Expats facing forced sale of property

[downgrader]

There are still some ostriches who feel the property market will hold. Bank valuations have plunged, financing is 60 to 70% on average....

New supply coming onstream, recession forcing wage cuts, job cuts leading to inability to service loan, lack of purchasing power, recall of loans

Already some developers like Novelty slashing prices by 50%!!!

And the casino project will be watered down

And even the expats are not spared. Especially those who borrowed super heavily and now the Singapore property has gone into negative equity

Below are some sob stories from

http://www.expatsingapore.com/forum/index.php?topic=47498.0


"anyone else getting a demand from the Commonwealth Bank for a margin call on their Singapore Dollar home loan secured against an Australian property? I have just received a demand for a repayment equal to 30% of the principal outstanding ($100,000 expected to be repaid immediately). "


"We received our call from ANZ last week, asking for $60,000 to be paid by today. We changed our loan from Aussie to Sing in September (we had locked in our loan at the beginning at 1.19, so thought switching at 1.15 was a brilliant move). Little did we realise the AUD was going to sink further and further into oblivion. They are saying the AUD will sink to 0.94 but will then rally back to 1.14 by the end of next year. God, I hope so!"

"You are not the only one. I have a friend who was asked to top up the equivalent of A$100,000 in 5 days or he will lose his house. I was going to convert my loan to SGD but a friend of mine advised me against doing this as the exchange rate movement can wipe out the interest rate savings. I got this advise last year as well as things were normal. I suggest you convert back to AUD as I heard that the AUD will drop to US$0.50 by Mar 2009."

 

[sammyboi]

several US equity groups & investors that bought entire floors, are now facing margin calls to up becoz of Aussie YEN, Pond fluctuations.....we shall see more shit unwinding from Jan onwards. closer to T.O.P.....

noe of several aussie guys buying 5 or more properties all on leverage...meaning..CREDIT lines.....good luck sods.

 

[shockshiok]

There are still some ostriches who feel the property market will hold. Bank valuations have plunged, financing is 60 to 70% on average....

New supply coming onstream, recession forcing wage cuts, job cuts leading to inability to service loan, lack of purchasing power, recall of loans

Already some developers like Novelty slashing prices by 50%!!!

And the casino project will be watered down

And even the expats are not spared. Especially those who borrowed super heavily and now the Singapore property has gone into negative equity

Below are some sob stories from

http://www.expatsingapore.com/forum/index.php?topic=47498.0


"anyone else getting a demand from the Commonwealth Bank for a margin call on their Singapore Dollar home loan secured against an Australian property? I have just received a demand for a repayment equal to 30% of the principal outstanding ($100,000 expected to be repaid immediately). "


"We received our call from ANZ last week, asking for $60,000 to be paid by today. We changed our loan from Aussie to Sing in September (we had locked in our loan at the beginning at 1.19, so thought switching at 1.15 was a brilliant move). Little did we realise the AUD was going to sink further and further into oblivion. They are saying the AUD will sink to 0.94 but will then rally back to 1.14 by the end of next year. God, I hope so!"

"You are not the only one. I have a friend who was asked to top up the equivalent of A$100,000 in 5 days or he will lose his house. I was going to convert my loan to SGD but a friend of mine advised me against doing this as the exchange rate movement can wipe out the interest rate savings. I got this advise last year as well as things were normal. I suggest you convert back to AUD as I heard that the AUD will drop to US$0.50 by Mar 2009."

OMG. now that the australian dollar has become toilet paper, these positions are going to be very painful.

 

[Leegimeremover]

Not surprising what. You think ang moh lang better than you Sinkies ah? Balls. They have a big credit line than you in the good fake times. Uncle Sam print money and lend their grandchildren money to their citizens to purchase over your company that do real business. If they use this trick to buy over and develop the business better, okay. But no. They destroy the business by liquidation or stifling it, like Microsoft or they collateralize the business to borrow more money to go on jetsetting and expensive massages. The worst fuck case is they borrow money to but things to borrow more money and destroy real businesses at the same time. Property is a quick money spinner instrument when you can keep borrowing more than others, especially the rest of the world. This kind of dynamics LKY and his scholar never learned in Cambridge or their Ivy League givern degrees. You think ang moh think you good when they give you good degrees ah? Now Singapire, Japan, China, Korea, also copying such scholarship degree giving crap.

t

 

[johnny333]

I'm seeing more angmo faces in the HDB estates