Condo: Landlord Bankrupt - What's Next?

[Sluglord]

Background: Returned to condo about two weeks back and found bank notice on the handle of the door. Appears landlord given notice the bank is stepping away from the loan, wants 'owner' to pay in full. My wife has told me that the date the bank actually wanted resolution was May of LAST year judging by document.

 

Can anyone tell me what the process is here? The building admin tells us no worries and can stay easily another 90 days. My wife's friend with lawyer husband says same.

 

Can anyone further enlighten me?

 

We are simply looking to get our security deposit back by staying on two additional months. Owner is ok with one but wants us to pay thereafter. I'm not paying or if I must will leave electric bin + no returned keys - this guy has four condo 8n building, two are under water. He's got no money and at best robbing Peter to pay Paul.

 

Thank you

[OneMoreFarang]

4 minutes ago, Sluglord said:

We are simply looking to get our security deposit back by staying on two additional months. Owner is ok with one but wants us to pay thereafter. I'm not paying or if I must will leave electric bin + no returned keys

And with that you will likely breach the contract which you signed.

Of course, you have to pay your bills and return the keys. 

[Sluglord]

2 minutes ago, OneMoreFarang said:

And with that you will likely breach the contract which you signed.

Of course, you have to pay your bills and return the keys. 

 

I didn't ask your opinion on that matter and really don't care.

 

Why would I care if I breached a contact with a person who's taken my money, not paid the bank. Placed us in jeopardy, addl costs. the move in and out will cost 8-10k with incidentals. What's he going to do?

 

He's breached two mortgage contracts and I'm supposed to worry about one month rent with this guy? Lol.

[eisfeld]

13 minutes ago, OneMoreFarang said:

And with that you will likely breach the contract which you signed.

Of course, you have to pay your bills and return the keys. 

 

Looks like the landlord refuses to return the full security deposit so he's breached it first.

[FritsSikkink]

Just return the keys, no use to you. Taking the month and not paying the electric sounds fair as long as you haven't damaged the property too much.

[JimTripper]

The 'vacate by' date on the notice?

Collecting rent and not paying the mortgage is common when things go bad.

[digbeth]

Even if the court ordered the condo be sold(auction) to recover the cost to the bank you have plenty of time to stay and might be able to work a deal with the new buyer even

[retarius]

This is bad news. I'm assuming you rent? This has all the hallmarks of a financial and housing disaster for the person left holding the bag when the music stops.

I've always avoided condos (buying or renting) because the financial responsibility when things goes wrong never seemed to be very clear (to me at least).

I'd be inclined to look around for somewhere else like a whole house owned by one person, and stay at the condo rent free for as long as you can. Be prepared to walk away (moonlight flit) at a moment's notice.

[JimTripper]

Just stop paying. Worse case scenario you get evicted. So what. It's not the end of the world, it's just an eviction.

[Sluglord]

52 minutes ago, digbeth said:

Even if the court ordered the condo be sold(auction) to recover the cost to the bank you have plenty of time to stay and might be able to work a deal with the new buyer even

Thanks

[Sluglord]

27 minutes ago, JimTripper said:

Just stop paying. Worse case scenario you get evicted. So what. It's not the end of the world, it's just an eviction.

Agreed but we're not getting evicted.

 

He's okay with us using one month's security for rent. He just doesn't want to lose the whole thing.

 

My only and primary concern is if the bank shows up and locks the place changes the keys.

 

Otherwise we just run it into the ground as he has.

[Sluglord]

50 minutes ago, retarius said:

This is bad news. I'm assuming you rent? This has all the hallmarks of a financial and housing disaster for the person left holding the bag when the music stops.

I've always avoided condos (buying or renting) because the financial responsibility when things goes wrong never seemed to be very clear (to me at least).

I'd be inclined to look around for somewhere else like a whole house owned by one person, and stay at the condo rent free for as long as you can. Be prepared to walk away (moonlight flit) at a moment's notice.

We are two people and not the least bit interested in renting an entire house. Especially as we live ground zero Bangkok

 

If an owner goes tits up on a house or a condo it makes little difference to the renter

 

If you somehow believe that this makes a case for ownership. I would strongly disagree. A simple inconvenience of moving and maybe losing a few thousand baht as opposed to being stuck with a condo which all of our in perpetual decay.

 

 

I would agree though I think that there is a blow up coming and I see it in all of the empty condos in our building, next building over, and all of the 10 condos that I've looked at in the past few days.

[Sluglord]

1 hour ago, FritsSikkink said:

Just return the keys, no use to you. Taking the month and not paying the electric sounds fair as long as you haven't damaged the property too much.

The keys are just the sweetener to get what is due. Creating inconvenience, incentive for him if he doesn't feel convenient enough to do what is right in return my deposit. Nothing more

[JimTripper]

18 minutes ago, Sluglord said:

Agreed but we're not getting evicted.

 

He's okay with us using one month's security for rent. He just doesn't want to lose the whole thing.

 

My only and primary concern is if the bank shows up and locks the place changes the keys.

 

Otherwise we just run it into the ground as he has.

