Stopped Paying The Mortgage

[GuestHouse]

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

I feel your pain Norrona.

But as I said, I'm all for hearing the other side of this story.

[Heng]

It'll likely end up as a property under administration (held until sold/auctioned off to the highest bidder) by the Legal Execution Dept. Could take years before it gets to that stage though.

[GuestHouse]

It'll likely end up as a property under administration (held until sold/auctioned off to the highest bidder) by the Legal Execution Dept. Could take years before it gets to that stage though.

Very likely, and we've had a couple of good deals that way, but in the meantime the possible consequences for the SIL are dire.

But she's Thai so I guess it's alright if a Farang screws her over.

[geriatrickid]

Wow, some of you guys are really harsh. If the gent has no ownership stake and will realize no financial benefit from the debt service, it doesn't make sense for him to keep putting money into a wasted effort. As the home is in the wife's name, all proceeds once the creditor(s) are paid off will go to the wife.

The sister guaranteed the mortgage. She's the one that needs to put pressure on the soon to be exwife to come to an agreement as to the disposal of the home. The agreement needs to be arranged under the supervision of the exwife and the bank. If the OP sees nothing but future losses, then he needs to cut the losses now. This is what is done in business and this is what a prudent individual does. Know when to hold them and know when to fold them. One cannot eat fine notions or lofty ideals.

[Deke]

Wow, some of you guys are really harsh. If the gent has no ownership stake and will realize no financial benefit from the debt service, it doesn't make sense for him to keep putting money into a wasted effort. As the home is in the wife's name, all proceeds once the creditor(s) are paid off will go to the wife.

The sister guaranteed the mortgage. She's the one that needs to put pressure on the soon to be exwife to come to an agreement as to the disposal of the home. The agreement needs to be arranged under the supervision of the exwife and the bank. If the OP sees nothing but future losses, then he needs to cut the losses now. This is what is done in business and this is what a prudent individual does. Know when to hold them and know when to fold them. One cannot eat fine notions or lofty ideals.

Agree completely.

If I was the OP, I would stop paying too. The sister didn't guarantee his loan, she guaranteed her sister's loan.

The wife and her sister still have possession of the property. No telling how much equity the OP has already poured into it. If they can't keep up the payments without him, then sell it and pay off the bank. Other than that, if it's a contested divorce, let the judge decide.

[GuestHouse]

Wow, some of you guys are really harsh. If the gent has no ownership stake and will realize no financial benefit from the debt service, it doesn't make sense for him to keep putting money into a wasted effort. As the home is in the wife's name, all proceeds once the creditor(s) are paid off will go to the wife.

The sister guaranteed the mortgage. She's the one that needs to put pressure on the soon to be exwife to come to an agreement as to the disposal of the home. The agreement needs to be arranged under the supervision of the exwife and the bank. If the OP sees nothing but future losses, then he needs to cut the losses now. This is what is done in business and this is what a prudent individual does. Know when to hold them and know when to fold them. One cannot eat fine notions or lofty ideals.

That's goog GK, but the OP is relying on pressuring the SIL to achieve his aims - his argument is not with the SIL.

Even if we take the view the OP wants to do the right thing (which I personally doubt - call me a hard tw@ if you like - does anybody believe the OP will let the SIL off the hook he has her on if she can't get the result he wants).

At the very least he is abusing a trust between himself and his SIL - Growing up and dealing with his wife seems too much to ask.

And yes, let's here from the OP, he's been back on here reading the thread in the past ten minutes.

Perhaps he could answer the question - How much pain is he willing to dish out to the SIL?

[metisdead]

Topic is closed as per the OP's request.