A Work Around Found?

[ozsamurai]

OK, lets see if any MYTHBUSTERS are reading here. A few months back I was having a beer in a pub in Manila, I got chatting to the guy on the next table. The conversation turned to foreigner land ownership in the Philippines, which is similar to that in LOS, wifes name etc.... Anyway, he says he found a work around, being that he secured a mortage loan for his land from the Royal Bank of Scotland, who also trade in the Philippines. They of course for their fee, secure the title for the land in the purchasers (farang) name as any bank would, and hold the title in escrow until the loan is payed off which it never is. His story goes, he subsequently paid of all but 1 peso of his loan, deposited that peso in the RBS in the Isle of Mann, under his name of course. In the event of his death, the loan gets paid out, the will kicks in and off we go. If all goes haywire, he sells, money comes back to him not potentially goldigging wife. So now, could this fly in LOS? A foreign bank trading here etc.... any Mythbusters here??? We hadn't had that many beers and he actually had done this in the Phils......hmmmm food for thought.

[WilliamJarvis]

you would need to check the current Bank of Thailand regulations, but I don't think foreigners are allowed to have mortgages in Thailand. They can sign to guarantee a mortgage, but, so far as I am aware, cannot be the mortgagor.

[Prakanong]

you would need to check the current Bank of Thailand regulations, but I don't think foreigners are allowed to have mortgages in Thailand. They can sign to guarantee a mortgage, but, so far as I am aware, cannot be the mortgagor.

What about the mortgages in Singapore for Thai property by OUB (maybe they are for condo's only though)?

[WilliamJarvis]

^as I recall, they are only for condos.

[niggle]

At 1st glance that sounds like the way Islamic banks operate - the bank buys the property and the mortgagee pays the bank (at a determined rate which incorporates interest which mulims claim they cannot pay)

[Naam]

he says he found a work around, being that he secured a mortage loan for his land from the Royal Bank of Scotland, who also trade in the Philippines. They of course for their fee, secure the title for the land in the purchasers (farang) name

there's the flaw or perhaps misunderstanding as this is not possible, neither in the Philippines nor in Thailand.

[Gary A]

I think it was just beer talk. If the property could be in the farang's name there would be no problem anyways.

[egg6447]

what i did with a g/f was buy in her name my lease but she took out a loan/mortgage from me. all done with thai lawyer. this has been tested as i did throw her out . she went to the bib and they told her it was water tight. but then what would they know. not tested in court. the only way to go.

[Khun Jean]

^ The key is that she was a girlfriend. When you are married it will not work.

Another thing she could do is just pay you back, or not pay you at all until she sold the land or found a new boyfriend.

Watertight it surely is not.

Edited April 27, 2008 by Khun Jean

[PattayaParent]

you would need to check the current Bank of Thailand regulations, but I don't think foreigners are allowed to have mortgages in Thailand. They can sign to guarantee a mortgage, but, so far as I am aware, cannot be the mortgagor.

A Farang can obtain a mortgage.

But the story sounds like BS anyway, paying off all but 1 peso