We Are Not HDB Flats Owners
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The family lost their 5 room flat to the bank.
The bank posseseed the flat because they did not keep up with the mortgage payemtns. Now the family is living in a rented 3 room in Hougang paying 800 dollars rent.
But the bank is also enforcing them to pay 900 dollars per month for the mortgage. The bank says it is not able to sell the flat. So it is keeping the flat locked up.
Then my question is: Why not give the flat back to the family and they can pay the monthly installments which is the same as the rent they are paying now for the 3 room.
Atleast by doing that, they get to pay for the ownership of the property while at the same time the bank gets its due. But the bank refuse. It keeps the property after possessing it, then make the family pay the 900 dollars monthly installments, till it says it can find a buyer.
But that can take ages, if the bank is not making effort to sell the house quickly or it is more interested to collect as much as possible money from the family before it decide to sell the house.
What the bank is doing is utterly wrong. such actions must be made automatically illegal so that no need to spend money on lawyers etc by the ordinary citizen against the mighty bank.
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From: jtan45 09:19
To: GoFlyKiteBud 2 of 10
130335.2 in reply to 130335.1
This is certainly very strange. If the family can afford to pay $800 rent, then why should they default on $900 mortgage in the first place? I think it is more likely that the bank wants the arrears to be settled first before they allow the family to move back to the property. This is a debt-trap that many have fallen into when HDB flat loans were thrown open to the banks, as they were tempted by the low interest rates for the first few years of mortgage. This promotional rates is going to be over soon, and many will be stuck with high interest rates when banks decides to increase their board rates at will. My advice is to either pay up in full in you can, or take loan from HDB only and not from any banks.
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From: johnny333 09:46
To: GoFlyKiteBud 3 of 10
130335.3 in reply to 130335.1
Which bank? Want to avoid.
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From: LeongSzeHian 10:00
To: ALL 4 of 10
130335.4 in reply to 130335.2
I refer to the articles "The low down on home loans" (Business Times, Nov
, "Housing policies to be refined" by Uma Shankari (Business Times, Nov 4), "Mortgagee sales of HDB flats on the rise" by Siow Li Sen (Business Times, Oct 20), and the New Paper report on HDB mortgagee sales (Oct 20).
The last article said that one bank "said it has no mortgagee sale so far", while another "said it has not had many defaults in this area", and the "other banks would not tell the Business Times how many repossessed flats they have on their books".
Just four property auction companies have had increasing HDB bank loan foreclosures of about 38 flats a month (456 a year), which is an annual increase of about 690 per cent (456 divided by 190 divided by 3) over the 190 flats foreclosed in the first three years after bank loans started for HDB flats on January 1, 2003. After three years and nine months, the default rate of about one per cent is quite high as there are already about 700 foreclosures out of a total of about 70,000 HDB flats with bank loans. On October 13, HDB announced a new procedure that from January 1, 2007 , those who want to apply for a housing loan will first need to obtain a loan eligibility letter before they can commit to buying a new flat. How many Singaporeans have to lose their homes and CPF, before we re-think the policy change of giving the first charge on property to banks?
As more Singaporeans become ineligible for HDB subsidised loans because they or jointly with their parents have used up the two subsidised loans allowed by HDB, there may be more foreclosures as in contrast, HDB was quoted in the subject Business Times article that they did not repossess any flats in 2004 when only about 10 flat owners gave up their flats on their own accord.
A mortgagee foreclosure may mean no home, no CPF, and may be made bankrupt too!
Leong Sze Hian
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From: FakeFacist 12:15
To: GoFlyKiteBud 5 of 10
130335.5 in reply to 130335.1
GoFlyKiteBud,
You can wait and hope for this "law" till you die.
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From: Pro-Singapore (Deenlee) 12:46
To: LeongSzeHian unread 6 of 10
130335.6 in reply to 130335.4
We have seen that the banks' board rates are non-tranparent, and many customer have seen their mortgage rates increasing by the months, as new discounted rates only applies to new customers. As jtan45 had pointed out, HDB flat owners who took up bank loans in 2003 will start to feel the pinch when their promotional mortgage rates ends and banks will start charging flexi rates off board rates.
As for the loan eligbility letter, it only shows how one can service the mortgage at the current time while they are gainfully employed when buying flat. It doesn't help when one is being retrenched later and ends up have difficulty finding employment. So who does this eligibility letter helps?
Furthermore, it will be a double whammy for those in the 40s later with 3 kids to support. Mortgage rates will then be high, and if they are retrenched, then it will be really difficult for them if they have 3 school going kids. For the average Singaporeans, the future is bleak if they haven't realise it yet.
