Sell A House – Take Back A Mortgage?

[PMK]

Hi,

The wife will be selling a house to another Thai and will take back a mortgage on the property. I’d like to hear from anyone that has done this and any thoughts on possible pitfalls or other advice.

Thanks,

Peter

[quiksilva]

Frankly I think unless mortgages are with traditional lenders they can be fraught with legal complications. There are pitfalls galore for the unwary. The variety of methods to initiate foreclosure (by an unregulated lender) is only limited by their imagination. How will they charge interest? ("Loan sharks" spring to mind) if at all possible it should be avoided.

If you need a loan and have the collateral (and it sounds like you do) why don't you talk to the bank?