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My Mum has a 5room flat at north beach road bought 5 years ago from the resale market together with my younger brother. its a joint purchase flat. but my brother got bankrupt last year. if my mum were to sell her flat now, outstanding loan $250k from HDB, will she be able to get any cash back as my brother is a bankruptcy, will the money be freeze? she needs to sell of her flat asap. pls let me know.. thanks a lot
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1 Answer

Mike Lim
Replied
Morning Jessica,

Firstly, the house is own under joint-tenancy, hence the cash profit will be split in half. Whatever CPF have being used, including interest will go back into individual contributors.
Secondly, your brother need to get his Offical Assignee's permission to sell the unit. That letter is required during the submission.
Lastly, the current asking price of units along North Bridge Road is around $630k to $710k. Hence it's likely that there will be profit but it would be good if we can sit down and work it out.

Do feel free to contact me if you require further assistance.

Regards
Mike Lim
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  • OP
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    So confirm need to get the oa's approval before selling? Any other way out as the flat is my mums my brothers name only add in to secure loan only. My mun used 85k I cpf And my brother used only 10k in cpf in total. How much can my mum get back if it's split? She's staying in blk 12. Above lvl 10.

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