Buying house, paying in installments

[SGD]

On 2/11/2021 at 10:09 AM, blackcab said:

Q: Can we have a lien registered on the chanote, to "secure" our downpayment?

A: No. The property already has a mortgage registered against it, so no further encumbrance can be added without the permission of the original mortgagor. The original mortgagor will never agree to this.

The rights of a first charge holder are not in any way diminished by any subsequent charges as they rank in order after the preceding charge has been paid in full.

No legal or risk argument against multiple 2nd, 3rd, 4th, etc. mortgages. The risk is wholly with those not holding a first charge.

[AlfHuy]

On 2/22/2021 at 10:38 PM, Beck1976 said:

She have had extremely low activity on her account for several years, so not an option.

 

Furthermore, big difference between paying off the house in interest-free installments over 5 years, compared to borrowing the entire sum, and paying interest to the bank,

But for future reference, are you saying, that as long as money is coming in and going out, she could be eligible for a loan, despite not holding a job (and therefore no pay-slips etc)? So I could send her 50.000 every month, she would withdraw it over the course of the month, use it for our regular expenses, and then repeat every month, and then she would qualify?

 

50,000 each month? wow

She will be happy with that but soon figure out, you could give a little bit more.

[derek]

If you are able to go with him to the bank and get the balance on his loan.  Then go together with him to the land office and the bank, pay the bank the balance and then have the house transferred to your wife's name and get a mortgage from the owner for the six years.  This way, he could go bankrupt, or die or anything else, it is still your wife's house.  For him, he still has good leverage if you default, as he can easily go to court and then go to the auction house and use the mortgage lien to buy the house back.   

 

Best of luck.