No income to pay home loan.

[BaanOz]

Wife's family are in Phuket and we don't want to see them lose the home.

They have been given a 3 month hold on repayments with the Government Savings Bank which will finish soon. It may be extended, no idea but I assume many people are in the same position.

Their business is closed and not expected to reopen any time soon and they have no income at all.

We can help but before helping my wife wants her name as part owner of the home.

Home and land is currently in her sisters name and we prefer to continue to pay loan repayment, not pay the home off outright (but an option).

I don't think this would be an easy task with us out of the country but would any one know the steps to take and costs to do this please?
 

 

Edited July 25, 2020 by BaanOz

[ezzra]

It's a pickle you guys want to help but not physically present in the country to to the paperworks to insure that your loan is secured pose a problem, the only way to go about it is to retain the services of a lawyer or a trusted family member or a friend to act on your behalf with your power of attorney in their hands...

[Peterw42]

You will find the mortgage relief can be extended for another 3 months, my wife has just extended for a second 3 months.

Becoming a part owner of the house would involve land office fees and taxes and refinancing the mortgage, probably a significant cost and better spent servicing the existing mortgage. In theory it could be done but almost impossible from outside of Thailand,

Maybe an lone agreement with a lawyer would be an option.

[BaanOz]

Thanks ezzra and Peter.

Something seems a odd, I see back in April there was news about the Government Savings Bank suspending principal and interest payments for 6 months. Do you know if this something variable between their bank branches or customers? Also, mentions "they can enter a two-year loan suspension measure".
https://www.pattayamail.com/business/thai-government-bank-offers-assistance-to-loan-customers-affected-by-covid-19-296739
 

1 hour ago, Peterw42 said:

better spent servicing the existing mortgage.

Yes if it comes to that, my wife wants to deposit (use Transferwise) into the home loan directly and (from sister) apparently this is not possible. It needs to be deposited into their account first ????

When did your wife find this out about the 3 month extension? Relos said yesterday suspension is over end of this month.

Wife will telephone the GSB branch tomorrow and see if they will answer some questions from a non customer.

Cheers.

[baansgr]

You could attached a loan to the property but as it's already mortgaged, you would need agreement from the existing lender as they hold the Chanote. Again adding an owner to a mortgaged property bank is your first point of call. If bank is in agreement, most things can be arranged by POA, however time it's consuming Your in-laws should really approach the bank for an extension. 

[BritManToo]

4 hours ago, BaanOz said:

I don't think this would be an easy task with us out of the country but would any one know the steps to take and costs to do this please?

My advice, don't waste your money on her relatives, don't worry about her relatives.

Let her do what she likes with money she earned.

 

If you lost your job in Oz, would they be helping you out with your mortgage?

Just wondering ..........

Edited July 26, 2020 by BritManToo

[sanuk711]

4 hours ago, BaanOz said:

Wife's family are in Phuket and we don't want to see them lose the home.

Or ---you could just help her parents out,  just for a few more months once the hold on repayments stops...... I take it the mortgage payment isn't that high.

 

Does there have to be strings attached to helping them ?........................................

[Banana7]

How much are the monthly mortgage payments?

 

[Peterw42]

15 minutes ago, BaanOz said:

Thanks ezzra and Peter.

Something seems a odd, I see back in April there was news about the Government Savings Bank suspending principal and interest payments for 6 months. Do you know if this something variable between their bank branches or customers? Also, mentions "they can enter a two-year loan suspension measure".
https://www.pattayamail.com/business/thai-government-bank-offers-assistance-to-loan-customers-affected-by-covid-19-296739
 

Yes if it comes to that, my wife wants to deposit (use Transferwise) into the home loan directly and (from sister) apparently this is not possible. It needs to be deposited into their account first ????

When did your wife find this out about the 3 month extension? Relos said yesterday suspension is over end of this month.

Wife will telephone the GSB branch tomorrow and see if they will answer some questions from a non customer.

Cheers.

The relos current 3 month grace period probably does end soon but pretty sure its just a case of entering into another one. Wife is with GHB (gov housing bank) and started to receive messages towards the end of the 3 months asking what she wanted to do.

All the banks are doing it and 2-3 options, you can not pay at all (gets added to the end of the loan), pay principle only with no interest, pay low interest etc.

