Stopped Paying The Mortgage

[anim0888]

I am going through a very bad divorce at the moment and I have stopped paying the mortgage to the bank for one month now. What will be the reaction to the bank if I keep up my non payment for the next couple of months? How long will it be before they foreclose?

How will it affect my wife's sister who is a guarantor for the mortgage?

[GM1955]

Why don't you ask the Bank what their policy is ?

Then you will also know what affect it will have on the sister.

Edited November 29, 2010 by GM1955

[Forethat]

Considering the discussion going on in the thread "Lending issue, advice needed", I'd say this has thread has true potential.

For your information, half of the TV user base appears to support the idea that one should not renege on a bargain once struck, the other half tends to go for the "take what you can, give nothing back as long as you dont have to"-approach.

Sorry about the divorce, though, I dont envy you.

[Mario2008]

The bank will press for payment. If after several months nothing is payed they will contact the guarantor to pay.

If nothing is paid they will go to court and will get their money, if necessary from the guarantor. She guaranteed payment just for this situation.

Edit:

She in her turn will have regress on your wife and your wife's property and possibly you.

[rics21]

you should sell the house, ask your ex to sell it if she doesnt it to affect her sis.

house under mortgages will normally be seized by the bank not long after.

[JUDAS]

Your sister in law is in for a lot of stress if the mortgage is not paid by you. She has guaranteed payment on your loan.

[Berkshire]

I would imagine that this topic would be of interest to many expats.

Key point: The house is not in your name, is it? It's in your wife's name (soon-to-be ex-wife). She owns the house, therefore, owns the mortgage. If she cannot pay the mortgage, she will lose the house. Of course, any down payment you may have made, as well as mortgage payments, will be lost. Best to sell the house if it will cover the remaining principal. But it's really your wife's call, correct?

[Loz]

Any chance you can save the marriage. I hate to see a couple who were once so in love, throw it all away. Brings a tear to my eye. Have you tried counselling? I've heard good reports...

Cast your mind back to those first fleeting moments, remember the excitement you felt? couldn't you recapture that passion, that zest for life you both shared?

[anim0888]

i was talking to a friend today about this very thing, how i was going to make it harder for my wife by causing a problem for her by holding up mortgage payments, he described it as the movie, "the war of the roses".

she is making life difficult for me here, so i'll pass on some difficulty to her family over there. fairs fair.

how many months before the bank starts getting really shirty and puts pressure on the sister to cough up?

[ilyelol]

if its a moo baan the only nice thing you can do is ask them to buy it for you and lease it for 30years to yourself.. but then you will have to pay the house in the next 3-4months completely

[floridaguy]

Ooohh, this is a good one. My first reaction was that you should pay your obligations. But......you can't own a house in this country (I am assuming your are not Thai ). Sooo, then why should you pay it? Do you still live there? Do your kids live there? Are you benefiting in any way from the house? Do you think there is a chance of reconcilliation? If you answered no to ALL these questions, then I guess you shouldn't pay. That is based on your statement that the divorce is nasty and you don't want to be nice by paying the WIFE'S mortgage (it is her house and not yours, as any court would tell you if you were trying to gain control over it).

So not paying is not being mean or skirting your duties, because it is NOT your house, so you have NO obligation to pay the mortgage.

Anyway, that is my 2 cents worth.

Sorry, just noticed you weren't asking if you should pay, but what the consequences were. Well, I believe it is a 3 month non-payment policy for most Thai banks. After which they begin actively attempting to collect from the mortgagee (your wife) and any guarantors (he sister). If they can't make arrangements within a couple of months, they will will reclaim the house.

Edited November 29, 2010 by floridaguy

[GuestHouse]

i was talking to a friend today about this very thing, how i was going to make it harder for my wife by causing a problem for her by holding up mortgage payments, he described it as the movie, "the war of the roses".

she is making life difficult for me here, so i'll pass on some difficulty to her family over there. fairs fair.

how many months before the bank starts getting really shirty and puts pressure on the sister to cough up?

So you took on a mortgage and you had the good fortune to meet someone who agreed to act as your guarantor - Now just because you can't deal with your wife divorcing you, you decide to retaliate against your wife by placing her sister in financial jeopardy.

Just so that you understand the risk to her when you don’t man up to your own obligations – The bank will first of all ask her to pay the mortgage – if she cannot, they will take you to court (in absentia – because I doubt you’ll want to face the consequences of your own failings).

