Asked by r***@gmail.com
Dear property experts,
I seek advice regarding a property ownership dispute involving my brother and his business partner. 8 years ago, they jointly purchased a condominium. However, a business dispute has led to tensions, has indicated he will service the loan as he resides in the unit.
Despite this, we received a legal letter stating that the bank has terminated the loan and is seeking repayment of RM2.7M, significantly higher than the initial loan amount of RM855K. The letter is issued in both parties' names. In the letter, I noticed his partner was was adjudicated bankrupt on 08/11/2023.
As my brother holds a 50% share in the property, I understand he is liable for the home loan. Are there any legal ways he can pursue to settle this case? Additionally, as his sister, I am considering buying over the unit to release his liability. Is this a viable option, or does he have no choice but to face bankruptcy proceedings in the near future?
Any advice to solve this issue would be greatly appreciated.
Thank you.
I seek advice regarding a property ownership dispute involving my brother and his business partner. 8 years ago, they jointly purchased a condominium. However, a business dispute has led to tensions, has indicated he will service the loan as he resides in the unit.
Despite this, we received a legal letter stating that the bank has terminated the loan and is seeking repayment of RM2.7M, significantly higher than the initial loan amount of RM855K. The letter is issued in both parties' names. In the letter, I noticed his partner was was adjudicated bankrupt on 08/11/2023.
As my brother holds a 50% share in the property, I understand he is liable for the home loan. Are there any legal ways he can pursue to settle this case? Additionally, as his sister, I am considering buying over the unit to release his liability. Is this a viable option, or does he have no choice but to face bankruptcy proceedings in the near future?
Any advice to solve this issue would be greatly appreciated.
Thank you.
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