There is no news here to indicate that the banks are no longer offering the grace options, especially the Government banks, as it would be part of broader Gov policy.

 

[BaanOz]

3 hours ago, Banana7 said:

How much are the monthly mortgage payments?

 

6800B

[BaanOz]

3 hours ago, sanuk711 said:

Or ---you could just help her parents out,  just for a few more months once the hold on repayments stops...... I take it the mortgage payment isn't that high.

 

Does there have to be strings attached to helping them ?........................................

Long story over 25+ years and really need strings unfortunately.

[moontang]

13 minutes ago, BaanOz said:

6800B

That's my dad's Comcast bill (tv, internet).  Putting wife's name on deed would be a transfer of ownership, and that would be up to the mortgager, not the mortgagee.  Also, she would likely be taking on a liability and not an asset.  There is recourse in LOS for mortgage defaults, meaning simp!y giving up the house usually doesn't end your liability.  Financially irresponsible family would be near term top of the list for reasons to not marry a Thai, but hey, they have nice skin.

[BaanOz]

1 hour ago, moontang said:

That's my dad's Comcast bill (tv, internet).  Putting wife's name on deed would be a transfer of ownership, and that would be up to the mortgager, not the mortgagee.  Also, she would likely be taking on a liability and not an asset.  There is recourse in LOS for mortgage defaults, meaning simp!y giving up the house usually doesn't end your liability.  Financially irresponsible family would be near term top of the list for reasons to not marry a Thai, but hey, they have nice skin.

Thanks Moontang, yep true except about liability. Land fully owned, house build wasn't overprice and currently about 60-70% equity. Values have dropped but doubt more than the loan is worth.

They had been paying more than the minimum payment so that gives a brownie point.

[moontang]

44 minutes ago, BaanOz said:

Thanks Moontang, yep true except about liability. Land fully owned, house build wasn't overprice and currently about 60-70% equity. Values have dropped but doubt more than the loan is worth.

They had been paying more than the minimum payment so that gives a brownie point.

Maybe offer to pay a quarter of it, and tell them they need to step up.  I have had similar discussions with the Thais and others in similar situations, and they can come off as really hard headed, acting like there are no options, when there are many.  The days of opening a bar like a lemonade stand may be over, but it isn't much harder to sell Phad Thai or BBQ chicken.  

 

A friend's GF told him she was quiting her job of several years because the owner didn't pay her during the shutdown.  Making 15-20k for front desk at a nicer guest house, with mostly phone time.  She has almost no chance of getting a better gig in the foreseeable future.  But, he has come through for her before, and that may have set a bad precident.  

 

Sell the house, and buy another one for cash...eliminating the payment.  I have done it, with zero regrets.  People get attached to their houses, when it is better to view them more like a can of Coke..use it, enjoy it, but you can always get another one.

[bkk6060]

12 hours ago, Peterw42 said:

You will find the mortgage relief can be extended for another 3 months, my wife has just extended for a second 3 months.

Becoming a part owner of the house would involve land office fees and taxes and refinancing the mortgage, probably a significant cost and better spent servicing the existing mortgage. In theory it could be done but almost impossible from outside of Thailand,

Maybe an lone agreement with a lawyer would be an option.

Wow.  You are the man of the family I presume?

So, you cannot afford to help out your wife and keep the payments up to date?

You on a UK pension?

Yes, these are tough times but it sure seems like a mans/husbands responsibility to provide proper financial support.  I know I would.

Very sad, sure hope you figure it out.

 

Edited July 26, 2020 by bkk6060

[rumak]

IMO  almost all of these "try to help out"  deals just go pear shaped.   Sooner..... or later.

 

Just like most things,  everyone thinks they will be different.

 

cynical ?  perhaps                        realistic ?   also perhaps

 

the character and ethics of the family is always what will decide the fate of "helping" .

sometimes it causes a lot more problems than just saying       you don't have the money as

your buffalo just got sick and your pick up was stolen

[wobblyjohn]

Woo Hoo

So youve got loads of cash to give away good for you

People who have real money dont insult others who have less 

For me everyone is the same wether they be a heir to a fortune or toilet cleaner

You get zero respect for yourself by posting like that

Go figure 

 

That was intended for the post above you Rumak

Edited July 27, 2020 by wobblyjohn

[Pravda]

7 minutes ago, wobblyjohn said:

Woo Hoo

So youve got loads of cash to give away good for you

People who have real money dont insult others who have less 

For me everyone is the same wether they be a heir to a fortune or toilet cleaner

You get zero respect for yourself by posting like that

Go figure 

 

That was intended for the post above you Rumak

I gave him a like cuz it's a factually correct post 90% of the time. 

