A New One On Me

[ray23]

I don't have all the details on this but I will try yo explain at least what I have been told. Farrang married a Thai lady, a teacher with a teenage daughter who is divorced. The ex husband and her have signed on a business loan prior to the divorce.

The guy buys here a house about a year ago, for cash. The exhusband defaults on the loan, so the bank is seizing the house, in what seems to me to berecord tiem based on the other repos I have seen here. No negoiating for repayment of the loan, just we are siezing the house. This just not compare with what I have seen in the pat.

So the family, comes up with this hot shot lawyer to help them. His idea is they will sale the house to a family member and protect the home, at least on paper.

I had introduced this guy to a local attorney who does a good job for farrangs, so that he would be protected agianst the famlily from seizing the home in the event of the wifes death. She did all the paperwork to protect him in the future. this was only two months ago, now he is giving the family ownership?

I asked him if the new attorney spoke english, no he didn't, so at this juncture the only thing he is hearing is what the family and wife want him to hear. without being to intrusive I asked if he was really comfortable with an attorney he had never met before and couldn't explain what was hapenning to him. All he could say in a very defeated manner " I know"

We have known these people on a casual basis, for over a year now, I have seen nothing that would indicate that his wife is on a con.

Is it the norm for a ex spouse to be liable for assets gained after a divorce here? To tell you the truth I don't know the answer to that one in my own country, simply beacuse it is a unpaid loan created by both parties during the marrriage. With land ownership being what it is her, obviously the guys name is not listed as a owner on the property, although his name is listed with the Ampur, for what purpose I have no idea.

The other thing tht makes me wonder is the guy ha been talkling about selling other asssets in his home country and buying rental property for his wife, so it is common knowledge that there is some more money out there.

Can't say why, but I can't escape the feeling that something is wrong here.

This is an older guy and if things go wrong he can not recover from this.

I really want him to go talk to the original attorney I sent him to, she only works with farrangs and will stand up for him no matter who she offends. But on the other hand I don't want to interfer in his business, so it's catch 22 for me.

any input would be appreciated.

[Deke]

My understanding of your post is this:

The Thai woman, either jointly or as a guarantor, entered into a loan agreement with a bank. The bank received a judgement from the court after she defaulted on the loan. At this time, she has assets that the bank can seize so they are enforcing the judgement.

Not much that can be done probably.

She may not have deceived your friend purposely but as a matter of sincerity she should have let him know of potential liabilities like this.

[GuestHouse]

The ex husband and her have signed on a business loan prior to the divorce.

I need read no furhter.

She has taken on a loan guarantee, he doesn't pay, she must.

Lending people money is often listed as the top stupid thing to do, it is not.

The most stupid, dangerous and reckless finacial decision you can ever make is to stand guarantee for ANYONE.

My wife's sister lost her house under very similar circumstances, and given Thai's compulsion to help family and friends it is an essential part of any marriage to a Thai that they understand never ever ever stand guarantee for anyone.

[ray23]

In all honesty that was what I was seeing to, but if there was some magic out there, I thought I would try to find it. Co signing I guess when your still the wife , it probably doesn't look like much a big deal, you know succeed or fail your going to go through it together anyway. But through in a divorce later down line and that changes things dramatically. Not light wieght stuff 5 million baht.

I have never seen anything that tells me that the wife is a con, you know none of the gold trips, no sick buffalo, really seems to be a prettty upstanding family all the way around. When the wife has to tighten the belt she doesn't seem to have any complaints about it. I think she has been around wealth before, she can't boil water and she is in her forties. So I guess the best we can do I have the wife help her learn how to cook a bit so maybe they can save money.

The guy just has had real bad luck, a cancer survivor twice, he had rental property in New Orleans that was lost. He's a tough old bird as long as the marriage stays intact he will do all right.

Sounds like the plan of getting the family invloved to save the house might be the only way to go. If there hasn't been a judgement yet. That part I'm not sure of, I don't know if it was a letter of intent by the bank, demanding payment or else, or the service of a writ.

You know it's funny the wife wanted to finance a car and with no previous credit history, no matter what my income was, she needed a cosigner. She asked a friend of hers who was married to a farrrang, he asked me about it and told him very honestly that I wouldn't do it. But he did, if it goes wrong it will be because I die to soon, it's the first thing on the plate every month. But. nothing has changed I wouldn't do it, nor would I ask anyone to do it. I had several friends who had made the offer to me, but I declined. I didn't need the truck and was doing very well with just the motorcycles. But this was one of those it's time for the wife to learn about the real world thing. She was swaeting blood when 200K was put own on the truck and all of a sudden they were asking for a co signer. Well she worked it out her way, so I had little choice but to back her up.

The one thing I have stopped her from is that since her credit history is so good with the payment record thay keep trying to get her to take credit cards. That one friends I say no too, we don't need them.

Well I really appreciate everyones contributions, sounds like he is on the right track and it is time for me, to be avialable to help a friend where I can when and if he asks.

Thanks

[Dragonman]

I presume the ex husband has no money, property and is not working. Or cannot be found? You mention the 5 million. Is this the outstanding debt or the value of the property? What was the original loan secured against?

Has she received a Court Order? If so transfer of assets will likely be deemed illegal.

Depending on the debt, it may be better to go to Court to request repayment method acceptable.

Whatever, there must be a Court Case.

[ray23]

I presume the ex husband has no money, property and is not working. Or cannot be found? You mention the 5 million. Is this the outstanding debt or the value of the property? What was the original loan secured against?

Has she received a Court Order? If so transfer of assets will likely be deemed illegal.

Depending on the debt, it may be better to go to Court to request repayment method acceptable.

Whatever, there must be a Court Case.

MY understanding was that it was a busines loan the buiness ha failed. I wasn't told if there wa a court order, if there is something is very strange in this coming out of the blue.

[ray23]

I presume the ex husband has no money, property and is not working. Or cannot be found? You mention the 5 million. Is this the outstanding debt or the value of the property? What was the original loan secured against?

Has she received a Court Order? If so transfer of assets will likely be deemed illegal.

Depending on the debt, it may be better to go to Court to request repayment method acceptable.

Whatever, there must be a Court Case.

My understanding was that it was a business loan the business has failed. I wasn't told if there wa a court order, if there is something is very strange in this coming out of the blue. Or if the ex husband is losing assets as well.