The court will take the house and sell it, the bank will get the residue.

If the residue does not cover YOUR outstanding loan, the bank will go after your sister-in-law for the outstanding debt, if necessary taking any savings or property she has from her to pay YOUR debt off.

But that of course suits your objective.

You have sir given us perfect evidence, if any more were needed, of the kind of low life farang scum that washes up in Thailand.

[Loz]

a word about the sister. presumably she was means tested before being approved? so she can carry the debt comfortably? so it sounds like your wife will keep the house and you'll lose your investment in it. no biggy! has everyone else forgotten how thai folk rally together in times of woe?

[JUDAS]

IMO the sister in law went out on a limb to guarantee a loan which you, the OP agreed to pay. It matters not one iota who benefits from your payment, you took it, it's your responsibility. Understandably you don't want to pay the mortgage forever but neither should the SIL face the problem alone.

Why not agree to pay the mortgage for x amount of time whilst the house is up for sale. Perhaps the SIL can act as go between with you and the wife, after all, the SIL wants this sorted in a reasonable way too.

[Loz]

idle speculation of course but i'm guessing sister will want to keep the house at least long enough to get your deposit out of it via sale, or as a home kept in the family. find another way to vent your spleen.

[GuestHouse]

idle speculation of course but i'm guessing sister will want to keep the house at least long enough to get your deposit out of it via sale, or as a home kept in the family. find another way to vent your spleen.

As you said, idle specutlation.

The deeds will be with the bank .... Doh!

[WinnieTheKhwai]

Lot of harsh words flying around... First things first: your divorce and the terms on which you separate. This should include an arrangement about the house.

It's not in your best interest to make this a mess for the bank, the court or your sister in law.

It's between you and your wife to figure out. I'm sure you'll arrange something, either selling the house, or transferring it to any children in due time, or even transferring it to your sister in law with you leasing it, etc. Be creative. I realize that this is a 'bad' divorce, so you will probably want a trusted third party to take things further. Your sister in law may be a person to consider to help talk reasonably with your wife; she has a big stake in it as well, and she could even benefit a little from it as well.

Out of curiosity, how much was the mortgage, and how much is still left?

Edited November 29, 2010 by WinnieTheKhwai

[GuestHouse]

I'm all for a 'Right of Reply' on this.

The OP is having a bad divorce (boo hoo) and now he's trying to stitch up his wife's family (Growing up is probably not an option).

But it would be interesting the hear the wife's side of the story.

On what the OP has told us about himself so far it seems she must have suffered some sh1t.

[JUDAS]

idle speculation of course but i'm guessing sister will want to keep the house at least long enough to get your deposit out of it via sale, or as a home kept in the family. find another way to vent your spleen.

Who is the comment "find another way to vent your spleen" addressed to?

[lannarebirth]

she is making life difficult for me here, so i'll pass on some difficulty to her family over there. fairs fair.

Do I understand correctly? You and your wife are divorcing in another country and you have a mortgage on a home here in Thailand?

[WinnieTheKhwai]

I'm all for a 'Right of Reply' on this.

The OP is having a bad divorce (boo hoo) and now he's trying to stitch up his wife's family (Growing up is probably not an option).

But it would be interesting the hear the wife's side of the story.

On what the OP has told us about himself so far it seems she must have suffered some sh1t.

It's amazing how much you can know about the OP from just a couple lines in his post. Remarkable!

[JUDAS]

she is making life difficult for me here, so i'll pass on some difficulty to her family over there. fairs fair.

Do I understand correctly? You and your wife are divorcing in another country and you have a mortgage on a home here in Thailand?

If the comment is taken at face value it seems like nothing more than an act of spite by the OP, directed at his SIL, who as far as we know has done nothing wrong. Causing a potential problem for the SIL in order to get at his wife is beneath contempt. Of course, if I've misinterpreted the comment I'll humbly apologise.

No doubt the defenders will be along shortly.

[GuestHouse]

I'm all for a 'Right of Reply' on this.

The OP is having a bad divorce (boo hoo) and now he's trying to stitch up his wife's family (Growing up is probably not an option).

But it would be interesting the hear the wife's side of the story.

On what the OP has told us about himself so far it seems she must have suffered some sh1t.

It's amazing how much you can know about the OP from just a couple lines in his post. Remarkable!

