Costa Rica Expertise LLC
Archives for: October 2007, 15
10/15/07
Mortgage Money Available, But Foreclosure Complex
By Garland M. Baker
Special to A.M. Costa Rica
Mortgages are becoming more and more available in the local market for expats who want to borrow money to buy property. There is a lot of money available for financing from local financial institutions. Private parties also have money to lend, but usually the interest rates are higher.
What most foreigners do not know about borrowing money in Costa Rica is how the foreclosure process works if one should default on a loan. Unscrupulous private lenders, attorneys and real estate people take advantage of the ignorance of homebuyers and, in some cases, use this knowledge to steal back properties they have sold.
On the other hand, deadbeat debtors can betray honest creditors with Costa Rican legal magic and procedural sleight-of-hand tricks.
Read more!
Costa Rica Expertise LLC
This web site contains articles written by Garland M. Baker and Lic. Allan Garro for the A.M. Costa Rica. These articles contain important information that everyone doing business—personal and corporate—in Costa Rica ought to know. Reach them at [email protected]
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