Student Loan Fund defends itself over sale of debtor’s family house

[snoop1130]

Student Loan Fund defends itself over sale of debtor’s family house

By The Nation

 

 

A woman who complained that her father’s Bt2-million house was seized and sold over her unpaid student loan had, in fact, not made repayments as claimed, said the Student Loan Fund (SLF) today.

 

SLF manager Chai¬narong Katchapanan said the borrower had defied a 2008 court order to pay back the loan, worth Bt17,868, plus interest.

 

The fund was, therefore, required to conduct a legal investigation at the end of 2018. Early in 2019, the borrower made a partial repayment but failed to contact the fund to suspend the auction of the seized property for another six years, said Chai¬narong.

 

The Phrae Provincial Legal Execution Office then announced the auction of the seized land and buildings through sale of the mortgage on June 23. A third party won the auction with a bid of Bt30,000.

 

Chai¬narong said the fund had tried to contact the borrower and the guarantor by letter and phone before the sale went ahead. Eventually it had to proceed according to the law and confiscate the assets before the case expired, to prevent loss to the national budget and taxpayers.

 

However, the SLF is now coordinating with the property’s buyer in a bid to help the debtor. The buyer is willing to sell the property back to the guarantor at the purchase price, said Chainarong.

 

Source: https://www.nationthailand.com/news/30390363

 

-- © Copyright The Nation Thailand 2020-06-26

 

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[BritManToo]

2 minutes ago, snoop1130 said:

The Phrae Provincial Legal Execution Office then announced the auction of the seized land and buildings through sale of the mortgage on June 23. A third party won the auction with a bid of Bt30,000.

2MBht home auctioned off for 30,000bht ........... something stinks here.

Some government official got themselves a bargain!

[jvs]

3 minutes ago, BritManToo said:

2MBht home auctioned off for 30,000bht ........... something stinks here.

Some government official got themselves a bargain!

Yes you are right,something stinky but i do not think the borrower smells like a rose either!

[overt2016]

Nah something is fishy here.

[trainman34014]

Ah; Thai 'Business' returning to normal !

[thequietman]

2 hours ago, BritManToo said:

2MBht home auctioned off for 30,000bht ........... something stinks here.

Some government official got themselves a bargain!

The mortgage is still outstanding!

 

The buyer paid for the right to take over the mortgage payments for a property that the value would have grown considerably.

 

The buyer however, is currently in talks to sell the rights back to the original owner. If that goes ahead, the old owner needs to pay 30 + the already owed 17 K.

 

By dragging their feet and ignoring the SLF, they will now owe 47 K. ????

[blackcab]

6 minutes ago, thequietman said:

The buyer paid for the right to take over the mortgage payments for a property

 

Exactly that. The purchaser bought the debt for 30,000 baht. The debt is secured on the property. The purchaser could either persuade the debtor to pay or they could apply to the Court for the property to be auctioned.

 

If the property was auctioned the Legal Execution Department would pay the former owners of the property the price received at auction, less the amount owed to the mortgagor and less an amount for fees. The former owner would receive a completely correct schedule of fees from the Legal Execution Department, who are absolutely accurate and transparent in their handling of assets.

[colinneil]

The borrower was 100% at fault in this case, just buried her head in the sand.

Did not respond to the lender, hoping/ thinking it will just go away, they wont do anything as it is not my house, but my fathers house.

[cyril sneer]

did she get 12,000 baht back from them?

[ChrisY1]

Tens of thousands of student loans are constantly outstanding....most a lot more than a piddling B17K.....but the house does look nice from the picture, so attractive obviously, that Chai¬narong Katchapanan decided he'd like it!

[Bender Rodriguez]

the parents cannot read (thanks thai education) and they have nobody like family, friends, village headman that could help them read ?

 

isn't there a law, if you sell land under value and so don't pay the right tax, the sale would be void ?

[jvs]

4 minutes ago, Bender Rodriguez said:

the parents cannot read (thanks thai education) and they have nobody like family, friends, village headman that could help them read ?

 

isn't there a law, if you sell land under value and so don't pay the right tax, the sale would be void ?

More the 12 years and still nobody could have told them what was in the letters?

bs.

[Darkside Gray]

Totally indefensible!

[nahkit]

1 hour ago, jvs said:

More the 12 years and still nobody could have told them what was in the letters?

bs.

Years ago we had a problem in the family where a niece had persuaded my wife's mother to pledge some land as security for some property she wanted to buy. Nobody else in the family knew about it. The niece lived about 20kms away but would visit the old lady several times a week with food and generally help out around the house, everyone said how good she was to the old lady.

 

The fact was that she didn't make any repayments and whenever she visited the old lady she would take the letters from the bank and destroy them, so yes, I can believe that the parents could have been kept in the dark.

[jvs]

28 minutes ago, nahkit said:

Years ago we had a problem in the family where a niece had persuaded my wife's mother to pledge some land as security for some property she wanted to buy. Nobody else in the family knew about it. The niece lived about 20kms away but would visit the old lady several times a week with food and generally help out around the house, everyone said how good she was to the old lady.

