reposessing house

[BEVUP]

Hello all

Can a bank lay claim to a fully paid house for a debt that is owned by my wife & son 50/50 - Son is 11 yrs old

[Crossy]

Yes, if the house is in your wife's name (I doubt your son can be involved with the debt at 11 years but TiT so anything is possible).

 

The bank would much rather reach a payment agreement unless things have gone on for a long time.

 

Roughly how much is the debt?

[BEVUP]

3 minutes ago, Crossy said:

Yes, if the house is in your wife's name (I doubt your son can be involved with the debt at 11 years but TiT so anything is possible).

 

The bank would much rather reach a payment agreement unless things have gone on for a long time.

 

Roughly how much is the debt?

1,000,000 bht

but she went to the Chinese gold shop (not a shark ) & put my car up (Toyota HP still own ) got 530,000 & the rest from putting up Chanote 

Probably just holding the car title as they wouldn't be able to be a second financer without the approval of Toyota

Not sure about Chanote

[Crossy]

OK, so not a bank.

 

I have a little experience with the "less than official" money lenders. We used our local man to provide a bridging-loan when we were building our home and the bank were being a little slow coming up with the cash. Terms were 2% per month secured on some spare land Madam owned. If you pay the interest they are quite happy to keep collecting forever.

 

So, has your lady been paying at least the interest? If not all bets are off and you may expect a visit from "The Boys".

 

How to fix it?

Can you come up with the cash? (do you want to come up with the cash?)

She could attempt to get an official loan from a bank, but that may prove difficult without possession of the land chanote.

 

She must talk to the lenders.

 

[offset]

1 hour ago, BEVUP said:

1,000,000 bht

but she went to the Chinese gold shop (not a shark ) & put my car up (Toyota HP still own ) got 530,000 & the rest from putting up Chanote 

Probably just holding the car title as they wouldn't be able to be a second financer without the approval of Toyota

Not sure about Chanote

If your wife and son's names are on the chanote as 50% ownership each I do not think they can get the ownership of the land from her until your son is 20 years old

 

When she took out the loan did they go together to the land office and got a note put on it about the land being held as security for the debt

[BEVUP]

Apparently this purchase of vehicle was 4 yrs ago 

So no doubt through the vehicle finance company

now they (bank baliffs ) come (car in wifes name ) & brother as Guarantor - car was for brother

Apparently had court order for house

Wife had to run to gold shop to hock car & Chanote to stop sezior of house in 2 mths time

 

I will now sell car & work it out 

 

PS: appreciate the advice as I am trying to keep my son returning to the boonies

Edited March 17, 2020 by BEVUP

[worgeordie]

What did she want a Million Baht for ?, she had a car and a house

paid for ?, this is very important,if you want to come up with the

money to pay off her debt.

Have a friend whose wife put the house in the Bank and took a loan

on it (he was not told)he paid for the house,and she loaned the money

out to friends and family,thinking she could earn interest,guess what happened,

the loans were unsecured, and nobody paid her back.he's 80 + hes not

going to bail her out this time,as she has done it previously,so just waiting

for house to be repossessed by bank,

regards Worgeordie

[tifino]

so much for having a somchai brother as Guarantor! 

 

how could you sell the car if already 'hocked'?

[offset]

5 minutes ago, BEVUP said:

Apparently this purchase of vehicle was 4 yrs ago 

So no doubt through the vehicle finance company

now they (bank baliffs ) come (car in wifes name ) & brother as Guarantor - car was for brother

Apparently had court order for house

Wife had to run to gold shop to hock car & Chanote to stop sezior of house in 2 mths time

 

I will now sell car & work it out 

Sorry but something not seem true In this, you have other postings on this already one time you say they have a court order to take the house then you say they are trying to arrange a payment.

 

Have you seen any paperwork about the court order because I still not sure the court will allow the land to be repossessed with you son's name on the chanote

[tifino]

18 minutes ago, BEVUP said:

Apparently this purchase of vehicle was 4 yrs ago 

So no doubt through the vehicle finance company

so, this was either a purchase kept totally secret from you whilst married?

or it was a purchase before yous were married?

 

(My context relates to the 'apparently' word)

Edited March 17, 2020 by tifino

[Crossy]

OK, looking at your other posts, please let me know if this is the timeline:-

1. Wife buys car on finance for brother (4 years ago)
2. Nobody bothers paying the finance.
3. Finance company turn up with a court order for the house (I presume they couldn't find the car to repossess it).
4. Wife takes an urgent loan from the gold man secured with your car and the house to prevent seizure of the house.

So the original finance company are off their back and the house is no longer in danger from them.

 

Now just have to pay the gold man.

[Mulambana]

No wonder Thai-Chinse are welathier in this country. 

[RichardColeman]

31 minutes ago, BEVUP said:

So no doubt through the vehicle finance company

now they (bank baliffs ) come (car in wifes name ) & brother as Guarantor - car was for brother

Your wife borrowed a million baht to finance a car for her brother ? I think the important thing would be to ask WHY the brother could not get finance on his own, and why the need to buy it outright ? NO job, no income ? Too small income ? If the answer is that the brother could not afford the payments to the bank or car company, that should be enough to tell you that it was doomed from the start as he would never have enough money to pack back what was owed by your wife. 

