Rented house to be repossessed by the bank

[jkinbkk]

If you rent a house and the property owner defaults on their payments to the bank, and now the bank plans to foreclose on the mortgage. What rights do the current tenants have?

Pretty much think I know expected answer, (F' all),  but hey...you never know?

[trogers]

Squat until the bank auctions off the place...you may get to stay a year rent free...

[hocuspocus]

21 hours ago, trogers said:

Squat until the bank auctions off the place...you may get to stay a year rent free...

It happened  to me in a civilised country called Canada. Paid my rent on time every month and the bank turned up one day and told me I had to move out the same day as the owner/landlord had not been paying his mortgage. So I guess it can happen in Thailand.

[Suradit69]

10 minutes ago, hocuspocus said:

It happened  to me in a civilised country called Canada.  ...  So I guess it can happen in Thailand.

Interesting how uncivil people from supposedly civilized countries can be.

 

21 minutes ago, hocuspocus said:

told me I had to move out the same day as the owner/landlord had not been paying his mortgage.

 Don't evictions in a civilized country have to be approved by a court and supervised by bailiffs? Strange that bankers can evict people without due process in a civilized country.

[hocuspocus]

51 minutes ago, Suradit69 said:

Interesting how uncivil people from supposedly civilized countries can be.

 

 Don't evictions in a civilized country have to be approved by a court and supervised by bailiffs? Strange that bankers can evict people without due process in a civilized country.

I think we all know about bankers.

[Kimpil]

I wouldn't worry too much. Here it can take a long time before properties are auctioned off. You can see on the document on which date the property is up for auction. Normally there will be three dates on the paper. The bank will set a minimum price and if it is not met it will go to the second auction a few months later where the bank will lower the price 15 to 20%. It can be quite a lengthy process. I know from experience because the same has happened to me and I have been staying for more than a year. I have kept on paying my rent all the time though after advice from a lawyer. Just make sure you get receipts from your landlord.

[hocuspocus]

1 minute ago, Kimpil said:

I wouldn't worry too much. Here it can take a long time before properties are auctioned off. You can see on the document on which date the property is up for auction. Normally there will be three dates on the paper. The bank will set a minimum price and if it is not met it will go to the second auction a few months later where the bank will lower the price 15 to 20%. It can be quite a lengthy process. I know from experience because the same has happened to me and I have been staying for more than a year. I have kept on paying my rent all the time though after advice from a lawyer. Just make sure you get receipts from your landlord.

There you are, Thailand is not such a bad place after all.

[moe666]

Happen to someone I know here in CM. New owner shows up and says You move I own now. It didn't go over well because the guy had been paying to the old owner without a clue property in forclosure. A Thai friend sent his lawyer over he and new owner had a discussion and new owner gave the renter a month to find a new place and move. Renter found new place in two weeks, had the gardner over and dug up all of the plants and scrubs he had bought and planted. The neighbors told him take everything the a/c units, fixtures. He just took his plants and rep;anted down the street

[bazza73]

I would have thought the bank would be happy to have tenants in the house generating some return. If the OP has a written contract, I think he can tell the bank to sod off until the contract expires.

[Balance]

Start a rumor that someone died in the house many years ago and that your Thai wife thinks the ghost is still hanging out.  

[munchlet]

The problem is the reverse of what everyone thinks. Tenants have way too MUCH security of tenure. A rental contract should endure for just as long as it is entered into for. If a landlord wants his house back, why should he or she have to go to court to get his or her property back? Landlords should also be able to peremptorily kick out tenants in breach of contract throughthrough bad behaviour or nonpayment. 

 

The reason not as much property is rented as could be is precisely because of the socialist namby pamby rules allowing errant tenants to stay in place rather than becoming toast....If landlords can get access to their property they are much more likely to rent it. That way more property in the market, lower rents, and lower property prices, best for the poorer people this well intentioned but idiotic kind of law protects. Let the market rule. Governments know squat....

Edited April 7, 2017 by munchlet
Grammar and spelling

[Balance]

8 minutes ago, munchlet said:

The problem is the reverse of what everyone thinks. Tenants have way too MUCH security of tenure. A rental contract should endure for just as long as it is entered into for. If a landlord wants his house back, why should he or she have to go to court to get his or her property back? Landlords should also be able to permtorily kick out tenants in breach of contract through behaviour or nonpayment. 

 

The reason not as much property is rented as could be is precisely because of the socialist namby pamby rules allowing errant tenants to stay in place rather than becoming toast.... That way more property in the market, lower rents, and lower property prices, best for the poorer people this well intentioned but idiotic kind of law protects. Let the market rule. Governments know squat....

 

I think you responded to the wrong post.  Rental/Lease contracts, unless they are for three years or longer and registered at the Land Office have no standing in Thai courts.  It is very common for owners of commercial property to lease a shop space and watch it.  If there are a lot of customers, they come by one day and raise the rent 20 to 40 percent; you've had a business partner all along and didn't know it.     

[bazza73]

11 hours ago, munchlet said:

The problem is the reverse of what everyone thinks. Tenants have way too MUCH security of tenure. A rental contract should endure for just as long as it is entered into for. If a landlord wants his house back, why should he or she have to go to court to get his or her property back? Landlords should also be able to peremptorily kick out tenants in breach of contract throughthrough bad behaviour or nonpayment. 

 

The reason not as much property is rented as could be is precisely because of the socialist namby pamby rules allowing errant tenants to stay in place rather than becoming toast....If landlords can get access to their property they are much more likely to rent it. That way more property in the market, lower rents, and lower property prices, best for the poorer people this well intentioned but idiotic kind of law protects. Let the market rule. Governments know squat....

Is this a troll post?