Defaulting on Mortgage

[NightSky]

I would avoid forfeiting the loan at all costs -- if you were black listed you wouldn't even be able to get a phone contract let alone a bank account or loan.

 

If you really have to sell, then sell it at the price to cover the outstanding loan and forfeit any equity in the property if you have to. Its better than being blacklisted by the credit bureau for years to come.

 

PS - would renting it out be an option to tide you over until you're able to find a buyer?

Edited May 2, 2020 by NightSky

[Neeranam]

14 minutes ago, donmuang37 said:

Good to change your citizenship to Thai as you want to take no responsibility for a loan you agreed to pay. Just like many Thai people. You fit right in! If you can cheat the bank, you will.  Sad...

Rather racist post! 

 

I will probably pay the loan, money is not an issue. Regarding banks and moral practices, well I could write a book about that.

[Neeranam]

Thanks for all the replies. I will just pay the loan off. It's not an expensive house -  1.8 million and paid for 6/7 years. I could always keep the hose and rent it, or give it to one of my kids.

Now I understand the ramifications and it's not wise to walk away.

I had thought that possibly the bank would not care as they will probably get back what they invested.

[dlclark97]

You need to get an amortization table that can be found on the internet.  Some are fillable on line or perhaps you can download one to work with Excel.  Plug in the original amount of your loan and the interest rate and how many months the loan was for and you will see the monthly amounts for principle and interest.  Seriously doubt you are anywhere near 50/50 yet. 

[mark5335]

3 hours ago, kingstonkid said:

I have spoken to my lawyer and investigated everything luckily my name isn't on the papers HOWEVER I asked what would happen if i had been on the papers.

 

First you are going to be served a huge amount of paperwork.  Some of the papers they send will have your name as well as over a hundred other people on it as they do services here inbulk.

 

You will be expected to show up in court abut 8 months later.  If my name was on the papers and I did not appear in court my lawyer told me then I would be charged and the police and immigration would be notified.

 

Upon notification the immigration would have the ability to "politely" tell me that i was no longer wanted in the country.

 

The house and property is put up for auction and if they receive enough to pay all the bills then except for a credit hit that is that.  However, the bank does have the ability to file to put you in bankruptcy and seize all your possessions up to the amount owed and any costs.

 

I have a friend going through a similar experience this year. Unsure why you would be "charged" as the matter should be heard in the Civil Court, not Criminal Court so Police should not be involved. In my friend's case it is being presided over in Bangkok South Civil Court, and if the Court finds in favour of the creditor/plaintiff, then the plaintiff enforces the judgement debt against my friend (the debtor/borrower) which would likely trigger the bankruptcy process. Immigration would be notified to prevent absconding (as he has a surplus of assets over liabilities anyway, he's unlikely to abscond...just needs time to sell off 2 mortgaged condo's.

[DJ54]

I’m a bit lost here.. dump one mortgaged house and buy another house and pay cash. None of my business but sounds a bit odd to

me...

[colinneil]

4 hours ago, Neeranam said:

Rather racist post! 

 

I will probably pay the loan, money is not an issue. Regarding banks and moral practices, well I could write a book about that.

So are we to understand, all your prattling on about your Thai abilities are just so you can cheat the bank, and run away?

[Tony125]

4 hours ago, Neeranam said:

Thanks for all the replies. I will just pay the loan off. It's not an expensive house -  1.8 million and paid for 6/7 years. I could always keep the hose and rent it, or give it to one of my kids.

Now I understand the ramifications and it's not wise to walk away.

I had thought that possibly the bank would not care as they will probably get back what they invested.

Just so you know changing your name would not keep them from collecting agaianst you. The former PM Linkyuck Shinawatra  and many other Thai is not married to her "husband" as the state could go after either her or his assets if they were married.   If you are married and they can't find you they will go after your wife's say that new car. Also many cases on TV where  guys have dual/tri nationality and have tried to come into Thailand after being banned on 1 passport. They are caught/jailed and told the passport isn't banned "you" are. Makes no difference what name your using. The court judgement would be against you whatever name you chosed to go by.

[FritsSikkink]

13 hours ago, Neeranam said:

Rather racist post! 

 

I will probably pay the loan, money is not an issue. Regarding banks and moral practices, well I could write a book about that.

If money isn't an issue, why are you try to screw the bank?

[Scott]

Inflammatory post reported and removed along with reply.

 

[Thomas J]

On 5/1/2020 at 12:31 PM, sirineou said:

Most likely the foreclosed property will be auctioned off . and the proceeds will for towards the balance of the loan, then they will go after you for the remaining balance. 

Cant speak for Thailand but normally the bank will foreclose on the property and sell it charging the person who took out the mortgage the remaining balance on the loan after the sale plus foreclosure expenses.  They would then obtain a deficiency judgement.  Any assets such as bank accounts, vehicles, other property could be attached and taken to pay off the remaining indebtedness.  Sell the house. Take your loss and move on. 

[Pravda]

A poker player and crypto investor is wants to commit fraud. Those have really worked well for the op????

 

Wow what a surprise. 

[Neeranam]

12 hours ago, FritsSikkink said:

If money isn't an issue, why are you try to screw the bank?

I am not trying to screw the bank at all and nowhere did I say I was. I think you must have misread my post.

 

A few posts back I said "Now I understand the ramifications and it's not wise to walk away.

I had thought that possibly the bank would not care as they will probably get back what they invested."

[FritsSikkink]

11 minutes ago, Neeranam said:

I am not trying to screw the bank at all and nowhere did I say I was. I think you must have misread my post.

 

A few posts back I said "Now I understand the ramifications and it's not wise to walk away.

I had thought that possibly the bank would not care as they will probably get back what they invested."

Sounds like you tried but found out you couldn't:

"My new car is in my wife's name.

What if I had zero in the bank and put it all into her account?

Btw, I might change my name in a few months on getting Thai citizenship."

Edited May 3, 2020 by FritsSikkink

[ujayujay]

Note: There is a Property Law in Thailand, so ask a Lawyer for Advise, not in a Forum. Here you ask one Question and get 100, most not helpful answers.

[Pravda]

2 minutes ago, ujayujay said:

Note: There is a Property Law in Thailand, so ask a Lawyer for Advise, not in a Forum. Here you ask one Question and get 100, most not helpful answers.

 

Even better, he should ask his bank 

[TheAceFace]

Same situation with a house on mortgage, given these times were in had to use the 3 months grace option, times are tough and I wish you well bro. For those who question getting a mortgage here, yes you can but only as a guarantour.

 

Why not milk them for all you can.....they would do the same.