Walking away from his debt so as to stitch up his wife's family...... what's to understand.

EDIT.

He provides a picture of his self which describes a Low lifer.

Edited November 29, 2010 by GuestHouse

[WinnieTheKhwai]

I think we should probably suspend discussion until hearing back from the OP. So far all he did is delay payment to get some attention from his wife and her family, and he's wondering what the consequences would be of delaying payment by a month or two; it may even work to get people around the table because really nobody wants it to be only the bank to benefit from this.

At no point did he say he was walking away from a debt (and it's a mortgage anyway; depending on how many years have been paid, the property is worth more than the debt still outstanding; it's as much walking away from 'an asset' as it is 'from a debt')

But again, we're not going to say anything that hasn't been said at this point (either helpful or bashing the OP) so let's wait for some more information.

Edited November 29, 2010 by WinnieTheKhwai

[GuestHouse]

Sorry Winnie - You're right, we should give the guy a group e-hug.

[JUDAS]

I think we should probably suspend discussion until hearing back from the OP. So far all he did is delay payment to get some attention, and he's wondering what the consequences would be of delaying payment by a month or two; it may even work to get people around the table because really nobody wants it to be only the bank to benefit from this.

At no point did he say he was walking away from a debt (and it's a mortgage anyway; depending on how many years have been paid, the property is worth more than the debt still outstanding).

But again, we're not going to say anything that hasn't been said at this point (either helpful or bashing the OP) so let's wait for some more information.

Actually WTK, you are indeed correct in saying the OP has not stated any intention of actually defaulting on the loan. He has though stated his wish to pass on some difficulty to his wife's family (SIL).

[norrona]

Sorry Winnie - You're right, we should give the guy a group e-hug.

get off your soapbox you soppy <deleted>....

the venom comes out in a divorce and probably her family think of him as nothing as the cack on their flip flop, not even that...yeah she guaranteed the house but only so her sister could gain whilst he paid the mortgage off...simples

[WinnieTheKhwai]

I think we should probably suspend discussion until hearing back from the OP. So far all he did is delay payment to get some attention, and he's wondering what the consequences would be of delaying payment by a month or two; it may even work to get people around the table because really nobody wants it to be only the bank to benefit from this.

At no point did he say he was walking away from a debt (and it's a mortgage anyway; depending on how many years have been paid, the property is worth more than the debt still outstanding).

But again, we're not going to say anything that hasn't been said at this point (either helpful or bashing the OP) so let's wait for some more information.

Actually WTK, you are indeed correct in saying the OP has not stated any intention of actually defaulting on the loan. He has though stated his wish to pass on some difficulty to his wife's family (SIL).

And we don't yet know why (or if) that was necessary. The alternative (and status quo) may be to keep paying for the rest of his days for a house that his ex lives in, or rents out. (Which by the way is yet another option: rent out the house if it will cover the mortgage). The way forward is to come to an arrangement that's fair to him and his wife. Let's hear from the OP if and where those opportunities exist.

BTW: If I seem strangely reasonable and objective in this particular discussion then it may be because my situation is similar in that I'm mostly paying for my family's mortgage. (My case is less complicated though because my wife is her own guarantor, and we're all happily together. But it's similar enough to take an interest.)

Edited November 29, 2010 by WinnieTheKhwai

[rgs2001uk]

Sorry Winnie - You're right, we should give the guy a group e-hug.

get off your soapbox you soppy <deleted>....

the venom comes out in a divorce and probably her family think of him as nothing as the cack on their flip flop, not even that...yeah she guaranteed the house but only so her sister could gain whilst he paid the mortgage off...simples

Well said, all the OP did was cover his ass, now its gone tits up, at least he isnt on here bitching and moaning about being outsmarted by some girl with no more than a P6 education.

the SIL knew exactly what she was doing, whats to stop the wife working and paying the mortgage?

Loz already alluded to the great family unit we keep hearing about, SIL sells her house and buys the sisters house simple.

[Old Croc]

If you read all posts by the OP you find there is a lot more to his personal situation than he has revealed here.

He has a daughter with his wife of 7+ years, and several other properties in HK, where he apparently lives.

(If he is talking about another wife apart from the one he wanted to divorce a few years back I apologise)

I would think it unwise to give advice based on the facts he has revealed in this thread.

Edited November 29, 2010 by Old Croc