[steven100]

13 minutes ago, RichardColeman said:

Your wife borrowed a million baht to finance a car for her brother ? I think the important thing would be to ask WHY the brother could not get finance on his own, and why the need to buy it outright ? NO job, no income ? Too small income ? If the answer is that the brother could not afford the payments to the bank or car company, that should be enough to tell you that it was doomed from the start as he would never have enough money to pack back what was owed by your wife. 

don't be silly ....  ' doomed from the start '  is not in the Thai vocabulary.

They just keep borrowing to the max even though it will eventually all come crashing down on them .... always hoping some farang will bail them out  

[BritManToo]

1 hour ago, BEVUP said:

Apparently this purchase of vehicle was 4 yrs ago 

So no doubt through the vehicle finance company

now they (bank baliffs ) come (car in wifes name ) & brother as Guarantor - car was for brother

Apparently had court order for house

Wife had to run to gold shop to hock car & Chanote to stop sezior of house in 2 mths time

 

I will now sell car & work it out 

 

PS: appreciate the advice as I am trying to keep my son returning to the boonies

Sounds unlikely ............... takes 2-3 years for a bank to repossess a house ...........

If it were my wife I'd probably not believe her story and just leave.

I especially don't like 'brothers' being involved.

[CharlieH]

Unfortunately, the thinking is generally about this week, not this month or further ahead.

 

Case in our village of land/house being auctioned off fo a 80k debt.

In the news a little while ago, woman signed guarantor, defaulted on motorcycle for small amount but they were going to take a 10mil area and home ! 

 

[steven100]

1 hour ago, Crossy said:

OK, looking at your other posts, please let me know if this is the timeline:-

1. Wife buys car on finance for brother (4 years ago)
2. Nobody bothers paying the finance.
3. Finance company turn up with a court order for the house (I presume they couldn't find the car to repossess it).
4. Wife takes an urgent loan from the gold man secured with your car and the house to prevent seizure of the house.

So the original finance company are off their back and the house is no longer in danger from them.

 

Now just have to pay the gold man.

on another situation ... what would happen here :

Under undue enrichment, I sue and the court issues judgement in favor of the plaintiff and the defendant is required to pay back 500k @ 20k per mth. Nothing comes so a court officer is appointed to execute a writ and freeze all assets for auction. 

however, new car was placed in wifes name, then money was borrowed by a bank against the car, ( so plaintiff could not get the car immediately during court hearing )

also,  house & land do not have chanote as yet .... docs in lands office some 6 yrs.

 

 

 

 

Edited March 17, 2020 by steven100

[steven100]

1 hour ago, CharlieH said:

Unfortunately, the thinking is generally about this week, not this month or further ahead.

 

Case in our village of land/house being auctioned off fo a 80k debt.

In the news a little while ago, woman signed guarantor, defaulted on motorcycle for small amount but they were going to take a 10mil area and home ! 

 

so would having no chanote on a house & land prevent the ability to seize and auction to recover default court judgement  ?

and money borrowed from a bank against a car ?  would that prevent a seize & auction ? 

[CharlieH]

5 minutes ago, steven100 said:

so would having no chanote on a house & land prevent the ability to seize and auction to recover default court judgement  ?

and money borrowed from a bank against a car ?  would that prevent a seize & auction ? 

obviously circumstance vary etc but not having a chanote I would think would stop the borrowing to start with. The cash for cars, requires the vehicle being locked up by porn shops (as an example) if no book is present.

[topt]

11 hours ago, CharlieH said:

being locked up by porn shops

freudian..........

[BEVUP]

On 3/17/2020 at 12:03 PM, Crossy said:

OK, looking at your other posts, please let me know if this is the timeline:-

1. Wife buys car on finance for brother (4 years ago)
2. Nobody bothers paying the finance.
3. Finance company turn up with a court order for the house (I presume they couldn't find the car to repossess it).
4. Wife takes an urgent loan from the gold man secured with your car and the house to prevent seizure of the house.

So the original finance company are off their back and the house is no longer in danger from them.

 

Now just have to pay the gold man.

YES

[BEVUP]

16/3 - Chinese give 530,000 for my car (under Toyota HP for another 18 mths ) - Only as Guarantee

Pay bank for pick up 460,000 hold the rest for Legals ect

 

17/3 - Meeting at Land district to "unlock house " 

Amount owed to Chinese 

530,000 Loan + 460,000 for house (full Chanote ) moo baan 

TOTAL = 990,000

House valued 2.4 mill (under quote I think ) - Purchased for 3 mill in center of Korat with many improvements

Apparently Chinese can sell

[BEVUP]

On 3/17/2020 at 12:00 PM, tifino said:

so, this was either a purchase kept totally secret from you whilst married?

or it was a purchase before yous were married?

 

(My context relates to the 'apparently' word)

the first

[varun]

What a clusterfcuk - this wife of your's is definitely not wife material.

Any reason why you still haven't kicked her to the curb?

 

 

[BEVUP]

12 minutes ago, varun said:

What a clusterfcuk - this wife of your's is definitely not wife material.

Any reason why you still haven't kicked her to the curb?

 

 

I would say on the cards as she must of knew about this & I cannot keep bailing out as it is very tight in the world today

She should be able to manage something with the 1.4 mill (hopefully for the benefit of the son ) who I shall support 

[tifino]

39 minutes ago, BEVUP said:

I would say on the cards as she must of knew about this & I cannot keep bailing out as it is very tight in the world today

She should be able to manage something with the 1.4 mill (hopefully for the benefit of the son ) who I shall support 

... and her brother who you will continue to support...

   (or protect from the posse)