Ex-Labour Ministry secretary faces horror as 40 million baht property title deeds vanish

A former Labour Ministry secretary revealed a shocking case where his mortgage title deeds for a home and land worth 40 million baht have disappeared.

The property, a 418 square metre lot in an upscale village in Nonthaburi province, was mortgaged to a reputable bank in 2003.

Paisan (surname withheld) explained that he had been regularly servicing the debt, reducing the outstanding amount to 23.3 million baht. The 68 year old had recently found a buyer for the property for 35 million baht, which would have covered the remaining debt with a surplus.

However, a nightmare unfolded when he visited the bank to request the return of his title deeds. The bank insisted he first had to deposit 1.3 million baht, which he did using part of the buyer’s deposit.

To his shock, the bank then informed him that his title deeds had been lost since 2018 and suggested he should apply for new ones. This process would take at least 30 days, possibly as long as 60 days, and costing tens of thousands of baht.

The repercussions of this incident are severe for Paisan. He is unable to proceed with the property sale, resulting in a breach of contract penalties from the buyer amounting to another 2 million baht. The buyer, who had borrowed money to purchase the property, is also inconvenienced. Paisan additionally owes over 1 million baht in broker fees to the person who introduced the buyer, reported KhaoSod.

Further compounding his troubles, Paisan’s daughter had put down a 500,000 baht deposit on a 15 million baht property, expecting to use funds from the sale of Paisan’s property. The delay in the sale means his daughter is also at risk of losing her deposit.

Paisan appealed to the bank, expressing his shock and disappointment at their lack of responsibility and accountability.

“You’re a reputable bank with a massive security system, yet you’ve lost my title deeds without knowing where they are. You should have an answer for us, not just apologise and leave us with enormous losses, including broker’s fees, contract violation penalties, and my daughter’s deposit. I want the bank to take responsibility for this.”