Cash Back without Selling Your HDB.

[franker]

Hi ALL,

I bought my HDB at a low side 4 years ago and now the price increased and if I sell now I will have approx. 80k proceed.

I need the money to pay off debt to the bank for credit card outstanding and jobless for almost 6 months.

I am very reluctant to sell due to too much time taken and inconveniences.

Is there any way I can do it without selling my house but at the time get cash back as the valuation now is much higher now..

Any kind brother can help ?

Thanks

 

[SIFU]

u should check with nigerians...

heard they like to give away free $$

 

[halsey02]

Hi ALL,

I bought my HDB at a low side 4 years ago and now the price increased and if I sell now I will have approx. 80k proceed.

I need the money to pay off debt to the bank for credit card outstanding and jobless for almost 6 months.

I am very reluctant to sell due to too much time taken and inconveniences.

Is there any way I can do it without selling my house but at the time get cash back as the valuation now is much higher now..

Any kind brother can help ?

Thanks

You are asking a very strange question....

 

[franker]

Sorry for the strange question...

Let me put it this way;

I seen some advertisement saying you can cash back without selling your HDB. I though it's refinancing but not apply to HDB.

Any property agent know how to go about it ??

 

[SIFU]

TS,

i have read your past posts and noticed you have been out of job for quite sometime.

sorry for the dig..

but what you post is next to impossible.. where got no need sell house and yet still get cashback.. if you go to KFC, will u pay for imaginary chicken?

u ought to think of some other alternatives..

good luck.. sorry once again..

 

[kaipoh]

Hi ALL,

I bought my HDB at a low side 4 years ago and now the price increased and if I sell now I will have approx. 80k proceed.

I need the money to pay off debt to the bank for credit card outstanding and jobless for almost 6 months.

I am very reluctant to sell due to too much time taken and inconveniences.

Is there any way I can do it without selling my house but at the time get cash back as the valuation now is much higher now..

Any kind brother can help ?

Thanks

go ask belinda ang how to dock the housing rule to get cash without selling you p/hole.

 

[franker]

Selling HDB is the only way unless I touch TOTO....

Thanks

 

[commoner]

talk to the bank and mortgage your house again,,,,,,,, paper gain is no use, realised gain is when you sell your property

 

[Wang Ye]

Sorry for the strange question...

Let me put it this way;

I seen some advertisement saying you can cash back without selling your HDB. I though it's refinancing but not apply to HDB.

Any property agent know how to go about it ??

That is just another fancy way for saying morgage. End of the day you still owe them $$ and will have to pay back eventually.

 

[franker]

That is just another fancy way for saying morgage. End of the day you still owe them $$ and will have to pay back eventually.

Yes, but now is more urgent to settle bank outstanding first. HDB morgage can have long repayment period and low interest. If default monthy to bank can be sue bankrupt.

 

[cestycesty]

how much do u owe first? u might wanna work out something with the bank first.. like cancelling the cards and paying back a fixed some of cash every month. they wont want u to go bankrupt.. better u pay back then they lose more. selling the house means buying another.. the moving takes time and if u rush to sell it. usually means a loss. mortgaging it. means another long period loan with interest. if u do mort fot more like 200K, are u sure u wont spend it away again? anyway i dont think u wanna sell your mort your house for some debt of 20K - 30K? or you have any friends or families you can turn to for help?

these are just a few options that u might wanna consider first. but regarding to your qn is your house maybe worth 80K more. but u wont get the money unless u sell it.

 

[Wang Ye]

Yes, but now is more urgent to settle bank outstanding first. HDB morgage can have long repayment period and low interest. If default monthy to bank can be sue bankrupt.

Hmmmm looks bad. Have you got any cashflow at all?

Not much options but...

1) Use the property as collateral for Over Draft facilities (not advisable as interest is high and you may be tempted to abuse it).

2) Talk to the bank to re-structure the outstanding into a home loan using your unit as collateral.