 

The fact was that she didn't make any repayments and whenever she visited the old lady she would take the letters from the bank and destroy them, so yes, I can believe that the parents could have been kept in the dark.

One of the parents signed for the loan and the letters were send to that address as far as i know.

[RichardColeman]

 

15 hours ago, thequietman said:

The buyer however, is currently in talks to sell the rights back to the original owner. If that goes ahead, the old owner needs to pay 30 + the already owed 17 K.

Think you missed out 30, plus any monies paid to the bank after, so that will continually grow beyond there means unless sorted quickly

[robblok]

39 minutes ago, nahkit said:

Years ago we had a problem in the family where a niece had persuaded my wife's mother to pledge some land as security for some property she wanted to buy. Nobody else in the family knew about it. The niece lived about 20kms away but would visit the old lady several times a week with food and generally help out around the house, everyone said how good she was to the old lady.

 

The fact was that she didn't make any repayments and whenever she visited the old lady she would take the letters from the bank and destroy them, so yes, I can believe that the parents could have been kept in the dark.

Then who is the criminal.. the bank or the niece ?

[thequietman]

22 minutes ago, RichardColeman said:

 

Think you missed out 30, plus any monies paid to the bank after, so that will continually grow beyond there means unless sorted quickly

Yes, 30 plus the 17 = 47,000 baht, plus as you say, any incrementals after that point. ????

[hotchilli]

20 hours ago, snoop1130 said:

SLF manager Chai¬narong Katchapanan said the borrower had defied a 2008 court order to pay back the loan, worth Bt17,868, plus interest.

 

The fund was, therefore, required to conduct a legal investigation at the end of 2018. Early in 2019, the borrower made a partial repayment but failed to contact the fund to suspend the auction of the seized property for another six years, said Chai¬narong.

And there's the truth !

[nahkit]

2 hours ago, robblok said:

Then who is the criminal.. the bank or the niece ?

In our case the niece of course, why on earth would you think its the banks fault?

[robblok]

3 minutes ago, nahkit said:

In our case the niece of course, why on earth would you think its the banks fault?

I don't think so but some still blame the bank.  Sounds a bit that in this case the bank did do the right thing.

[Scott Tracy]

Never be a guarantor. It's another way to get shafted, especially by family.

[innosiem]

5 hours ago, Bender Rodriguez said:

isn't there a law, if you sell land under value and so don't pay the right tax, the sale would be void ?

The TAX you are required to pay is a percentage of
1. The sale value
OR
2. The governments stated value for that area

Whichever is HIGHER

you cannot sell a 10 million baht house for 1 million and only pay tax on the 1 million,
you would pay tax on the 10 million
also, if the land office has declared its value as 20 million
and you can only sell for 10 million or even just 1 million

you still pay the tax on the governments 20 million valuation

[Bob A Kneale]

23 hours ago, BritManToo said:

23 hours ago, snoop1130 said:

The Phrae Provincial Legal Execution Office then announced the auction of the seized land and buildings through sale of the mortgage on June 23. A third party won the auction with a bid of Bt30,000.

2MBht home auctioned off for 30,000bht ........... something stinks here.

Some government official got themselves a bargain!

It sounds as though the LED may have just been selling the debt, i.e. the mortgage...

"...through sale of the mortgage on June 23".

[AgMech Cowboy]

22 hours ago, thequietman said:

The mortgage is still outstanding!

What mortgage???

22 hours ago, thequietman said:

The buyer however, is currently in talks to sell the rights back to the original owner. If that goes ahead, the old owner needs to pay 30 + the already owed 17 K.

 

By dragging their feet and ignoring the SLF, they will now owe 47 K.

You sound like the loan officer at the finance company when I was paying off a loan. He screwed me out of an extra month of interest. Why do you even care what they owed?

 

The good part of this is the bid winner is willing to work it out with the person who owed the student loan and lost the house, because thereof.

[thequietman]

14 minutes ago, AgMech Cowboy said:

What mortgage???

You sound like the loan officer at the finance company when I was paying off a loan. He screwed me out of an extra month of interest. Why do you even care what they owed?

 

The good part of this is the bid winner is willing to work it out with the person who owed the student loan and lost the house, because thereof.

I don't care! I was explaining the situation to another poster.

 

As to your second point, I have already pointed that out.

 

So basically, your rant towards me was totally unfounded.

 

As to your loan issue with the finance company, you will have to forgive me, as I don't understand any of that, because I pay in full!  ????

[bodga]

16 hours ago, Bender Rodriguez said:

the parents cannot read (thanks thai education) and they have nobody like family, friends, village headman that could help them read ?

 

isn't there a law, if you sell land under value and so don't pay the right tax, the sale would be void ?

The  land  offices  are not  above  financial gain  either.

[djayz]

A daughter to be proud of. Owes 17k but couldn't be bothered to repay it. Then puts her old folks through all this. Terrible!