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When the Bank forecloses, how do you survive? (from Malaysia)

By Tenpoundbass (76/76 = 100% civil)   2013 Jan 29, 12:04am   ↑ like   ↓ dislike   289 views   0 comments   watch (1)   share   quote  

Here's an interesting article from Malaysia where the facts are clearly laid out on what your legal options are. There's a few, but NOT every deadbeat met those requirements. And there isn't any magic Lawyer tricks to kick the foreclosure can down the road.

The five lines of defence you as a borrower can employ to protect your property

When times are good and when times are bad there always are people who cannot repay their loans to the Banks.

During the 1997/1998 Asian Economic Crisis, thousands of Malaysians who could not repay their bank loans lost their properties when the banks foreclosed and sold them through public auctions. Today, we read in the local newspapers and also the online internet news that the global economy is slowing and that Britain, Europe and the United States are on the verge of falling into another recession, if they are not already there.

Will the Malaysian economy be affected and follow Britain, Europe and the United States into another recession? Will what happened to thousands of Malaysian property owners during the 1997/1998 Asian Economic Crisis happen again?

In anticipation of this, I ask Malaysian Banks a question: “Can Malaysian Banks be relied upon to self-regulate and to act with caution and compassion and not to commence with wholesale foreclosure proceedings against their defaulting borrowers that would cause not only the economic destruction of their borrowers but also precipitate a crash of the Malaysian property market with dire consequences for ALL Malaysians?”



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