Think about it
Deen Lee
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Edited 22/01/2007 12:52 ET by Pro-Singapore (Deenlee)
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From: GoFlyKiteBud 17:19
To: jtan45 unread 7 of 10
130335.7 in reply to 130335.2
You are right. At one point in time the family went into arreas due to a period of unemployment. I think for about less than a year. That was the time when the flat was taken over.
Fine. I can understand that.
What I cannot understand is, now they are back on their feet, why not review the whole thing and give back the flat, instead of locking it up, not selling it, forcing them to stay in a rented flat. Then make them pay for the monthly loan payments under threat of bankruptcy proceedings. One can see that the main crux of the mater is, that the bank wants to make some money out of this family by doing all this.
The bank is creating needless hardship.
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From: DOMtheclown (DrLohJee) 19:43
To: Pro-Singapore (Deenlee) unread 8 of 10
130335.8 in reply to 130335.6
Bro Deen,
Hi! Belated Happy New Year to you and your family!
Cheers!
DOM
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From: fireflie8 21:36
To: GoFlyKiteBud 9 of 10
130335.9 in reply to 130335.7
This is what they called TANG in Chinese means GANG.HDB cahoot with the Banks and they gang up with MAS also to intimidate the citizen.
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From: 2006 Year of More hikes & Propaganda! (sgsamster) 22:13
To: DOMtheclown (DrLohJee) unread 10 of 10
130335.10 in reply to 130335.8
Just to highlight: You are not HDB flats Owners but tenants for 99 years. -
Since when do we own our flats?
It's perceived ownership, on govt land. Everything is owned by the govt. You really 'loan' a small piece of the pie to live in, from which you are charged upkeeping costs in the form of maintenance bills.
Like it's said: there's no free lunch.... -
99 years? That's a "minor" technicality to the government. It's technically ours during this period. It makes the statistics look good, so they can say many Singaporeans "own" homes, that Singapore has no homeless people.
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Always read the fine lines...Remember all their goods come from the great masses.
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yes, we dun really own the HDB Flat.
it is a money making tool. -
I am sure they count peeps in home for the destitutes as 'owning homes'
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Since when have we start owning properties in Singapore?
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Why buy a 5-room flat if they cannot afford it? Get a smaller flat or rent one!
If you aspire to live beyond your means, don't complain about the consequences
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banks are turning into money-suckers after the property loan is directed to them... haiz
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Om, are you mentally retarded?Originally posted by oxford mushroom:Why buy a 5-room flat if they cannot afford it? Get a smaller flat or rent one!
If you aspire to live beyond your means, don't complain about the consequences
What's the topic here? -
wrote by lowclassman
The bank says it is not able to sell the flat. So it is keeping the flat locked up.
2.Pl state reason why bank cant sell? -
You asked me for fark???Originally posted by lionnoisy:wrote by lowclassman
2.Pl state reason why bank cant sell?
You ask the bank lah.. -
HeheheOriginally posted by Lowclassman:Om, are you mentally retarded?
What's the topic here? -
Now then u know ah... his oversized head is chocked full of spores!!Originally posted by Lowclassman:Om, are you mentally retarded?
What's the topic here? -
HeheheOriginally posted by Lowclassman:You asked me for fark???
You ask the bank lah.. -
This a merciless act by our gov which they had washed their hands.
Now, bank is going after the house ''owner'' forcing him out of his house.
In business, any of it tomasick had failed..they will say...You will make some and may lose some.... I remember somebody's wife, a lady had said that.
So..here as our govt...not all peasants are like these cases. Ultimately, there will be some. But, what's the percentage of these ''some'' extreme poor people? Can't our govt have some tolerant degree for these cases?
Did our govt have ever thought of their kids. What kind of damages would incurred to the kids........when their parents were hassling by the bank's officials, mentally disrupted, got frighten and so on....
I urged pap to spare thoughts of moral standings in governing of our country!!! -
Originally posted by Lowclassman:
Remember, this is "Not a Welfare State"!!!
This a merciless act by our gov which they had washed their hands.
Now, bank is going after the house ''owner'' forcing him out of his house.
[b]In business, any cases that had failed..they will say...You will make some and lose some.... I remember somebody's wife, a lady had said that.
So..here as our[/color]govt...not all peasants are like these cases. Ultimately, there will be some. But, what's the percentage of these ''some'' extreme poor people? Can't our govt have some tolerant degree for these cases?
Did our govt have ever thought of their kids. What kind of damages would incurred to the kids........when their parents were hassling by the bank's officials, mentally disrupted, got frighten and so on....
I urged pap to spare thoughts for moral standings in governing of our country!!!
