Giving up a house and stop paying mortgage loan, what will happen ?

[Naam]

1 hour ago, Jeffrey346 said:

What is unrealistic?  It's in every mortgage contract.

i did not refer to a contract but to reality.

[Jeffrey346]

18 hours ago, Naam said:

i did not refer to a contract but to reality.

I'll tell you about reality.  They did it to my wife. They sold her house and demanded the full mortgage balance.

[Jimbob1]

Rent the house out and use the money to keep paying out the house and that way you could keep the place for sale and let your tenants know the arrangements under a lease agreement.

 

That way the bank would be happy and she doesn't loose her investment.

[graeme64]

On 4/12/2017 at 1:00 PM, Gulfsailor said:

I dont think it works in Thailand like it works in the US, where one can just abandon the property and walk away.  Here the bank would repossess through court and then auction off the property. One would still be liable for the remaining debt (auction price - mortgage amount - court fees - bank fees). 

Just curious - what would happen in the US - as what you have described is pretty much exactly what I would expect to happen in Oz and UK. ??

[Khun Jean]

Don't be intimidated by neighbours. Do what needs to be done. Police,  Puyai Bahn (Village Headman), some money and it will be solved.

If you not show some backbone then some people will just walk all over you.