If the bank gives a notice to vacate all deals (lease) is void. You're just a squatter at that point. I'm pretty sure they would leave a date to vacate the property by on the door.

[Lacessit]

IMO the bank can only force you to leave by changing the locks, which might require the co-operation of building management.

If they give you notice to vacate, negotiate for more time. Point out it is in their interest you take care of the place until you leave.

[Sluglord]

46 minutes ago, JimTripper said:

If the bank gives a notice to vacate all deals (lease) is void. You're just a squatter at that point. I'm pretty sure they would leave a date to vacate the property by on the door.

Thanks, I think so as well but was looking for someone here that might actually have a better understanding. Appreciated

[Sluglord]

26 minutes ago, Lacessit said:

IMO the bank can only force you to leave by changing the locks, which might require the co-operation of building management.

If they give you notice to vacate, negotiate for more time. Point out it is in their interest you take care of the place until you leave.

Thank you

 

Yeah, we only need notice. Not looking to get in the middle of anything. Plenty of condo to rent.

 

My wife is on great terms with the building admin as well as the cleaning staff.

 

Building admin has our backs. He's not paid condo fees in years as well.

[Chris Daley]

Put the phone on the talking clock, lock the door and go on a long vacation.

[OneMoreFarang]

3 hours ago, Sluglord said:

I didn't ask your opinion on that matter and really don't care.

 

Why would I care if I breached a contact with a person who's taken my money, not paid the bank. Placed us in jeopardy, addl costs. the move in and out will cost 8-10k with incidentals. What's he going to do?

 

He's breached two mortgage contracts and I'm supposed to worry about one month rent with this guy? Lol.

 

That's like: He stole my money and now I steal his money.

You don't have to be a legal expert to realize that if person A does something wrong that doesn't give person B the right to also do something wrong.

It might be that you don't care. But maybe you start to care if he sues you for not paying the rent and not returning the keys. You will lose. And then don't say nobody warned you. 

[JimTripper]

3 hours ago, OneMoreFarang said:

And with that you will likely breach the contract which you signed.

Of course, you have to pay your bills and return the keys. 

 

If they get a vacate notice on the door, that's a landlord breach of contract, not a renter breach. The deposit would be required back immediately in that case.

[Sluglord]

47 minutes ago, OneMoreFarang said:

 

That's like: He stole my money and now I steal his money.

You don't have to be a legal expert to realize that if person A does something wrong that doesn't give person B the right to also do something wrong.

It might be that you don't care. But maybe you start to care if he sues you for not paying the rent and not returning the keys. You will lose. And then don't say nobody warned you. 

You're a laff and a half.

 

Let him go to the bother of suing for 9k. He can tell the judge also how he wasted 6k of mine in move in expenses (not moving expenses). He can then tell the judge all about two condos in bankruptcy and how he has taken my money, not a satang toward the mortgage and done whatever with it.

 

I didn't return the keys bc we *lost* them. Oh well

 

You don't seem to understand Thailand very well.

 

It's such small money, such a hassle no way he'll come after one month rent which in the end will be two weeks

[FritsSikkink]

2 hours ago, Sluglord said:

The keys are just the sweetener to get what is due. Creating inconvenience, incentive for him if he doesn't feel convenient enough to do what is right in return my deposit. Nothing more

Losing the keys can happen to anyone, threaten to keep them if he doesn't comply with your (valid) request could end up with an extortion charge. 

[Sluglord]

Just now, FritsSikkink said:

Losing the keys can happen to anyone, threaten to keep them if he doesn't comply with your (valid) request could end up with an extortion charge. 

 Of course, lost them.

 

Stolen. Oops..

 

Extortion lol. How do you guys dream this stuff up.

[FritsSikkink]

16 minutes ago, Sluglord said:

 

Extortion lol. How do you guys dream this stuff up.

Reading the law

[newnative]

    I think you have at least 2 months; things tend to move slowly with foreclosures.   I'd start looking for another place while planning to stay the 2 months.  If the landlord wants you out in a month he needs to return the security deposit. 

[OneMoreFarang]

32 minutes ago, Sluglord said:

You don't seem to understand Thailand very well.

Good that we have experts like you here.

Maybe next time you shouldn't ask "what next" but give us all a lecture how to do things in Thailand. Or maybe create a YouTube channel, "Me, the Thailand Expert" or something like this. Good luck with the rest of your life. 

[JimTripper]

It's unlikely you will stay very long. The thought of someone coming in unannounced, or taking your things when you are out, as time goes on wears on you and makes it too uncomfortable to stick around and not worth it.

[scubascuba3]

Find a new condo and move out, why have all the drama that will likely happen

[JimTripper]

38 minutes ago, scubascuba3 said:

Find a new condo and move out, why have all the drama that will likely happen

Read the post again. They are interested in getting the deposit back in time spent living there if the landlord is broke.

[scubascuba3]

33 minutes ago, JimTripper said:

Read the post again. They are interested in getting the deposit back in time spent living there if the landlord is broke.

Yeah i know i read it, just offset it against the rent, but move out ASAP is better to avoid the drama