[clipart-announce] NUMBER ONE Success System
noss1233 at gmail.com
Wed Aug 22 23:14:31 PDT 2007
In most jurisdictions, a lender may foreclose the mortgaged property if
certain conditions - principally, non-payment of the mortgage loan - apply.
Subject to local legal requirements, the property may then be sold. Any
amounts received from the sale (net of costs) are applied to the original
debt. In some jurisdictions, mortgage loans are non-recourse loans: if the
funds recouped from sale of the mortgaged property are insufficient to cover
the outstanding debt, the lender may not have recourse to the borrower after
foreclosure. In other jurisdictions, the borrower remains responsible for
any remaining debt. In virtually all jurisdictions, specific procedures for
foreclosure and sale of the mortgaged property apply, and may be tightly
regulated by the relevant government; in some jurisdictions, foreclosure and
sale can occur quite rapidly, while in others, foreclosure may take many
months or even years. In many countries, the ability of lenders to foreclose
is extremely limited, and mortgage market development has been notably
One important difference from the United States is that each country has
rules regarding where foreigners can buy. For example, in Mexico, they
cannot buy land or homes within 50km of the coast or 100km from a border,
while, in Honduras, they may buy beach front property. There are also
different special rules regarding certain types of property: *ejidos* -
communally held farm property - cannot be sold to anyone, but that does not
prevent them from being offered for sale.
Many websites advertising and selling Mexican and Central American real
estate exist, but they may need to be researched.
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