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Home › Forums › Costa Rica Living Forum › Lien on US Property
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.
Yes
It is an “Equity Loan”
Have you heard if there have been any type of problems with these loans??
autopsy
“…After one year they will (hopefully) remove it.”
Well, they’ll remove it after you pay them back!
ajp
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.
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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