Your budget should also include a reserve for making your mortgage payments to the bank in Phuket in the event of illness or loss of income in the future.

While over-obligating yourself or unexpected repair bills may jeopardize your ability to keep up your payments for your house in Phuket, the primary causes of foreclosure and bankruptcy in Phuket are unanticipated personal crisis. More homeowners in Phuket lose their homes because of illness, loss of employment in Phuket or marital problems than all other reasons combined.

An advance notice of a layoff means the family income will be severely cut back or eliminated in the near future. A major medical operation with a hospital in Phuket or property repair bill may be more than you can afford to repay, even with a short term loan from a financial institution in Phuket. You have to address the situation as soon as possible or risk losing your Phuket home.

There can be a number of local sources in Phuket that can assist you. Civic groups in Phuket may have assistance programs or may know what is available. Non-profit organizations in Phuket, may have special assistance programs. Local government and housing agencies in Phuket are also places to inquire for help and advise.

If your Phuket Mortgage becomes delinquent
The day of the month on which your mortgage payment in Phuket is due, usually the first day of the month, is set out in the mortgage note. Your payment is considered late if the financial institution in Phuket receives it after the due date, and the bank in Phuket usually will charge a late payment fee when the money is not received within 15 days of the due date (the timing and amount of late charges may vary from lender to lender in Phuket).

Payments made, including any late charges assessed, before the next payment due date will be accepted by the banks in Phuket, but if you owe two or more mortgage payments, your Phuket home is in serious jeopardy.

Unless specific arrangements are made with your lender, you must remit all payments and late charges before the money will be accepted and the loan considered current.

When three or more mortgage loan payments are due and unpaid, the loan may be given to the bank’s attorney in Phuket and foreclosure proceedings initiated. The entire balance of the loan with the bank in Phuket may be due and payable immediately. In addition to the loan payments due, you are liable for legal fees incurred by the lender. At this point, you are in serious problem of losing your Phuket home.