Signing over chanute (mortgage)

[BEVUP]

Just a quick one

After reading threads i presume it would only be the owner on the Chanute that would go to the Amphur to register the agreement on the back of the chanute with the Money Lender

Also what would or does it really mean if the Chanute is signed over to Lender

& i take it you cant just give the Chanute to a relative & of he goes & does all the buisness "as above" with the wife not knowing how much was borrowed

? why doesnt all parties get a copy of new Chanute with agreement (I know will have at Amphur)

Just waiting for some answers in interest

Thanks All

[SOTIRIOS]

...it's been much too easy...for too many years....

...and those profiting from it...like it that way...

[chilli42]

What ever you do, don't do this! You have no idea what you are getting yourself into. You have no idea how many people lose their land even when they can pay the loan back. Sure there are honest lenders. Many are not and those that are not have friends in the land office. If you are connected with one of these you won't see your land again

[offset]

What ever you do, don't do this! You have no idea what you are getting yourself into. You have no idea how many people lose their land even when they can pay the loan back. Sure there are honest lenders. Many are not and those that are not have friends in the land office. If you are connected with one of these you won't see your land again

You can get a copy of the Chanute at any time you want just go to the land office and ask for it you can then see if there is a mortgage on it will most probably be the last entry best take a Thai talking person with you

[BEVUP]

What ever you do, don't do this! You have no idea what you are getting yourself into. You have no idea how many people lose their land even when they can pay the loan back. Sure there are honest lenders. Many are not and those that are not have friends in the land office. If you are connected with one of these you won't see your land again

Hello chilli42

Its all to late now as i have recently found out (knew nothing of all this)

I take it the only one who can do this is the Chanute owner & not some relative that was doing the deal ? Chanute was signed over from what i was told - what does this really mean (that the lender owns chanute - out right ) - would be crazy to do this

Agreement was to pay back in so many months but not know how much as owner was most probably leaving all the dealings with other person (Surely owner must have seen contract if having to sign for amendment to chanute

So now gone as lender has visited house looking for borrower

[Farma]

My wife has had a number of people approach her in recent months asking for loans. She hasn't accepted as she knows the people are desperate and will most likely default on payment. She doesn't want the guilt of taking peoples life savings and homes from them.

The people requesting loans are offering chanotes for land with houses in exchange for loans as low as 200k Baht. They propose 5% interest per month with default on 1 missed payment. The loan agreement would be registered at the land office. By registered at the land office I presume this would be the transfer of the chanote to my wife for the period of the loan or default.

In villages I've seen families transfer land titles to village lenders. The terms of those loans include the lender having full use of the land and 100% of the crop until the loan amount including interest is repaid in full. The land title and use of the land is then returned to the original land owner.

There is a slight possibility a relative has used a signed copy of the chanote owners ID card at the land office. I've seen it happen with other transactions but unsure if it would be accepted at the land office.

[BEVUP]

Ok thanks all

Now that i now more I also have read the Lender will also wait till the estimated value of the land & house has been reached (in the case of non payment) by the borrower then demand payment or sell house

Just waiting to find out the details when get back on Tuesday as the Debt hit 2.8 Mill in 2.5 yrs i think (a case of just need to know )

Now thinking of Condo somewhere - for me