Please read n help me if u can, urgent advise needed...

[urgenthelp]

@smartmummy



My post to Anna, that I am unble to shift back is meaning I am unable to shift back to my parents house. My Mum is quite objecting in me shifting back, coz she feel staying together is not easy. Really headache.

[urgenthelp]

@rosemummy


Thanks for your post, I can sell my flat at end of this year already. I dun need to pay back the grant if I buy resale flat.

But if I loan from HDB using HLE, they have new ruling that you will have to return half of your current flat proceeds into ur cpf to lower down ur new housing loan with HDB. But I have more than enough of cpf for my new housing loan, in terms of upfront payment and monthly installment for at least 1 year.

But my main problem is hard cash, in order not to return the half proceeds to cpf and to have the hard cash to pay my debts is to loan from bank loan.

but dunno anyone here have same situation and able to loan anot.

[bigsnoopy]

urgenthelp:

@smartmummy



My post to Anna, that I am unble to shift back is meaning I am unable to shift back to my parents house. My Mum is quite objecting in me shifting back, coz she feel staying together is not easy. Really headache.

Well you need to let her know that it is only temporary and will shift back home once u clear ur debts.

[urgenthelp]

@bigsnoopy


Thanks for the reply. I am staying in a 3 room flat. I have already rent out the common room le.

HDB house got quota of numbers of ppl allow to stay in the flat de. I have already reach the maximum and cannot rent out further le. If not when they come for spot check and found out over stay in the flat, the flat will be repossess, need fine and jail, den I will be even worst den now.

But I Thank you for the solution u gave…

[rosemummy]

urgenthelp:

@rosemummy


Thanks for your post, I can sell my flat at end of this year already. I dun need to pay back the grant if I buy resale flat.

But if I loan from HDB using HLE, they have new ruling that you will have to return half of your current flat proceeds into ur cpf to lower down ur new housing loan with HDB. But I have more than enough of cpf for my new housing loan, in terms of upfront payment and monthly installment for at least 1 year.

But my main problem is hard cash, in order not to return the half proceeds to cpf and to have the hard cash to pay my debts is to loan from bank loan.

but dunno anyone here have same situation and able to loan anot.

Wait till the end of the year before you sell.

I'm out of touch with HDB, but I meant HLE from banks. Not sure if that's the correct term. It's also cheaper to borrow from banks now. But due to your credit records, you may not be able to do so soon enough to buy a new flat you can move into immediately upon moving out of your current flat. Try to talk to your parents or get your husband to talk to his regarding the interim arrangements. I think a HDB loan won't work in your case.

[bigsnoopy]

Can you rent the whole flat out legally? If yes, you can rent a room for you and family and the rent out ur whole flat. This way can also bring in more money assuming ur mom’s place cannot stay.

[urgenthelp]

@smartmummy


I told her before, and only tell her stay 1 to 2 years. dun even dare to say the truth, coz actually I will need at least 3 to 4 years to clear. Shift in le, at least clear as much as possible, den see how long I can stay den stay lo.

I dun dare tell her how much I am oweing, they will be worried sick. and even more comments.

Headache…

[smartmummy]

urgenthelp:

@smartmummy



Thanks for the encouragement. I have been telling myself to stay strong for this year. There was really alot of up and downs for me. :gloomy:

Thanks for inviting me to pm you. I will pm you shortly...

Maybe just now I so worked up is becoz, ppl really dun understand what u are in. And will only feel its ur own doings who ended up urself like that.

I am not gambling the money away, or spend the money drinking, clubbing or watever nonsense! I spend it on my family and bringing up my children, y no ppl understand. Other childrens, their parents can afford to give them at least something that they want, but not mine. other children already go school, but i this mama till now still have to worried for his sch fees. who really understand when they nv went thru all this.

Maybe if I gamble away, go drinking, buy branded bags, do facial etc etc, ppl can blame me scold me i dun mind. but i nv. why always point finger at me. dun help nvm, still say nasty things.

Really had enough... :sad:

I also thought in my hard situation and comfort me.If we spend like that only we have to worry.If you plan to sell buy a house immediately.Exactly same time.

[dicky]

No, am not viewing your post with suspision. In fact 12 years ago, we are also going through the same bad times, financially and emotionally.


To cut story short. We have zero saving after buying 1st home (resale HDB), dinner dinner (parent traditional wants it but they no money) and a short 3 day ROAD trip to Genting. I, too, had a complicated birth to my son (cord round his neck in womb..). I was diagnose with post-natal depression, and did not feel motherly instinct for 5 months. KK did not charge that much after deduct CPF despite 6 days stay plus depression medication.... Have the healthcare increase so much? No wonder people unhappy recent GE...

We are fortunate to have DH's 3 colleagues who mentor us on financial discipline and gave us tips to improve our life. It takes us 6 years to improve our life, with their moral and emotional support. Fast forward today, we are contented with our 3rm fully paid flat. We still do not have minimum sum in CPF, and our savings will not last us 4 months if we are both unemployed. But things are starting to look up for us...

To get out of financial mess and set to improve things, we learn it depends on the mindset and money habits. But without moral support of a mentor, probably much harder time. There is too much information and advise which are well-meaning and helpful, but it takes great insights and/or life experiences to differentiate noise and solution, as every individual case is unique... So learn it from those who gone through it, CDC and MPs deal with lot of cases, at least a start....

However to answer your question whether to sell home to clear debts, it is probably a bad idea. One of the things we learn from our mentor is: Every home is one building block of life security and stability, must be treated with respect for it to serve you well. There are ways to montise your house without selling it. Renting out rooms is one, home office is another, 1-1 tuition also possible.... You get the picture...

I hope my well meaning post would be \"flamed\".... :oops:
Sincerely wish the best for you. You have my support

[urgenthelp]

Yes, i intend to sell and buy at the same time. But I dun think bank loan will approve after reading so much. I guess they really depends on CB record. I really dunno how.


Buy from HDB, they want to share a pie of your sales proceed, say it nice that put it into ur cpf acc and deduct for ur 2nd new loan. Still ur $$ they say, but i really feel like telling them, i have already more than enough for my 2nd loan.

I feel our $$ in cpf, is just all figures only. I think till I die I wont be able to use the funds. Only can see cannot use. All kana lock up in CPF retirement. sound nice huh, retirement. but when will that be if u dun have enough for the lock up, they are increasing time by time. think till our time, they will tell us totally cannot use, only can see. :faint:

our employers and us are giving them hard cash monthly, all they do is pump in figures into ur cpf acc, how they use ur cpf to invest, we also dunno. do u think they really save the hard cash $$ for u. fat hope i guess. thou i cannot deny that cpf help alot of singaporean's to own their flats, but last time mention 55years old can take all, now till die also dunno got chance anot.

and last time when u sell ur house all the proceeds u can take back, now they tell u lower ur 2nd loan with them, its nice saying in this way, but in another words is share ur pie of proceeds with me.