Best of luck. More importantly get some cashflow going.

 

[franker]

how much do u owe first? u might wanna work out something with the bank first.. like cancelling the cards and paying back a fixed some of cash every month. they wont want u to go bankrupt.. better u pay back then they lose more. selling the house means buying another.. the moving takes time and if u rush to sell it. usually means a loss. mortgaging it. means another long period loan with interest. if u do mort fot more like 200K, are u sure u wont spend it away again? anyway i dont think u wanna sell your mort your house for some debt of 20K - 30K? or you have any friends or families you can turn to for help?

these are just a few options that u might wanna consider first. but regarding to your qn is your house maybe worth 80K more. but u wont get the money unless u sell it.

My outstanding about 80K. I used to earn 4k per month but now jobless for about 6 month. Every month I depend on cash advanced till now.

I made a mistake for over committed in renovation loan 4 years ago where I took up two reno loan for my house thanks to the contractor lobang. Since then I keep rolling on the cash advance and repayment.

Partly becasue of my property agent venture failed but I already spend quite alot on this business including a car. The car sold at a loss and have to top up to the finance.

Now that I really can't make the repayment and no income I have no other choice to sell the house.

 

[borom]

Try Credit Counselling Singapore (CCS)

Hotline 1800 CALL CCS (1800 2255 227). Mondays–Fridays, 9am–6pm

Email: [email protected]

http://www.ccs.org.sg

Many of the staff there were previous bank managers or mortgage officers and they may be able to help you.

 

[SIFU]

My outstanding about 80K. I used to earn 4k per month but now jobless for about 6 month. Every month I depend on cash advanced till now.

I made a mistake for over committed in renovation loan 4 years ago where I took up two reno loan for my house thanks to the contractor lobang. Since then I keep rolling on the cash advance and repayment.

Partly becasue of my property agent venture failed but I already spend quite alot on this business including a car. The car sold at a loss and have to top up to the finance.

Now that I really can't make the repayment and no income I have no other choice to sell the house.

sorry to ask.. u married? any kids committment?

if not much committment then best is to sell house, clear loan and save on interest.

move back to stay with parents if possible.

 

[scroobal]

Very good suggestion. Real good people and tons of experience. Know the person that set it up - heart of gold.

Try Credit Counselling Singapore (CCS)

Hotline 1800 CALL CCS (1800 2255 227). Mondays–Fridays, 9am–6pm

Email: [email protected]

http://www.ccs.org.sg

Many of the staff there were previous bank managers or mortgage officers and they may be able to help you.

 

[franker]

Try Credit Counselling Singapore (CCS)

Hotline 1800 CALL CCS (1800 2255 227). Mondays–Fridays, 9am–6pm

Email: [email protected]

http://www.ccs.org.sg

Many of the staff there were previous bank managers or mortgage officers and they may be able to help you.

I been to CCS. I know they can help. But without a regular income monthly, can do up a proposal to the bank !

I am married with two kids still scholing and long way to support them.

I am real distress to think of a solution to start a fresh.

I been sending out lots of resume but my age 45 I think is the reason.

 

[franker]

Hmmmm looks bad. Have you got any cashflow at all?

Not much options but...

1) Use the property as collateral for Over Draft facilities (not advisable as interest is high and you may be tempted to abuse it).

2) Talk to the bank to re-structure the outstanding into a home loan using your unit as collateral.

Best of luck. More importantly get some cashflow going.

Hey Wang Ye,

Thanks for your suggestions. Can you explain more your point no. 2 ?

I have outstanding from a total of about 7 banks including my HDB mortgage bank. You mean I talk to my mortgage bank for re-finance of the HDB and they will pay me cash base on the valuation of the HDB ?

Thanks
Frank

 

[tima81]

Dont think you can use the property as collateral as its a HDB. I dont think there is any other way to raise cash unless you sublet the rooms or unit for rental.

 

[Alamaking]

Downgrade it, you still need to buy another roof to stay right? :p:p:p