{"id":8597,"date":"2017-01-05T12:00:04","date_gmt":"2017-01-05T17:00:04","guid":{"rendered":"http:\/\/www.escapeartist.com\/?p=8597"},"modified":"2020-05-29T04:03:38","modified_gmt":"2020-05-29T08:03:38","slug":"buying-home-overseas-foreclosure-history-u-s-important-things-consider","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/buying-home-overseas-foreclosure-history-u-s-important-things-consider\/","title":{"rendered":"Buying a Home Overseas with a Foreclosure History in the U.S.? Important Things to Consider"},"content":{"rendered":"
If you are a U.S. citizen with a history of foreclosure and are planning to buy a property overseas, you have very limited financing options. You will have to deal with a massive amount of paperwork (more than what you have to in the U.S.) to get through the formalities. This is primarily the reason as to why most buyers purchase overseas properties with cash. <\/span><\/p>\n That said, it won\u2019t be impossible to secure financing for your home purchase abroad if you have no alternative. Before we delve deeper into how to obtain a mortgage if you have a foreclosure on your credit report, let\u2019s go over a few things you need to keep in mind when buying a home overseas with a mortgage:<\/span><\/p>\n Now that you know the most important things you need to consider when buying overseas, let\u2019s talk about how you can secure a mortgage. If you have a foreclosure history, it will be tough to get financing from a conventional bank in most countries. <\/span><\/p>\n The following are a few tips you can follow to increase your chances of getting a mortgage in a foreign land:<\/span><\/p>\n When you start exploring your financing options abroad, you should first visit the branches of foreign banks in the area where you are buying. If the same bank runs operations in the U.S., they\u2019ll have a better understanding and access to the facts related to your financial situation back home. You can even visit their branches in the U.S. to know your options. Many <\/span>international banks<\/span><\/a> offer special mortgage programs for expats and overseas buyers. <\/span><\/p>\n If you own property in the U.S., lenders in some countries, particularly international banks, will allow you to put that down as collateral. You will have to establish that the property is free and clear of liens. A lien may be deterrent to the approval of your mortgage application. How much equity you have in your U.S. property will also affect whether the lenders will accept it as collateral. <\/span><\/p>\n Foreclosure can stay on your credit history for up to seven years in the U.S. Though mortgage terms vary from country to country, even bank to bank, lenders in foreign countries will thoroughly examine your credit history before approving a property loan. You need to improve your credit rating when applying for a mortgage in the U.S. after foreclosure. The same is true anywhere in the world.<\/span><\/p>\n\n
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Approach an International Bank<\/span><\/h1>\n
Collateral <\/span><\/h1>\n
Fix Your Credit Rating <\/span><\/h1>\n
Become Aware of Foreclosure Laws in Your Target Country <\/span><\/h1>\n