 

 

[Tounge Thaied]

I would have your wife explain that you will pay the 3 months of mortgage payments should the loan not be extended... that would be the right thing to do. However, you can't pay their mortgage forever right. You could broach the subject again in the future if they are still unable to make the payments at a later time... then offer up that you can't simply keep making their payments for them beyond a certain point... my limit would be somewhere between 3-6 months and then you're going to have to hire a lawyer to work out what you are proposing. Having a neutral arbitor for dealings, especially family, is a good way of keeping potential issues flaring. 

[BritManToo]

12 hours ago, rumak said:

IMO  almost all of these "try to help out"  deals just go pear shaped.   Sooner..... or later.

 

Just like most things,  everyone thinks they will be different.

 

cynical ?  perhaps                        realistic ?   also perhaps

 

the character and ethics of the family is always what will decide the fate of "helping" .

sometimes it causes a lot more problems than just saying       you don't have the money as

your buffalo just got sick and your pick up was stolen

Living off tourists in Phuket ............... ethics unlikely to be anything but 'rotten'.

All the posters saying 'give the family money' = daft IMHO.

The more you give, the more they want and the less they like you is the norm here.

Edited July 27, 2020 by BritManToo

[Nanaplaza666]

14 hours ago, bkk6060 said:

Wow.  You are the man of the family I presume?

So, you cannot afford to help out your wife and keep the payments up to date?

You on a UK pension?

Yes, these are tough times but it sure seems like a mans/husbands responsibility to provide proper financial support.  I know I would.

Very sad, sure hope you figure it out.

 

And you want your wife to do the dishes and cook and clean like it supposed to be ???? it's 2020 not 1945 

[rumak]

1 hour ago, BritManToo said:

Living off tourists in Phuket ............... ethics unlikely to be anything but 'rotten'.

All the posters saying 'give the family money' = daft IMHO.

The more you give, the more they want and the less they like you is the norm here.

you and i have a lot more experience than the "give the family money"  group.

 

Disclaimer:   I never did lose money.... and was asked only once or twice to "loan" .(did not)

   First (and only) wife's family was ok .  Not bad people.  But I will always remember her

   two sisters not talking for a year after a fight over about 1 meter of land (width wise) that

   was from inheritance.

 

I never lost.  But the stories are endless on here from members who have had bad experiences !

The new ms rumak told me she hates (before she met me )  that some people asked her to borrow.

She is not rich (not really relevant, just saying) .   She says she knew that 80% she would not get

money back.  So always said no.  

[wombat]

On 7/26/2020 at 8:47 AM, BaanOz said:

(from sister) apparently this is not possible. It needs to be deposited into their account first ????

at this point my red flag went up

[rumak]

OMG :  I forgot !!  i did "loan"  2000 baht to a sweet young waitress at a Pizza shop i used to go to

in Bkk.    LONGGGGGGG time ago.   I really felt like i wanted to help.  Trusted her (would pay me

back in 2 weeks).    hahahaha    ok,  once was enough  ????

[Oldie]

If you want to help with money see it as donation. Don't expect any rewards. Just make sure that the people don't get used to your help. They might hate you if you stop your support. But help only if it makes sense. There needs to be a future without your help otherwise your help will just postpone problems or even create more. 

[robertson468]

On 7/26/2020 at 9:01 AM, BritManToo said:

My advice, don't waste your money on her relatives, don't worry about her relatives.

Let her do what she likes with money she earned.

 

If you lost your job in Oz, would they be helping you out with your mortgage?

Just wondering ..........

What unhelpful and miserable person you are.  I hope you never fall on hard times, only to find that no one has the sympathy to help you, particularly when it is a Family Member.  You would be better off not writing on this forum than submitting this dispicable piece.

[BritManToo]

Just now, robertson468 said:

What unhelpful and miserable person you are.  I hope you never fall on hard times, only to find that no one has the sympathy to help you, particularly when it is a Family Member.  You would be better off not writing on this forum than submitting this dispicable piece.

