Land Repossion By Bank

[Mrjlh]

The short version:

Thai lady buys land with Thai husband, land is in her name, they get divorced.

Ex says he'll make payments on the land but doesn't.

Seven years go by and Bank defaults on the loan for lack of payment and sells the property. I can understand the repossession in this case.

Bank finally contacts Thai lady and wants money for the land which it has now been sold. Why it took so long I'm uncertain of details.

Questions:

Is this legal for the Thai bank (which took possession of the property and sold it for either profit or loss) to now ask for her to keep paying on the loan?

Because I can't get a complete answer from her, is it possible she paying for "interest only" on the loan, and is that legal for the bank to do?

I've suggested she talk to a lawyer but she saids she has no recourse. I'm not certain this is legal for the Thai Bank to do but I don't know Thai law. It all doesn't sound right to me. The land was the collateral in the loan and if the bank reposed the land and sold it, she should be clear and free of it. It was the banks choice to sell for profit or loss. Only now she would have on her credit record a repossession.

[GuestHouse]

To take posession of the land the bank must first take the debtor to court and the court takes control of the land.

The court then sells the land and splits the money three ways.

1st share - Court

2nd Share - Bank

remenants - Debtor

if the debt is not cleared by the sale the bank can still ask for payment of the outstanding debt.

[Mrjlh]

To take posession of the land the bank must first take the debtor to court and the court takes control of the land.

The court then sells the land and splits the money three ways.

1st share - Court

2nd Share - Bank

remenants - Debtor

if the debt is not cleared by the sale the bank can still ask for payment of the outstanding debt.

Thank you for yor reply. She never went to court per my knowledge so it sounds like the bank is making her pay off the loan. If that's the case she still owns the land. And once it's paid off she owns it. But she told me the bank sold it, but from what you just that can't be true. Unless the ex-husband went to court instead. But then he can't because he's not on the deed or the legal owner...or that's what I assume. I'll be seeing her next week and I think I'll get more info on this issue and report back. Thanks again.

[alive555]

if u have the title deed or the exact location go the the lands department and see who owns it . 500 baht..

[joskydive]

To take posession of the land the bank must first take the debtor to court and the court takes control of the land.

The court then sells the land and splits the money three ways.

1st share - Court

2nd Share - Bank

remenants - Debtor

if the debt is not cleared by the sale the bank can still ask for payment of the outstanding debt.

Thank you for yor reply. She never went to court per my knowledge so it sounds like the bank is making her pay off the loan. If that's the case she still owns the land. And once it's paid off she owns it. But she told me the bank sold it, but from what you just that can't be true. Unless the ex-husband went to court instead. But then he can't because he's not on the deed or the legal owner...or that's what I assume. I'll be seeing her next week and I think I'll get more info on this issue and report back. Thanks again.

It sounds to me that she has been to court otherwise the bank would not be able to sell the land to another person and the reason why she still has to pay money to the bank is that the land was sold for less than her debt to them.

The best way to check who the actual owner is, is go to the Land office as ALIVE555 has suggested.

[dotcom]

A.K.A. Foreclosure.

My daughter is about to get her car repossed. She will get not one stang. She will lose about 700k.

[haltes]

If she has refused to attend court the bank can take possession without her attendance at a court hearing.

IF the bank took possession and forced a sale, she is still in debt for any load amount still outstanding.

It sounds a bit fishy to me. If the deed was not in the ex's name or if it was in joint names then he has no need to keep up payments and it is very unlikely that any debt in her name only would be covered by any alimony.

Edited April 11, 2008 by haltes

[rjmq]

If she has refused to attend court the bank can take possession without her attendance at a court hearing.

IF the bank took possession and forced a sale, she is still in debt for any load amount still outstanding.

It sounds a bit fishy to me. If the deed was not in the ex's name or if it was in joint names then he has no need to keep up payments and it is very unlikely that any debt in her name only would be covered by any alimony.

Hmm, I've encountered this behaviour a few times with my girlfriend where she raises legal problems as the rationale for some money.

I've learnt that you should validate every element of the story and often the whole thing goes away.

Case in point, when I first met her she was moving out of a rented place and having a dispute with the owner - who was a foreigner from my country, working in an industry I know well and have contacts in.

So I thought, yeah I can help. I analyzed the problem and determined that according to her story she was owed about $2000 (this was not in Thailand), and suggested I contact the landlord to sort it out. I'm from the same country as the landlord so there were no cultural issues, and we're no more than 2 degrees of separation removed via industry connections, what could go wrong?

My girlfriend immediately started backing away, but I insisted and after a couple of days she agreed to let me contact the landlord. I spoke to the lady over the phone who made some non-committal statements and asked me to email details and she would respond.

Fair enough, so I put the phone down and explained to my girlfriend, who got quite grumpy and told me to forget the whole thing.

I don't think she told me the whole story and was just pasting a story over a request for money (which I gave her anyway).

We're still together and I love her very much, but this sort of thing comes up every now and again, and often it just fades away when I probe.

Other times, it turns out the be much less serious and very easily resolved.

Bottom line: ask for details, validate the details.

[roygsd]

If she has refused to attend court the bank can take possession without her attendance at a court hearing.

IF the bank took possession and forced a sale, she is still in debt for any load amount still outstanding.

It sounds a bit fishy to me. If the deed was not in the ex's name or if it was in joint names then he has no need to keep up payments and it is very unlikely that any debt in her name only would be covered by any alimony.

Hmm, I've encountered this behaviour a few times with my girlfriend where she raises legal problems as the rationale for some money.

I've learnt that you should validate every element of the story and often the whole thing goes away.

Case in point, when I first met her she was moving out of a rented place and having a dispute with the owner - who was a foreigner from my country, working in an industry I know well and have contacts in.

So I thought, yeah I can help. I analyzed the problem and determined that according to her story she was owed about $2000 (this was not in Thailand), and suggested I contact the landlord to sort it out. I'm from the same country as the landlord so there were no cultural issues, and we're no more than 2 degrees of separation removed via industry connections, what could go wrong?

My girlfriend immediately started backing away, but I insisted and after a couple of days she agreed to let me contact the landlord. I spoke to the lady over the phone who made some non-committal statements and asked me to email details and she would respond.

Fair enough, so I put the phone down and explained to my girlfriend, who got quite grumpy and told me to forget the whole thing.

I don't think she told me the whole story and was just pasting a story over a request for money (which I gave her anyway).

We're still together and I love her very much, but this sort of thing comes up every now and again, and often it just fades away when I probe.

Other times, it turns out the be much less serious and very easily resolved.

Bottom line: ask for details, validate the details.

Even good goal keepers make a slip up sometimes!

The odds are you you will take your eye off the bll at some point and for sure an own goal will result,

without trust whats left?

I wouldnt want to be in your shoes

Keep scanning the horizon, another one on the way sooner rather than later I suspect

Still you must be ok with the situation or you wouldnt be there

best of luck

Roy gsd

[MrIrrisistable]

A.K.A. Foreclosure.

My daughter is about to get her car repossed. She will get not one stang. She will lose about 700k.

What an awesome parent.

[dave111223]

A.K.A. Foreclosure.

My daughter is about to get her car repossed. She will get not one stang. She will lose about 700k.

What an awesome parent.

I have to agree with MrIrrisistable.

Obviously there are some times when kids need to taught a lesson, but losing 700K and having your credit totally F**ked seems like a pretty dam_n big lesson to learn (of course this is assuming that you are in fact not helping out to make a point, and not just too broke to help out)