How can I mortgage international land to avoid selling it?

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I’m about to inherit 6 acres of land in the Caribbean and would like to know ahead time if receive a loan against it in Canada where I reside or America if possible.

European currency is good, but I’m concerned about western values anywhere else.

I’m trying to avoid selling the land as it may be selfish of me.

2 Comments
  1. Reply
    robert w
    May 16, 2011 at 4:31 am

    Reggie,
    unless u are going to live on it in the 12 months – sell it.
    nothing is more underinformed and dangerous than owning land in foreign country that u don’t live in or frequently visit.
    u leave ur self open to legal hassles that can greatly offset the value of the land.
    there is plenty of land to buy later.

  2. Reply
    Traverse City Agent
    May 16, 2011 at 5:03 am

    It is unlikely that a US based bank will give you a mortgage for land outside of the United States. Even here in the US banks must be licesned to do business in every state they wish to operate in. I expect it would be similar in Canada.

    A bank would also need to be able to get an appraisal of the land to know if the money they were lending would be adaquately insured by the land. They would also need to ensure you were the rightful owner of the land. That is all done at the local level.

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