 

Best Daffy duck voice ........ you're despicable ........... (and I can spell it).

 

Edited July 27, 2020 by BritManToo

[BritManToo]

48 minutes ago, rumak said:

I never lost.  But the stories are endless on here from members who have had bad experiences !

The new ms rumak told me she hates (before she met me )  that some people asked her to borrow.

She is not rich (not really relevant, just saying) .   She says she knew that 80% she would not get

money back.  So always said no.  

I agree, I've only ever had great times in Thailand.

I've had fun relationships with many attractive women, got two great children and live in a nice house.

Never lent the family any money but do give granny 3k/month to live on as she's house sitting my son's farm.

Edited July 27, 2020 by BritManToo

[Aussiepeter]

I'm with you remak - wifes' uncle has been pleading for a loan for months to save his house, but the missus said "no way - you'll never see it again, as he owes $ all over LOS." I almost never lend money but the one time I did (to a Thai divorcee I had the hots for) I never saw her or the 12,000 baht, ever again. Never got as much as a kiss from her. However, it's swings and roundabouts in LOS too. Just before I met the missus about 20 years back, I was having a beer in a bar in CM and a gorgeous lass sat down next to me and told me she knew me - she certainly knew my real Christian name, albeit a common one. She told me that she was the cashier in a bar in Soi Cowboy and that I had once lent her 5K baht to help her parents and, that she wanted to "pay me back" for trusting her at the time. I told her the truth - that I didn't remember her. Nonetheless, she came home to my condo and "looked after my needs" as they say, for free for several days - then she left. Funny thing though, I am sure that I'd never seen her before in my life - but she insisted that I had and I was in no position to argue - she was drop-dead beautiful. Nice girl, shame she had a bad memory.

[4MyEgo]

On 7/26/2020 at 7:45 AM, BaanOz said:

Wife's family are in Phuket and we don't want to see them lose the home.

I am a firm believer that everyone makes their own bed, not wanting to see them lose the roof over their head is understandable, but it is a reality that a lot of people will because of the Covid situation.

 

On 7/26/2020 at 7:45 AM, BaanOz said:

We can help but before helping my wife wants her name as part owner of the home.

I would step back, I noticed you said we, her family, not your problem, although it could easily become yours if you want to step forward, ow think about that for a minute, clearly !

 

On 7/26/2020 at 7:45 AM, BaanOz said:

Home and land is currently in her sisters name and we prefer to continue to pay loan repayment, not pay the home off outright (but an option).

This is where it will get sticky, and I will leave that where it sits, again you have used the word "we", I am married, happily to my Thai wife of 13.5 years, and I know this, she would never ask me to get involved if her parents were about to lose their house, why, their bed, harsh as it sounds, they knew what they were getting into, situations change, they have to find a way out, and I am sure there is some gold laying around that can be sold, or a car or this or that to make some payments, just saying, strange when families here know a farang is in the background who the first person is going to be to ask help for, now you might say they haven't asked for help, but if you believe that, then you aren't really looking into this as clearly as you should be. 

 

I might be wrong, but it's your call, personally I won't offer you any advice as opposed to taking a step back, not your problem, you married your wife, not her family, if she wants to help and she works and has money, then as the Thai's say, "up to you/her", seen farangs rush in because they feel empathy, but only end up losing and ending up hating the wife's family, not to mention the strain it puts on the relationship because the wife can't apply the pressure she wants to because it's family.

 

Got to be cruel to be kind, now if my inlaws required hospitalisation in a private hospital and it was a life and death matter, naturally I would assist as I am the only breadwinner, in our marriage, and I wouldn't be looking at recouping the funds, however, that would be a life and death matter vs a personal decision to purchase a property while running a business which had to close due to covid which has impacted on them generating an income. 

 

Like I said earlier, has to be some gold lying around, a car, etc, etc, to sell to pay the mortgage, and the banks will see when money is put forward that they have tried to keep the banks happy and they will extend, banks don't foreclose when money is put into the mortgage.

 

Either way wish you best of luck with your decision, just don't say I didn't warn you, and if you don't help out, watch out for your new title, "Cheap Charlie" 

Edited July 27, 2020 by 4MyEgo