Condo: Landlord Bankrupt - What's Next?

[NoDisplayName]

8 hours ago, Sluglord said:

+ no returned keys

 

Landlord must have copies.

No point unless you changed the locks already.

[Sluglord]

4 hours ago, FritsSikkink said:

Reading the law

 

Thanks. No longer need your opinion.

[Sluglord]

4 hours ago, newnative said:

    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. 

 

THANK YOU

[Dan O]

9 hours ago, Sluglord said:

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

Banks don't step away from a loan. If the condo owner hasn't paid he's defaulted on the loan and the bank owns the condo if they're enforcing the loan agreement. WHo put the vacate notice on the door? The vacate notice may have come from the bank as they hold the loan. If that's the case the rent money should not go to the "owner" if he's in default already.

 

The condo management has no control over what the bank wants to although they will do whatever they can to "buy time" and not have it listed as foreclosed as it makes the building look worse.

 

Banks here typically dont force you out until the last second because they dont like recording the default on their financial books as it looks bad and they have to list the debt with an offsetting reserve (typically).  given how many people are probably in default it would overwhelm cash flow most lenders here. 

 

You need to find out where the loan status is and who issued the vacate notice and talk to them. If the loan is in default and they are "foreclosing" they may be happy to rent it to you as that helps offset there situation of non payment. THe owner you rented from may not actually be the "owner" at this point.

[metisdead]

A flaming post and the replies contravening our Community Standards have been removed.

[JimTripper]

29 minutes ago, Dan O said:

Banks don't step away from a loan. If the condo owner hasn't paid he's defaulted on the loan and the bank owns the condo if they're enforcing the loan agreement. WHo put the vacate notice on the door? The vacate notice may have come from the bank as they hold the loan. If that's the case the rent money should not go to the "owner" if he's in default already.

 

The condo management has no control over what the bank wants to although they will do whatever they can to "buy time" and not have it listed as foreclosed as it makes the building look worse.

 

Banks here typically dont force you out until the last second because they dont like recording the default on their financial books as it looks bad and they have to list the debt with an offsetting reserve (typically).  given how many people are probably in default it would overwhelm cash flow most lenders here. 

 

You need to find out where the loan status is and who issued the vacate notice and talk to them. If the loan is in default and they are "foreclosing" they may be happy to rent it to you as that helps offset there situation of non payment. THe owner you rented from may not actually be the "owner" at this point.

I think the Op would still lose the deposit though since the landlord has that money. If the bank honored the remainder of the lease the Op would be in the same situation of not wanting to pay the last two months.

[Captain Monday]

8 hours ago, Sluglord said:

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

Here is my understanding

You signed a rental. In any such contract both sides have rights and responsibilities. He can’t hold up his end of the bargain forclosed.

Forget about getting your deposit back unless you want to make a point spending more money on lawyers than it constitutes. You think you can get blood from a stone you admit the owner is broke. Time to move house and let it go. 
 

 Nothing in your rental agreement with this defaulted former owner  says you can stay two extra months so that in your mind your feel  you are not out of pocket. 
 

This is the same mentality of the scroungers  who don’t pay the last month or two rent and flee Thailand thinking they are smart not worried about return of deposit. 

Edited January 25 by Captain Monday

[JimTripper]

1 hour ago, Captain Monday said:

Here is my understanding

You signed a rental. In any such contract both sides have rights and responsibilities. He can’t hold up his end of the bargain forclosed.

Forget about getting your deposit back unless you want to make a point spending more money on lawyers than it constitutes. You think you can get blood from a stone you admit the owner is broke. Time to move house and let it go. 
 

 Nothing in your rental agreement with this defaulted former owner  says you can stay two extra months so that in your mind your feel  you are not out of pocket. 
 

This is the same mentality of the scroungers  who don’t pay the last month or two rent and flee Thailand thinking they are smart not worried about return of deposit. 

You sound confused. Why would they want to keep paying rent if the deposit is not returned?

 

If they don't pay two months they are even. The landlord is out nothing.

Edited January 25 by JimTripper

[Captain Monday]

1 hour ago, JimTripper said:

You sound confused. Why would they want to keep paying rent if the deposit is not returned?

 

If they don't pay two months they are even. The landlord is out nothing.

