Malaysia Real Estate

[SKY_LINE]

Hi all,
I am new to this forum & need advice from forummer on how to settle w this kind of problem.

story started last yr when i agreed to sign-up an agreement for this prop investment with tis particular developer.
For short, investor like me just have to use our name in order to apply for the loan & all the instalment will b bond by them, so the SNP sign-up will be between me & my bank. All seems to b ok, my loan proceeds, disbursed & the instalments (by developer).

Problem starts when my developer got a cash flow problem (in which their major financier refuse to release money to finance the projects), so a small (1 unit) investor like me also got stucked, no instalment made for my loan & my name submitted to the CCRIS. All other new loan applied got a turn down (even just a credit card application).

my plan now is to terminate this loan & i am aware that there'll be $$ incurred (including lawyer's), i got no intention of holding this particular property anymore. Can any fellow forummer share some advice on tis? especially the procedures & terms before i start with any lawyer? really appreciate your reply...TQ

[yyjey]

To terminate this S&P with developer, you will definitely incur some legal fees ie. to engage your lawyer but what are the chances of you getting back your payment ???

Why not you try to reach other buyers to see how you could group together?

You should also file a complaint to the Ministry of Housing, just go into the website ..kpkt.gov.my or call them / go personally to fill out the form.

Simultaneously, you can also seek advice from HBA (House Buyers' Association), just search for the address in website.

Hope this helps.

[youbetcha1018]

Going legal and having a lawyer, then you will need to pay some legal fees. yyjey is right, you will need to file complaint to the Ministry of Housing and fill up a form. I suggest that you go there in person. Well, I just hope that yu can take back what's yours. Goodluck.
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Miami Real Estate