I recently wanted to purchase a house in Israel and was told that I could not receive a mortgage from a US bank for this purchase. I can't understand this. I don't think that they would have any trouble with foreclosure in foreigh courts so what's the deal?
2007-06-12 00:32:24 · 4 answers · asked by zidag123 1 in Business & Finance ➔ Renting & Real Estate
I imagine an American company trying to foreclose in a foreign country would be a HUGE issue; added expenses all over the place and that they would refuse or refer to a subsidiary or partner bank locally out of course.
2007-06-12 00:36:34 · answer #1 · answered by wizjp 7 · 0⤊ 0⤋
There are banking regulations specific to the country. And the bank may not be licensed to do business in that country. Plus, for the bank, the risk is way too high.
Your best bet is to get a loan at a local bank in the country you're buying the home. If you really want a U.S. bank, then look for a branch office of a U.S. bank, like Citibank or Bank of America.
2007-06-12 00:38:52 · answer #2 · answered by HL 5 · 0⤊ 0⤋
Foreclosure in foreign courts is the exact reason you cannot get a US mortgage. Lenders do not consider themselves sufficiently knowledgeable with the laws of foreclosure in foreign lands, and do not want to risk the expense and bother of foreign litigation in their lending portfolios.
2007-06-12 00:42:04 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
I live in South Korea and US banks cannot foreclose. The laws are different. Are you a citizen? Go to a local bank. Maybe some help there.
2007-06-12 00:38:40 · answer #4 · answered by joeson73 2 · 0⤊ 0⤋