jumbo Posted December 16, 2023 Share Posted December 16, 2023 An elderly German friend came to me with the following issue, and I could not give him proper advise The land they live on is owned by his wife and her daughter The house they all live in is owned by the daughter On the land mother and daughter have a loan equal to 50% of the value of the land House is free His wife is guarantor for her sisters mortgage on the sisters house and she informed the wife that she could no longer pay the mortgage His question is; when the bank would call on his wife, being the guarantor, what could they do, he is afraid they will take the land and do something with Sell it or jeopardize the house in any way..... Anyone has any idea?? Or suggestion? thanks Link to comment Share on other sites More sharing options...
CharlieKo Posted December 16, 2023 Share Posted December 16, 2023 If his wife can't make the payments, they will take the land. 1 2 Link to comment Share on other sites More sharing options...
IvorBiggun2 Posted December 16, 2023 Share Posted December 16, 2023 The OP doesn't say what the land title is. Quote Holders can only use land as a guarantee to get a small loan from government banks. Despite these strict rules, many holders remain poor and then illegally transfer the plots to investors and land grabbers. Much Sor Por Kor land is misused as rich investors use it to build large hotels or even mining sites. Link to comment Share on other sites More sharing options...
Olav Seglem Posted December 16, 2023 Share Posted December 16, 2023 Of course the bank will resell it i fail to make down payment of the loan. Thats the whole reason for the morgage. (And why putting up "your house" in thailand for such, should be a "no NO" !!! 1 Link to comment Share on other sites More sharing options...
jumbo Posted December 16, 2023 Author Share Posted December 16, 2023 21 hours ago, CharlieKo said: If his wife can't make the payments, they will take the land. That is what I though to, but the land is only in her ownership for 50% and the house, not her property, is built on it How can they take and sell? Link to comment Share on other sites More sharing options...
jumbo Posted December 16, 2023 Author Share Posted December 16, 2023 20 hours ago, IvorBiggun2 said: The OP doesn't say what the land title is. SCB loan, they first bought the land and then built the house. house is free of mortgage but not in his wife his name Land repayment is low, i understand around 3.000 thb per month so they did not bother to pay down Link to comment Share on other sites More sharing options...
jumbo Posted December 16, 2023 Author Share Posted December 16, 2023 18 hours ago, Olav Seglem said: Of course the bank will resell it i fail to make down payment of the loan. Thats the whole reason for the morgage. (And why putting up "your house" in thailand for such, should be a "no NO" !!! House has not been put up for anything as it is not the wife her property Who would sell or buy land for that matter that has another person his property on it???? Link to comment Share on other sites More sharing options...
IvorBiggun2 Posted December 17, 2023 Share Posted December 17, 2023 22 hours ago, IvorBiggun2 said: The OP doesn't say what the land title is. The OP still doesn't say what the land title is. 1 hour ago, jumbo said: Who would sell or buy land for that matter that has another person his property on it???? It happens here. Unless the buyer of the land and the owner of the house come to an agreement the owner of the land can legally deny access to the house. Link to comment Share on other sites More sharing options...
motdaeng Posted December 17, 2023 Share Posted December 17, 2023 2 hours ago, jumbo said: Who would sell or buy land for that matter that has another person his property on it???? it might even be possible that the new landowner denies the houseowner any access to his "own house"! this is thailand, how knows ... it doesn't make sense to take this risk. Link to comment Share on other sites More sharing options...
jumbo Posted December 18, 2023 Author Share Posted December 18, 2023 On 12/17/2023 at 7:54 AM, IvorBiggun2 said: The OP still doesn't say what the land title is. It happens here. Unless the buyer of the land and the owner of the house come to an agreement the owner of the land can legally deny access to the house. Land is 2 rai, the loan is 50% of value... so they could pass on 1 rai.... But it is a crappy situation for sure I will advise him to talk to a lawyer...need one that speaks German as he barely speaks English Link to comment Share on other sites More sharing options...
jumbo Posted December 20, 2023 Author Share Posted December 20, 2023 Update. We visited a lawyer yesterday. He explained the best way to prevent an issue is to pay down the land loan or, if needed, move the loan to the house. Then change ownership of land to daughter That way the wife has no ownership of anything and nothing can be taken by the bank. I think they understand the issue, the bank visit is theirs 1 1 Link to comment Share on other sites More sharing options...
YaDongImproved Posted December 21, 2023 Share Posted December 21, 2023 1. The bank goes to court and get a judgment. You will know by the judgement exactly how much is owed with interest and sometimes legal fees. 2. The bank can execute the judgment with the department of legal execution department (https://www.led.go.th/?lang=en) It is an auction and takes months normally. They can execute on any of the property belonging to the people mentioned in the judgment, including the guarantors that are normally part of the case. The people sued can get a copy of the decision at the provincial court (which is probably the one have jurisdiction depending on amounts) easily. Bank rarely calls. They send documents at the official address of the people which is their ta bian baan. You have 15 days to make a defense if you receive it in hands and 30 days if put on the door. Sebastien from ThaiLawOnline. Link to comment Share on other sites More sharing options...
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