In situations regarding co-signers, the banks will go after who ever is the easier target. If the co-signer has the funds available they will sue them first and then only if they can’t get what they think is due them will they go after the other signer on the mortgage. That said, the foreign investor will not be able to do business in the US until the mortgage holder releases them from the lean, but if they never plan on doing business then it may be worth it.
The only risk of international pursuit is if the mortgage holder has international offices or subsidiaries. If they have contacts where the foreign investor lives then they will most certainly go after them as it is actually cheaper to sue overseas than it is in the US the barrier is usually the lack of a local agent.
If A Foreign Investor Buys Commercial Real Estate In Ny ?
and the foreign investor carries a mortgage through a co-signer.
Can the mortgage company go after the foreign investor if he skips town ?
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OCD with a splash of ADHD
May 15, 2009
