Albert Yap@Seri Kembangan: I am about to file for bankruptcy, and plan to move out of my mortgaged house to live at a friend’s house (a rented property) as I cannot afford the monthly mortgage repayments. Please advise if I should wait for the bank to repossess the house, wait till bankruptcy or offer to hand the house back to the bank.
RED: The moment you default on your mortgage, the bank will proceed to foreclose your property. You can stay at the property until such time a new buyer knocks on your door. By Michael Yeoh, financing consultant