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Q: liability in marriage
Hi,
I hope you can help me as it may prevent a divorce. I have married a chinese lady here in china and she now wishes to buy a property where she lives.
It will be solely in her name and she will make the payments for the mortgage. I am not providing anything towards it. She says the bank needs to see my passport. I already told her I am not signing anything as I have already a mortgage at home and will not commit to further debt.
I am concerned at why it is necesary the bank sees my passport if I have no financial interest in this property and it's finance.
Am I committing myself to liability if I give them my passport or only if I sign paperwork. It seems the bank won't proceed unless I give them my passport and to me this seems like they want me to be responsible as well.
8 years 7 weeks ago in Money & Banking - China
the bank wants to see the breadwinners passport, you dont indicate if your wife has income or a job, so what proof does the bank have that she will make the payment, but if she told the bank the foreigner husband makes enough to make the payment for me, they just want proof she has a husband, everybody fabricates stories in china.
ScotsAlan:
Yup. Agree. When we applied for our mortgage, our baby daughter was modeling. They even took her income into account.
Chinese banks are desperate to lend money. That's why the Government are always trying to reign them in.
Banks in China require a thumbprint, in red ink, for the documents to be valid.
Even with your passport, for a transaction to be valid, the bank will require a notarized document to show your passport if real and you are the person in the photo.
Simply showing them your passport does not commit you to any financial liability.
the bank wants to see the breadwinners passport, you dont indicate if your wife has income or a job, so what proof does the bank have that she will make the payment, but if she told the bank the foreigner husband makes enough to make the payment for me, they just want proof she has a husband, everybody fabricates stories in china.
ScotsAlan:
Yup. Agree. When we applied for our mortgage, our baby daughter was modeling. They even took her income into account.
Chinese banks are desperate to lend money. That's why the Government are always trying to reign them in.
Thanks for the replies. Yes she does have a job. Two actually. Even though she earns more than the average, the amount she borrows is 100 percent of property price.
I think banks get nervous in these situations. I know I am.
ambivalentmace:
been through this already, check on prepayment on the loan, most mortgages here only allow you make a prepayment of principal once a year, not every month you can pay extra to shorten the loan time.