That is not how a lease works. Usually it says you pay for 12 months. Then when you move out they check for damages then reduce deposit returned  reduced based on the amount of repairs needed

 

Nothong says you can stop paying two months early then claim you don’t need your deposit back. That typical thinking of the scouse brain trust. 
 

in this case the original owner is broke and if the bank owns it now they should contact them maybe work out a deal. 

Edited January 25 by Captain Monday

[Skipalongcassidy]

20 hours ago, Sluglord said:

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

If what you say is true... you are no longer dealing with your previous landlord... he has breached your contract... you are dealing with his bank... go to them and find out the whole story... becoming vindictive is bad karma. 

[Dan O]

12 hours ago, JimTripper said:

I think the Op would still lose the deposit though since the landlord has that money. If the bank honored the remainder of the lease the Op would be in the same situation of not wanting to pay the last two months.

True about the deposit because that went to the owner not the bank so I would consider it gone. As for the free two months I think he needs to get the answer to actually controls the condo. If it's the bank then that's who he needs to deal with if he wants to stay there without issues.  If its that landlord then I would press for whatever I could and consider the remainder gone. If its still with the owner then I would also be looking to move out of there as the handwriting is on the wall. 

[JimTripper]

11 hours ago, Captain Monday said:

That is not how a lease works. Usually it says you pay for 12 months. Then when you move out they check for damages then reduce deposit returned  reduced based on the amount of repairs needed

 

Nothong says you can stop paying two months early then claim you don’t need your deposit back. That typical thinking of the scouse brain trust. 
 

in this case the original owner is broke and if the bank owns it now they should contact them maybe work out a deal. 

That's how it should work theoretically. Life is complicated.

 

In this case if the bank owns the property now the lease is toilet paper unless it says on the lease that it transfers over to the bank in a default. So the lease is not working at all and my guess is nobody cares what it says. There's no reason to pay a deadbeat landlord.

Edited January 26 by JimTripper

[Delight]

 i find this post confusing.

 

Condos (i.e. Condominium Juristic Person ) do not have landlords

 

The building is jointly owned by the co -owners.

Suspect that you are talking about something else

 

[treetops]

3 hours ago, Delight said:

 i find this post confusing.

 

Condos (i.e. Condominium Juristic Person ) do not have landlords

 

The building is jointly owned by the co -owners.

Suspect that you are talking about something else

 

 

The co-owner he rents from is his landlord surely, and it sounds like that co-owner hasn't paid his mortgage (loan) and the bank is in the process of repossessing the condo?

Edited January 28 by treetops

[Sluglord]

On 1/25/2024 at 8:11 PM, Dan O said:

Banks don't step away from a loan. If the condo owner hasn't paid he's defaulted on the loan and the bank owns the condo if they're enforcing the loan agreement. WHo put the vacate notice on the door? The vacate notice may have come from the bank as they hold the loan. If that's the case the rent money should not go to the "owner" if he's in default already.

 

The condo management has no control over what the bank wants to although they will do whatever they can to "buy time" and not have it listed as foreclosed as it makes the building look worse.

 

Banks here typically dont force you out until the last second because they dont like recording the default on their financial books as it looks bad and they have to list the debt with an offsetting reserve (typically).  given how many people are probably in default it would overwhelm cash flow most lenders here. 

 

You need to find out where the loan status is and who issued the vacate notice and talk to them. If the loan is in default and they are "foreclosing" they may be happy to rent it to you as that helps offset there situation of non payment. THe owner you rented from may not actually be the "owner" at this point.

Thanks. This is knowledge.

 

Agreed.

 

We have decided to run one month rent out. The other we'll put a few months electric bill against. He won't lose, but he won't get any pennies from heaven either.

 

Looking at the Bangkok Bank documented appears that some form of notice was served last May. We began renting in February and paid an entire year in advance.

 

He must have put little or nothing towards the condo because we find these documents on the door.

 

It's all entire so I can't inform more. My wife doesn't want to bother paging through three or four pages. The reality is obvious we need to leave as soon as possible.

 

Thanks to those who put in something more than an opinion especially a bad one.

 

Got the least bit concerned with the application of law. This guy is in all sorts of hot water.

 

Mod can close

[CartagenaWarlock]

On 1/24/2024 at 11:53 PM, Sluglord said:

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

Is this how people operate rental condos here in Thailand? Take the loan from the bank, rent it as long as it is profitable, and when it becomes unprofitable, just stop paying mortgages and collect as much rent and deposit as one can.