Malaysia Real Estate

6766 · Joined: 08 Oct 2004 Posts: 1

Hello,

I am very new to Malaysia property market and hope somebody would able to help me with a foreclosure problem. Crying or Very sad

My father has a problem in making monthly payment to the bank on the loan he took for a house. I hope somebody would be kind enough to explain to me what is the effect and consequences if he cannot make the payment? What can he do to delay or reduce that effect?

TQ.

magma · Joined: 07 Jul 2008 Posts: 5

Most in the same situation are renting until they build their credit back up and get past the situation, on a foreclosure you need to be at least 3 years past it with payments made to all tradelines of credit on time during those 3 yrs............it is obtaining a new " mortgage loan" that would be considered fraudulent.

You can hire an attorney...National Association of Consumer Advocates – Consumer Protection Advocates and Attorneys or try a non profit to help with the modification like HOPE at 1-888-995-HOPE.

If you are going through the modification process with Chase, they are modifying most of their loans as long as you can show that you can afford the modification going forward....!
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