peter2076 Posted April 19, 2010 Share Posted April 19, 2010 I am the guarantor on a mortgage for a house I bought for my wife and children. We are leaving Thailand soon and I don't think I will be able to rent or sell mu house. What are the implications if I just walk away from the mortgage? Can the bank, UOD, do anything to mess with my visa? Can the bank go after other assets that my wife has (land)? Can the bank come after my earnings if I live in Thailand again? Say 5 years from now? How long will my wife and I be on a bank black list? Please advise. Link to comment Share on other sites More sharing options...
Soutpeel Posted April 19, 2010 Share Posted April 19, 2010 If you are bailing permanently, never to return and no assets to attach here...yeah why not... If you are maintaining any form of asset/tie...ie your mrs has land...wouldnt do it, the bank can attach the land, and in theroy they can chase you overseas if there is enough money involved and they find out were you are living..... Link to comment Share on other sites More sharing options...
prefabs Posted April 19, 2010 Share Posted April 19, 2010 Whatever your reason for leaving, it serves no purpose to put yourself up for a load of stress and worry. The bank, I assume, are not responsible for your problems. So why should they suffer? If they decide to come after you because they suffered a loss, then fair enough. That is the way busines operates As you are prepared to walk away with nothing, might you not reconsider your selling price? Try to sell for as much as is left on the mortgage, pay it off, and you will have no future worries. Not to mention your wife will still be able to hold her head up high in the community. Or is price not the reason why you expect not to sell the house? That may be another problem Link to comment Share on other sites More sharing options...
bino Posted April 19, 2010 Share Posted April 19, 2010 Can't tell you from personal experience because I am a responsible person, but I would imagine that any or all of the above are possible. Link to comment Share on other sites More sharing options...
wintermute Posted April 19, 2010 Share Posted April 19, 2010 I'm not sure if Thailand has a debtor's prison or not but fleeing from a loan could be interpreted as financial fraud under Thai law. That means if it's a high enough sum they could report it to police and then you can kiss any chance of returning to Thailand goodbye. Link to comment Share on other sites More sharing options...
maccaroni man Posted April 19, 2010 Share Posted April 19, 2010 i have purchased a few npl and i can tell you that it takes many years for the process from default to bank repossession and sale i.e as many as 10yrs. you can fit that timeline into your own situation. Link to comment Share on other sites More sharing options...
Forethat Posted April 19, 2010 Share Posted April 19, 2010 (edited) I don't get this. You're the guarantor on a house you bought for your wife and children? If you bought the house you are the borrower. If you are the guarantor, then who is the borrower and rightful buyer of the house? I smell something here, I get the impression you didn't buy the house but signed as guarantor for a loan someone else took on a property (probably your wife). Now you want to know if the bank will chase you if you decide to leave with your wife and stop paying the mortgage? Bottom line is, there is a difference between being a guarantor and borrower, and only the borrower is buying. Edited April 19, 2010 by Forethat Link to comment Share on other sites More sharing options...
garyh Posted April 19, 2010 Share Posted April 19, 2010 Can I ask why you would not be able to sell a house? Surely if the price is right someone would buy it. Link to comment Share on other sites More sharing options...
bifftastic Posted April 19, 2010 Share Posted April 19, 2010 Where is it? How much do you want for it? Link to comment Share on other sites More sharing options...
Forethat Posted April 19, 2010 Share Posted April 19, 2010 Yea. I wanna know where this place is that cant be sold (or let). Link to comment Share on other sites More sharing options...
gregchambers Posted April 19, 2010 Share Posted April 19, 2010 The OP is probably saying that in the current climate the price he could get for a quick sale is a lot less that the bank loan and any rent would not cover the loan payments. The bank will auction it off and presumably the owner will be liable for any outstanding amount but we all know that banks write off loans... seems strange that the bank would take a farang as a guarantor, anyway. UOB is Singapore owned so presumably a bit more ethical than the local co's who might pass the loan defualt on to the loan sharks to recover. It is possible that his wife's family could be hassled if they skip to farangland and also possible that they will get hassle on their return if the bank takes the matter to the courts. Link to comment Share on other sites More sharing options...
fanta rood Posted April 19, 2010 Share Posted April 19, 2010 That is also the weirdest thing I have ever heard. How can a foreigner be a guarantor? Link to comment Share on other sites More sharing options...
CWMcMurray Posted April 19, 2010 Share Posted April 19, 2010 And folks like the OP are the reason why it is difficult for many foreigners and their wives to get loans and credit.... Could you do it, probably... is it the right thing to do, I do not think so... Link to comment Share on other sites More sharing options...
Chunky1 Posted April 19, 2010 Share Posted April 19, 2010 we need more details. what are the terms of your mortgage? how much is the house valued at? etc. i don't think home prices really dropped that much lately ??????? Link to comment Share on other sites More sharing options...
centrico Posted April 19, 2010 Share Posted April 19, 2010 If you are guarantor and it is for a Thai wife the banks will have her ID card information. That is liable to cause her a problem if she wants credit here in the future. In saying that, I know a Thai female who owes one bank almost 250,000 Baht yet she has been able to open up a new account with a different bank and got credit. Also you can buy her a new ID in the future if you know who and where Less of a problem for you unless the bank is aware of your home details. If the debt is big enough they are liable chase you for it. Yet the system here is more lax than the UK for example so you have a good chance of never being caught even if you also come back here. Link to comment Share on other sites More sharing options...
hawthorne Posted April 19, 2010 Share Posted April 19, 2010 Try to short sell the house at the very least. The difference you sell it for might be a lot less than if the bank sells at auction. In some countries banks do go after the borrows for the remaining amount plus legal fees. Try your best to lessen stress in your life. Link to comment Share on other sites More sharing options...
Cheops Posted April 19, 2010 Share Posted April 19, 2010 Because of scum like you (the OP), decent people have more and more a difficulty in getting a mortgage or other credit etc I really do hope whenever you decide to walk away that they will catch you before you make it out of Thailand and that you will spend some years in the Bangkok Hilton! I don't understand that other people actually try to answer your question! Link to comment Share on other sites More sharing options...
astral Posted April 19, 2010 Share Posted April 19, 2010 The proposed actions of the OP are a breach of contract. Some of the actions being proposed are illegal and dangerous at the least. //Topic closed// Link to comment Share on other sites More sharing options...
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