Lien on US Property

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  • July 29, 2006 at 12:00 am #177768
    autopsy
    Member

    I am planning to buy property in Costa Rica, and I have been working with a financial group that will lend me the money but it will place a lien for one year on my US property. After one year they will (hopefully) remove it.

    Has anyone heard of this type of loans??? Please let me know.

    autopsy@cox.net

    July 29, 2006 at 9:00 pm #177769
    wmaes47
    Member

    Yes

    It is an “Equity Loan”

    July 29, 2006 at 11:03 pm #177770
    autopsy
    Member

    Have you heard if there have been any type of problems with these loans??

    autopsy

    July 29, 2006 at 11:54 pm #177771
    mollyjim
    Member

    “…After one year they will (hopefully) remove it.”

    Well, they’ll remove it after you pay them back!

    ajp

    August 1, 2006 at 6:56 pm #177772
    dkt2u
    Member

    I’m not a financial expert but if it’s an equity loan then it is attached to the property you have used as collateral basically. That attachment is not removed until the loan is paid off. Anything beyond that would be a personal loan with no form of collateral. Not a likely scenario.

    August 10, 2006 at 11:52 pm #177773
    terrytica
    Member

    We work with a US loan company who works this way, the lein is transfered to your CR property after a year, but we havent worked with them long enough to actually see it happen. The rates are better than what you would expect here though.

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