KUALA LUMPUR: Malaysian Association Of Borrowers & Consumers Solution (4PM) has announced today that 30,000 houses across the country will be open for auction by local banks soon.
Its president, Rosland Mohd Arif said approximately 90 percent of the houses which include bungalows and flats are owned by Bumiputeras.
"This is very saddening. Even more so when most of the houses that are auctioned are owned by the Malays.
"We hope the bankers will be more considerate and not to simply put up their (borrowers) houses for auction as they are faced with difficulties," he said in a statement today.
Rosland said his organisation is upset upon receiving complaints in which many borrowers, in order to avoid their houses from being auctioned off, had paid the debt incurred but were eventually rejected by the banks.
'There are also banks that have received partial payment of the home loans from the borrowers but their houses were still being put up for auction,' he said.
Rosland went on to urge banks to be more lenient especially towards borrowers who are faced with difficulty in paying their mortgages, given the rising cost of living today.
4PM, which established in 2013 has managed to help people faced with bank debt, also property auction and bankruptcy problems.
Rosland also pointed out that 4PM had over the years, through negotiation with banks, successfully resolved many cases of outstanding debts that almost led their clients to bankruptcy or had their properties being auctioned off.