.
How old is your mom, can she get a job ?
IMO, you need some financial education, because you obviously lack knowledge in this area.
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Originally posted by jojobeach:
Filial piety has nothing to do with the above. Good financial health after selling ?.. maybe not.
First of all, how much is your current debt? How much is your interest on your debt ? What is your current income ?
Second, what kind of HDB are you living in ? 3 room 4 room or 5 room ?
If you sell your house and purchase another one, your mother can no longer hold a public funded loan , you will be taking on private bank loans with HIGHER interest rates in the long term. And private banks are very strict in who they loan their money to. Especially in our economy right now. The banks cannot guarantee you will get a loan. Think about it.
You are giving up low interest rates to settle that debt.That's a very bad move.
Always keep low interest loan and pay off the high interest ones.
After you sell, where are you going to live in ? The rentals you pay and the inconveniences you have to incur with landlords and other nuances will outweigh the debt ,( Unless your debt is astronomical.)
If you can, I suggest you try to work out a payment plan with your creditors to pay off the debt instead of taking a easy way out and suffer in the long term.
How old is your mom, can she get a job ?
IMO, you need some financial education, because you obviously lack knowledge in this area.
Aiya, sista, sure he do not have a brain for finance lah, if not, how can get into debts?? these are peoples who sponsor to the rich to get richer, borrow and borrow, then end up paying and paying, and the rich like us keep collecting.
My suggestion is sell house, pay off all the debts, then you and mother go live at ECP. If get chase out by ranger, can go waterloo street or chinatown, sit with his mother, both can get a place to sleep and yet got peoples throw coins to collect, if met people like me, may give $50 on the spot. Better right?
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Originally posted by angel7030:
Aiya, sista, sure he do not have a brain for finance lah, if not, how can get into debts?? these are peoples who sponsor to the rich to get richer, borrow and borrow, then end up paying and paying, and the rich like us keep collecting.
My suggestion is sell house, pay off all the debts, then you and mother go live at ECP. If get chase out by ranger, can go waterloo street or chinatown, sit with his mother, both can get a place to sleep and yet got peoples throw coins to collect, if met people like me, may give $50 on the spot. Better right?
Actually.. I think TS must be rather young.
I wonder how he got into debt in the first place. And surely the debt can't be that big to warrant selling off his home.
I think he is more interested in getting that quick cash to pad his runaway spending habits.
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Sista, i beg to differ,
My intelligent mind tell me that TS is trying to sell and make a huge profit from it, unfortunately, the house got his mother name, and need his mother consent, so he is stuck in between. All in all, he is trying to sell the house and then throw his mother at some ECP or chinatown street by herself, he may go thailand or malaysia to enjoy life.
No choice, I alway think of the devil side, could be you know.
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No. I am not going to scold you.
And yes, I roughly know what you are going thru.
Will it be possible, for me to ask a few question, and I advise you some options to consider? And you think thru before you answer?
1) How many rooms HDB we are talking about. (Guage you rental and market selling price. Options to live and work elsewhere cheaper.)
2) How many persons are staying in that place? (Number of dependants)
3) How old is your mother. (Eligible for Elderly Apartment?)
4) What is her status. Divorced, Widowed or still married? (Affects her eligibility for elderly apartment.)
5) Does she has any CPF still in account or can you confirm the full sum to cover a purchase of a Elderly Studio Apartment for her with some monthly allowances thrown in.
6) What is your age, educational level, earning ability and any depandants on you?
7) Are you prepared to put rent out your place to generate some income. Put your mother into a elderly apartment where you can go stay with her or you stay elsewhere?