O anyone got any info ON BANK FORECLOSURES HERE IN DR ?
 

http://www.dr1.com/forums/images/smilies/glasses.gif there are so many foreclosures in the countries supposedly in the real world ,and I never hear any mentioned here in the dr

Its because its a CASH market.....mortgages are a new thing here in the DR, before you paid cash.....if you didn't have it you rented....

We went through these foreclosures many years ago with the failures of the Yunen bank (Caribe something or other), Almonte's bank, major shakeups. Then came BanInter where the magician Ramon Baez made 77 billion disappear....Others like Banco Mercantil, Banco Credito and a couple of others also folded.

Right now we have Popular, Scotia, Leon, Progreso and a couple of others.

FYI: Mortgages have been around for over 40 years...I wonder where the above poster got his information...I bought two houses with mortgages!! Geez!


HB

My brother in law bid on a foreclosure last week of a house in SD. They happen and are advertised in the local newspapers.

HB - mortgages have probably been around for a while in the DR, but are a new thing to expat investors in the North Coast. Scotia Bank in Sosua for example released their first mortgage last year. Expats aren't willing to dish out high interests rates like Dominicans do and the banks make it very difficult for expats to qualify, which is why mos buy with cash.

I know where they are, but I ain't telling. All I need is more competition!!

I think i was too sleepy to answer that correctly.

I realize that the OP is talking about mortgage foreclosures and I went in a totally different direction. Sorry.

Yes there are a few foreclosures, but you need to know somebody at a bank or be really friendly with your branch manager.

The process of foreclosure here is rather long and drawn out. And with home sales so depressed, the banks don't need more headaches, so they bend a bit.

Tell you what, I will ask around as see what my people tell me, okay?? Interesting topic, sorry I derailed it!

HB

Right!! Absolutely correct!! No reason to try to buy anything from the banks, they are not your friend. Beware!!!!!!!!!

(am I convincing anyone?)

No lol