borrowing $ legally

[wendychan]

what is the best way to get a loan on my property?

the big problem is i do not have a regular monthly income to show to the bank, although i thought if i pledge my property, then even if i default on the monthly payments, they have the property?

i need about $50000 to tide me through lawyers fees till mid nov, after which i will most probably sell the flat..

any proper advice would be appreciated....


and i repeat, i will not sell my soul to tell lies and let the truth be hidden,, that's why im fighting this till bankruptcy if i have to, but the lawyers still need to be paid

 

[SadPlumpGirl]

There are so many loanshark runners in this forum. Just ask them!

 

[I_Hate_Pappies]

There are so many loanshark runners in this forum. Just ask them!

Tua Bui Chee Bye, she said legally. :oIo::kma:

 

[SadPlumpGirl]

Tua Bui Chee Bye, she said legally. :oIo::kma:

My Cheebye is Tua but TIGHT!

 

[eatshitndie]

reverse mortgage loan. i'm surprised this is available in sg, but i won't recommend it unless you need cash desperately.

http://www.ocbc.com/wealth-management/reverse-mortgages-help-supplement-your-retirement-income.html

 

[looneytan]

..... but the lawyers still need to be paid

tell him you are up against WIW and Ravi will work for free

 

[wendychan]

i already have a very good lawyer (my third) - one reason why the lawyers costs extremely high..... every few mths , now soon to be weeks, writing $20000 cheques..
im not saying the lawyers cheating me.... this is what they charge, and so be it... in fact out of 3 lawyers so far, these are worth every penny im paying them

 

[TopSage]

i already have a very good lawyer (my third) - one reason why the lawyers costs extremely high..... every few mths , now soon to be weeks, writing $20000 cheques..
im not saying the lawyers cheating me.... this is what they charge, and so be it... in fact out of 3 lawyers so far, these are worth every penny im paying them

Okay you have a technical problem so it is
has to be dissected systematically:

1. You need 50K to pay lawyers. But you have no savings and no income. What you have is an asset.
2. Banks use of property collateral as housing loans ..like a fresh housingloan.
Which means they expect you to have income before they give you the loan. They don't lend to you with the inten
to seizing your property for sale.
3. If you have a private property it is easy to overcome this by getting a friend to be your(fake) tenant and pay you a rental income. For HDB, there are rules on renting so it is harder to do.
4. Taking a 50K loan in this manner is not worth it because you re-incur lawyer fees of about 3K.
5. It is better a. Sell your house immediately at quite good price to get the cash b. Borrow from siblings and relatives.

Why don't you just sell and stay in a budget hotel....you are going to sell anyway.
I am familiar with thisnsituation because I helped someone sort out his finances when he was in trouble.

 

[Big Sexy]

Why dont u go get a proper job?

what is the best way to get a loan on my property?
i do not have a regular monthly income to show to the bank,
any proper advice would be appreciated....


and i repeat, i will not sell my soul to tell lies and let the truth be hidden,, that's why im fighting this till bankruptcy if i have to, but the lawyers still need to be paid

 

[TopSage]

reverse mortgage loan. i'm surprised this is available in sg, but i won't recommend it unless you need cash desperately.

http://www.ocbc.com/wealth-management/reverse-mortgages-help-supplement-your-retirement-income.html

won't workand not worth it because they pay instalment not lump sum

 

[wendychan]

Why dont u go get a proper job?

one that pays $20000 each time..?

 

[Fishypie]

one that pays $20000 each time..?

Which cat are you @$20k each time; Wendy ?...

 

[wendychan]

Which cat are you @$20k each time; Wendy ?...

the cheques to the lawyers are $20000 each time.... next time round,should be double that for the 3 day trial.

 

[Narong Wongwan]

No brainer. Sell your property and run road.

 

[eErotica69]

Rent out your place to get rental income. Declare this rental income and you can get a Term Loan from a bank for your unencumbered property.

 

[wendychan]

No brainer. Sell your property and run road.

im not that sort of morally bankrupt person

 

[soIsee]

No brainer. Sell your property and run road.

If the fella got any brain one, she would have use the 1 million buckaroos, shut her mouth and by now would have easily turn that initial 1 million buckaroos to 2 million buckaroos instead of paying buckaroos to lawyers! LoL

 

[wendychan]

then pls make sure u listen in court to what im actually being sued for, and talk about brains..in singapore, if someone sues you, if you do not defend, then they get judgement against you by default....

in other words, got money, got willing lawyer, can sue anyone (i suppose not the govt tho ) for anything under the sun.... and most probably win, if the other party is super smart NOT to defend

 

[I_Hate_Pappies]

Just walk into a few banks, tell them what you have and what you need. They will advise you accordingly. Hard to get a serious answer here. 96's advice can try.

 

[SadPlumpGirl]

Borrow from Leongsam. He is a rich man!