Originally posted by surfer188:
I will give you my TRUE Life Experiance NOW Happening!!
Me & Ex-wife have got the Grant of $50,000 back in 1998. We both have $25,000 of the grant. It of 1km close to my parent. November 2005 I receive my decree de nisi. Kids custody have gone to ex-wife cause our famours Women Chapter. I have to pay $1 for ex-wife maintenance & $500 for 2 kids. Our HDB still not settled. Court accepted my proposal. Either I buy the HDB or sell it to open market or surrender the flat back to HDB. I stay in the HDB. Ex-wife have to move out by law.
This Flat cost us $255k. Surrender Value is only $54k. The remain $200k + 24.5% Tax still have to re-pay upon surrender. So Surrender is not an option. Selling to open market is not adviseable cause now the flat only worth $210k & going south. $45k difference to pay in Loans (20% ex-wife & 80% me).
It has been coming to 2 years after getting my Decree de nisi. I never heard from HDB anything to force me to sell the HDB. To my understanding, me & ex-wife have been bound for 5 years live in period & 10 years not to re-sale. If re-sale happens a 24.5% tax will be impose on all party (Me & ex-wife) to recover the Grant. In this case, there is only 1 option actually. Selling to open market to kill all CPF.
Open market option I have by court the pirority to buy the house because I own 80%, living inside & maintening the flat. Ex-wife will have to at least fork out $90k ($25k Grant + 7% GST + my percentage 80% + 2% agent fee) to buy my share on top of the loans. For me to buy her 20% is about $9k+$25k+7%GST+2% agent fee. The Grant is actually following the house with either 1 of the owner living in that flat.
There is 1 more hidden options in HDB law, instead of buying & selling, you can do a transfer of HDB shares & take out the name of ownership with little money involved. CPF board will want to recover the $ of out going person. So the out going person need to declear to CPF board why He/She is giving away the CPF monies. The loans taken by the out going person will still continue even he/she do not own the flat anymore.
For my case I will try ask ex-wife to transfer her share under my name with 10k hard cash. So both can save 2% agent fee, 7% GST & 24.5% Grant penalty Tax. If she do not agree, I will go to COURT to force this matter. Reason being this is the only options not to kill all the CPF $, she will gain $10k alimonly immediately & not go into bankrupt for selling the flat to open market cause both have to pay the difference in sale value + tax + agent fee. Also in considering there is 2 kids to support. I have very strong grounds to force this issue. All Bad for ex-wife cause she still have to pay the remaining 20% of the Flat loans. I can only help by proposing to court to raise my maintenance another $100~150 where by I compensate her monthly HDB loan installment. But she still cannot buy another HDB because she still have HDB loans running. This I cannot help.
There might be changes in HDB laws, as always. So I don't see why your mother cannot get Divorce with HDB entanglment. It can be 2 different issues to settle. I recommend your mother to sell away the house, so both will have to pay back that $30k grant. 15K each but then your mother cannot apply any HDB until that 15K is repaid completed. Still I think 15k + laywer fee is the minimum your mother have to pay. It's fair.
As for your mother stating your father Cheating. To my experiance, Court will throw it out. Because there are too many cases during divorce call each other bad. Also Court will see it's really as internal family issues. 1 party issues rather then 2 party issues.
As always, Women Chapter make man looks lousy. But other issues will pull down women. Like kids future problems, future family issues, HDB, loans, Kids study fee. It's some how fair.
Wow.

Thanks for sharing. It's really good information.
Hope the 14 years old here understood too.
TS, just so you know. I understand its kinda hard not to believe your mother, or your father, or whatever they tells you. Hope you understood what the above people has shared and also understand your parents better.
Good luck.