Ex-Labour Ministry secretary faces horror as 40 million baht property title deeds vanish

[webfact]

 

A former Labour Ministry secretary revealed a shocking case where his mortgage title deeds for a home and land worth 40 million baht have disappeared.

 

The property, a 418 square metre lot in an upscale village in Nonthaburi province, was mortgaged to a reputable bank in 2003.

 

Paisan (surname withheld) explained that he had been regularly servicing the debt, reducing the outstanding amount to 23.3 million baht. The 68 year old had recently found a buyer for the property for 35 million baht, which would have covered the remaining debt with a surplus.

However, a nightmare unfolded when he visited the bank to request the return of his title deeds. The bank insisted he first had to deposit 1.3 million baht, which he did using part of the buyer’s deposit.

To his shock, the bank then informed him that his title deeds had been lost since 2018 and suggested he should apply for new ones.

 

by Nattapong Westwood

Photo courtesy of KhaoSod

 

Full story: The Thaiger 2023-12-16

 

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by Nattapong Westwood

Photo courtesy of KhaoSod

[ukrules]

Trust nobody I guess, even the banks because they clearly don't give a ###t

[ezzra]

No mystery here as banks holds millions of title deed in their safes and a few tend to get misplaced, although it is a bid

of a headache to re-issue a new one but it is doable...

[hotchilli]

3 hours ago, webfact said:

To his shock, the bank then informed him that his title deeds had been lost since 2018 and suggested he should apply for new ones.

Reading the link I think he has a case to sue for financial losses from the bank who admit they lost his title deeds.

An apology and sorry you have to fund everything yourself plus losses is not on.

[hotchilli]

21 minutes ago, ezzra said:

No mystery here as banks holds millions of title deed in their safes and a few tend to get misplaced, although it is a bid

of a headache to re-issue a new one but it is doable...

Did you read the link?

[ChrisY1]

They build really ugly houses here....architects seem to have no idea of modern trends!

[sungod]

34 minutes ago, ChrisY1 said:

They build really ugly houses here....architects seem to have no idea of modern trends!

 

Given it's at least 20 years old perhaps it was all the rage when it was built?

[Drumbuie]

30 minutes ago, sungod said:

 

Given it's at least 20 years old perhaps it was all the rage when it was built?

Looks like the sort of standard McMansion property developers  love to build in the UK, crammed together as tightly as possible while still qualifying as "detached". 

[Srikcir]

5 hours ago, webfact said:

suggested he should apply for new ones

And then imagine finding the property had been sold which is why the bank no longer held the deed and why it couldn't find the deed? Possible in Thailand?

[rwill]

How would the bank know when they lost them?

 

Anyway he could probably get a replacement deed in a couple of days. 

[shackleton]

If the bank knew the title deeds were missing since 2018 

Why was he not informed at the time 

Seems something is not right here anyway The bank is responsible they should get  or pay for the replacement deeds 

[Olav Seglem]

The bank is of course responsible to solve the matter-they can afford it.

But still puzzles me-how could he get/manage maintain a loan at that size on his salary ????

Rice is cheap, but ??? :-)

 

[ujayujay]

5 hours ago, ChrisY1 said:

They build really ugly houses here....architects seem to have no idea of modern trends!

Yes, Thai architects are always impressed by self-proclaimed western amateur architects who want to explain how Asian architecture works😂🤣😂🤣😂🤣

[SAFETY FIRST]

10 hours ago, webfact said:

request the return of his title deeds. The bank insisted he first had to deposit 1.3 million baht

You could have told me the bad news before I gave you the 1.3M baht 

 

[fondue zoo]

The bank will replace them, it's Thailand so just a few extra steps.

Plus they found a copy on the back of passport photocopy at CW immigration, so all good.

[frazze]

Why did he sell it for 35 million if it was worth 40?

[Mr Meeseeks]

On 12/16/2023 at 1:19 PM, ujayujay said:

Yes, Thai architects are always impressed by self-proclaimed western amateur architects who want to explain how Asian architecture works😂🤣😂🤣😂🤣

 

Thai architecture is hideous mate.