Advice needed

[Bangkok Black]

I found out today my wife owns a condo 😮

This is news to me and the first time I have heard about it.

Turns out her name is the main name on the blue book. 

 

From what I gather at the moment the condo is in her name to help her brother who up till now has lived there with his wife and son.

I can only guess it's because he might have bad credit or some other reason why it's not in his name.

Turns out he "can't afford it " anymore.

 

The first thing I said was he needs to either find someone to move in so my wife gets the rent money or he finds an estate agent and gets the condo sold ASAP.

I guess estate agents exist here?

I asked how much it was worth and was told 1 million ! 

I ain't happy about this as you can tell. In my mind, the brother needs to sort this out not just bail out.

 

What do you think? any adviceis  welcome please

 

 

 

[saakura]

The proverbial "brother". Wink wink. 🙂

[NorthernRyland]

9 minutes ago, Bangkok Black said:

I ain't happy about this as you can tell. In my mind, the brother needs to sort this out not just bail out.

 

What do you think? any adviceis  welcome please

 

 

So many irresponsible people. Thai's struggle saying no to family members and often the reasonable one in the family gets shouldered with the burden.

 

I wouldn't get involved in this unless your wife starts coming to you for money and makes it your problem now.

[Peterw42]

OP, name in blue book (registered occupants) is nothing to do with ownership. Name on the chanote (title deeds) is ownership.

Who is paying the mortgage ? You don't mention how much the mortgage repayments are. So long as the mortgage is being paid (i presume it is otherwise the bank would have repossessed), I don't see what the problem is. 

[johng]

17 minutes ago, Peterw42 said:

So long as the mortgage is being paid (i presume it is otherwise the bank would have repossessed), I don't see what the problem is. 

 

There might be a problem if the wife has signed as a "guarantor" for her brothers mortgage.

[Cameroni]

12 hours ago, Bangkok Black said:

I found out today my wife owns a condo 😮

This is news to me and the first time I have heard about it.

Turns out her name is the main name on the blue book. 

 

From what I gather at the moment the condo is in her name to help her brother who up till now has lived there with his wife and son.

I can only guess it's because he might have bad credit or some other reason why it's not in his name.

Turns out he "can't afford it " anymore.

 

The first thing I said was he needs to either find someone to move in so my wife gets the rent money or he finds an estate agent and gets the condo sold ASAP.

I guess estate agents exist here?

I asked how much it was worth and was told 1 million ! 

I ain't happy about this as you can tell. In my mind, the brother needs to sort this out not just bail out.

 

What do you think? any adviceis  welcome please

 

 

 

 

I think firstly your wife is not fully honest with you, which is of course a massive red flag. To hide something like this is a big problem and enough to create major trust issues.

 

She has not even disclosed the true reason why the condo is in her name, but most likely it is because the brother asked her to do it because he cannot get a mortgage for some reason, so I agree with your assessment.

 

This creates major issues, I once guaranteed a mortgage for my mother and I was on the hook if she did not pay. The same would apply to your wife, her name is in the title.

 

Of course now he can't afford it anymore the caca is about to hit the fan, so your assessment of finding a tenant or effecting a sale seems a reasonable way to deal with the issue.

 

I would have a serious talk with the wife about hiding important things from you. This is wholly unacceptable.

[Kinnock]

Brother will be in debt, possibly from buying the condo, and they transferred it to your wife's name to try and avoid repossession by the lender.

 

Raises several questions .....

 

Is your wife's name now on the Chanote? ( big A3 sized light brown document)

 

Who paid the tax on transfer of the property?

 

Did she pay anything for the property?

 

Is your wife a guarantor for the loan?

 

If she has to transfer it back to her brother in the future, who pays for the transfer?

 

Is her brother paying the interest on the loan, or he now caught in the compound interest trap?

 

Is the loan with a bank or formal finance organisation, or with a local money lender/gangster?

 

Is the value of the property more or less than the loan?

[Delight]

 This is her condominium. 

Legally speaking -you have no say.

All that  you detail is simply a family affair.

[Bangkok Black]

11 hours ago, Peterw42 said:

OP, name in blue book (registered occupants) is nothing to do with ownership. Name on the chanote (title deeds) is ownership.

Who is paying the mortgage ? You don't mention how much the mortgage repayments are. So long as the mortgage is being paid (i presume it is otherwise the bank would have repossessed), I don't see what the problem is. 

From what I can gather the brother is paying all the bills at the moment but it seems cant keep on doing so