Lizzers
Newbie
Posts: 18
Registered: 6-16-2007
Member Is Offline
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Mexico Financing
Hey all,
I have a new website that I wanted to share. It's purpose is to inform people about financing that is available in Mexico for U.S. and Canadian
citizens, but I also plan to include travel info, info on Mexican culture, and other random postings.
http://mexicoloans.blogspot.com/
Thanks!
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docsmom
Nomad
Posts: 418
Registered: 6-21-2007
Location: Tucson, AZ
Member Is Offline
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Hey Lizzers,
With the tightening of lending requirements in the US, particularly in respect to investors, what's happening with lending in MX? Who's buying the
loans today and what are the requirements? Is this still a viable market or has it/will it go away soon?
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Hook
Elite Nomad
Posts: 9010
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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What happens to a loan on property that becomes legally re-possessed by a previous owner, say, a court ruling gives title to someone else like an
ejido?
What happens to a loan where the developer of a property fails to complete the property after you have paid for the property in advance?
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docsmom
Nomad
Posts: 418
Registered: 6-21-2007
Location: Tucson, AZ
Member Is Offline
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Lizzers?
No response? It was a real question......
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capt. mike
Elite Nomad
Posts: 8085
Registered: 11-26-2002
Location: Bat Cave
Member Is Offline
Mood: Sling time!
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our loans require title insurance be purchased by the borrower that protect the trustee and the beneficiary.
bottom line - don't get involved with any thing relating to real property with out a policy. And any reputable lender will not hang himself out with
out a clear path to title.
formerly Ordained in Rev. Ewing\'s Church by Mail - busted on tax fraud.......
Now joined L. Ron Hoover\'s church of Appliantology
\"Remember there is a big difference between kneeling down and bending over....\"
www.facebook.com/michael.l.goering |
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JZ
Select Nomad
Posts: 10794
Registered: 10-3-2003
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What actually happens when the bank loans you money on Mexican property is the lender establishes a trust on the property in their benefit.
This step makes these loans costly, due to the costs associated with establishing the trust.
I've heard one number thrown out there. You have to pay ~9% of the loan value to originate it. A good chunck of that goes to the Mexican gov't.
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