[/b]
Quote "Now get out of my elite and uncaring face"!!!---Wee Shu Min
We only care about the financials, all other issues like morals, principles and ethics are irrelevant. -
heheheOriginally posted by maurizio13:Remember, this is "Not a Welfare State"!!!
Quote "Now get out of my elite and uncaring face"!!!---Wee Shu Min
We only care about the financials, all other issues like morals, principles and ethics are irrelevant. -
Tuesday January 23, 6:17 PM
Govt will not bail out financially irresponsible households
SINGAPORE : The government cannot repeatedly provide assistance and subsidies to bail out financially irresponsible households.
Parliamentary Secretary for National Development Dr Maliki Osman said doing so would encourage such behaviour, and deprive deserving families of help.
The issue came up in the House when a member highlighted cases of families living in a tent and a lorry.
MP Muhammad Faishal Ibrahim asked if the government and Housing and Development Board (HDB) could do more to help families in financial trouble downgrade, or find temporary shelters like subsidised rental flats.
This was a point several other MPs also took up.
Dr Maliki said: "We recognise that when families are faced with crises, they need support. But often, it's very difficult to make a decision on what support can be given to such families.
"As far as options are concerned, there are several that are already in place. One is subsidised rental flats. We look at eligibility criteria, the conditions of the family, and whether we can waive some of these conditions.
"Secondly, the market rate rentals that are available to these families. The third is an option that very few families tend to fall back on - extended families. We have to recognise that at the end of the day, we want to uphold the policy that the family is the first line of defence.
"We have to take a look at where the family is. Often times, when we look at the individual cases..., there are family support available. And we explore that with them, but they tend not to want to go back to the family for support.
"HDB is prepared to help needy cases to rent or buy a flat from HDB. However, such appeals need to be carefully scrutinised to ensure that our limited housing subsidies are fairly distributed to those in need, and are not abused."
- CNA /ls -
What's the use of having a government and paying taxes if we can't get any help from them at real times of need?? Many fellow Singaporeans I know already turn to others for help only as a last resort.
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They would not be in this situation if they had rented a 3-room flat right from the start.
Secondly, if they are in the low income group, they get huge subsidies from the government if they rent a HDB flat. For incomes between S$801 to S$1,000, the monthly rent is only 20% of the market rent at the point of allocation. If they earn between $1000 and 2000, the rental is only 30% for the first 2 years. Subsequent renewals are still heavily subsidised.
(http://www.hdb.gov.sg/aa11/isrr018p.nsf/RpsConditions?OpenForm)
The problem is that many Singaporeans overstretch themselves. Why buy a 5-room flat when they cannot afford it? They have got themselves to blame.. -
What if it was this way : the family originally could afford the housing when they had jobs which paid fairly well. Then after that , the company retrench them because of FT or due to the fact the breadwinner was over 40 years old. They had no choice but to work as lowly paid workers because government tells them not to be fussy? Then they had to survive , pay bills , pay school fees , pay maintenance etc ......Originally posted by oxford mushroom:They would not be in this situation if they had rented a 3-room flat right from the start.
Secondly, if they are in the low income group, they get huge subsidies from the government if they rent a HDB flat. For incomes between S$801 to S$1,000, the monthly rent is only 20% of the market rent at the point of allocation. If they earn between $1000 and 2000, the rental is only 30% for the first 2 years. Subsequent renewals are still heavily subsidised.
(http://www.hdb.gov.sg/aa11/isrr018p.nsf/RpsConditions?OpenForm)
The problem is that many Singaporeans overstretch themselves. Why buy a 5-room flat when they cannot afford it? They have got themselves to blame..
How about that scenario ? Anything to say about it? -
Perhaps before you start shooting, you find out what happened.Originally posted by oxford mushroom:They would not be in this situation if they had rented a 3-room flat right from the start.
Secondly, if they are in the low income group, they get huge subsidies from the government if they rent a HDB flat. For incomes between S$801 to S$1,000, the monthly rent is only 20% of the market rent at the point of allocation. If they earn between $1000 and 2000, the rental is only 30% for the first 2 years. Subsequent renewals are still heavily subsidised.
(http://www.hdb.gov.sg/aa11/isrr018p.nsf/RpsConditions?OpenForm)
The problem is that many Singaporeans overstretch themselves. Why buy a 5-room flat when they cannot afford it? They have got themselves to blame..
As it is, we don't know why the family made the decisions they made, and all we know, is that they got kicked out, and interestingly enough, the bank has been unable to sell the flat.
That has a couple of implications in its own right. -
the best guess is either there are no buyers or the valuation is way too low.Originally posted by lionnoisy:wrote by lowclassman
2.Pl state reason why bank cant sell? -
Which #@%@#T%^^ bank is that??
Esp since I am going to get a house this year, I wont go to it for housing loan