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By Michael Yeoh, financing consultant

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

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