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1
RWSGFY
2022 Nov 23, 11:09am
RWSGFY
2022 Nov 23, 11:09am
So what happens when the person who took out the mortgage loses his/her job? Payments stop until a new job is found?
3
komputodo
2022 Nov 23, 1:47pm
komputodo
2022 Nov 23, 1:47pm
Thats a confusing story. What does the owner and seller being in a hurry have to do with why her name is on the title? If her name was on the title, that means her and another person were on the title? Does the dead guy have anything in a will giving his half to a beneficiary? And thats just the first paragraph, lol.
The younger sister lives in her dad's house...no surprise there.
Re: An interesting program is called INFONAVIT; sister gets a government mortgage and they deduct her payment from her paycheck. Who's payment to whom?
re: So, the sisters think that the younger sister "Rose" buys the house I'm staying in using INFONAVIT. So now there are additional sisters? And why does it matter what they think?
re: On the other hand, if I were thrown out, I can pay cash for someplace else or find another broke GF, etc.
Why would you be thrown out?
The younger sister lives in her dad's house...no surprise there.
Re: An interesting program is called INFONAVIT; sister gets a government mortgage and they deduct her payment from her paycheck. Who's payment to whom?
re: So, the sisters think that the younger sister "Rose" buys the house I'm staying in using INFONAVIT. So now there are additional sisters? And why does it matter what they think?
re: On the other hand, if I were thrown out, I can pay cash for someplace else or find another broke GF, etc.
Why would you be thrown out?
4
komputodo
2022 Nov 23, 1:50pm
komputodo
2022 Nov 23, 1:50pm
I bought my first foreclosed house in mex in 1995 for $4500 cash and the second house next door in 1999 for $10,000 cash...and combined both into 1 house....combined prop taxes is $75/yr.
5
Al_Sharpton_for_President
2022 Nov 23, 1:56pm
Al_Sharpton_for_President
2022 Nov 23, 1:56pm
I'd look into possibly renting out use of the home to porn movie producers. You could still live there, and maybe pick up some pesos as an extra.
6
clambo
2022 Nov 23, 3:13pm
Sorry for confusion.
20 years ago the Mexican house seller was in a big hurry and the buyer was American and trusted the Mexican GF enough to have her as the buyer (avoiding a bank trust "fidecomiso").
The reason my GF wants to do this is her sister "Rose" has the steady job and makes low income and she qualified for a house loan.
GF already owns the house and cannot get a loan at such low interest.
They both live in houses rent free, and the concept of $90,000 cash at no interest is a "Biden" (no brainer).
20 years ago the Mexican house seller was in a big hurry and the buyer was American and trusted the Mexican GF enough to have her as the buyer (avoiding a bank trust "fidecomiso").
The reason my GF wants to do this is her sister "Rose" has the steady job and makes low income and she qualified for a house loan.
GF already owns the house and cannot get a loan at such low interest.
They both live in houses rent free, and the concept of $90,000 cash at no interest is a "Biden" (no brainer).
7
ElYorsh
2022 Nov 23, 3:41pm
Any time you involve Infonavit in Mexico it is a fucking pain in the ass. Too many people involved. Dead original "owner" for 20 years is another problem. Prescripción problems. You don't want those if you don't know what you are doing. Make sure no money is asked for anything up front.
8
clambo
2022 Nov 23, 5:07pm
I'm not involved except that I get to live in a house with a great view for free but I pay the bills.
1. Internet fiber optic=$15/month
2. Water=$9 last month
3. Electricity=$20 last month (it must be subsidized)
GF goes shopping for food and cooks for us.
I sometimes go to Sam's Club for the hell of it.
I also cruise into town for a stag experience or to hang out with a few friends from my old days down here.
Americans and Canadians are going nuts buying places here using the FIDECOMISO; a guy recently paid $4 million for a place down in Pescadero.
1. Internet fiber optic=$15/month
2. Water=$9 last month
3. Electricity=$20 last month (it must be subsidized)
GF goes shopping for food and cooks for us.
I sometimes go to Sam's Club for the hell of it.
I also cruise into town for a stag experience or to hang out with a few friends from my old days down here.
Americans and Canadians are going nuts buying places here using the FIDECOMISO; a guy recently paid $4 million for a place down in Pescadero.
9
komputodo
2022 Nov 23, 7:52pm
komputodo
2022 Nov 23, 7:52pm
clambo says
as far as I know, interest on infonavit money is 12% api. Will the house appraise at $90k? $1,800,000 pesos?
and the concept of $90,000 cash at no interest
as far as I know, interest on infonavit money is 12% api. Will the house appraise at $90k? $1,800,000 pesos?
10
komputodo
2022 Nov 23, 8:01pm
komputodo
2022 Nov 23, 8:01pm
clambo says
that internet is cheap...I pay $32...elec cheap too...you must not use much A/C and also you probably use LPG
I'm not involved except that I get to live in a house with a great view for free but I pay the bills.
1. Internet fiber optic=$15/month
2. Water=$9 last month
3. Electricity=$20 last month (it must be subsidized)
that internet is cheap...I pay $32...elec cheap too...you must not use much A/C and also you probably use LPG
11
komputodo
2022 Nov 23, 8:08pm
komputodo
2022 Nov 23, 8:08pm
cisTits says
Yeah...Lets sanction them like Russia...That worked out really well..Do you know any americans that have no intention of buying a house in mexico (the majority) that give 2 shits about an american getting fucked by trying to buy a beachhfront property in Mexico?
Next NAFTA renegotiation we should force Mexico to protect foreign property owners better. It would require an amendment to the Mexican constitution, but there you have it.
The stick we can deploy to make them comply is a recriprocity clause in NAFTA about this. That means Mexican owners of Canadian and American property would get the shaft like gringo ones do down in Mexico.
Yeah...Lets sanction them like Russia...That worked out really well..Do you know any americans that have no intention of buying a house in mexico (the majority) that give 2 shits about an american getting fucked by trying to buy a beachhfront property in Mexico?
12
komputodo
2022 Nov 23, 8:10pm
komputodo
2022 Nov 23, 8:10pm
cisTits says
yeah, they don't have a fair honest judicial system like the USA, LOL
Yeah. And not to mention that gringos get fucked in Mexican courts all the time...unless they pay big, fat bribes.
yeah, they don't have a fair honest judicial system like the USA, LOL
14
ElYorsh
2022 Nov 23, 8:28pm
komputodo says
Kind of like eminent domain, but for citizens that have been occupying a property for more than 10 years.
ElYorsh says
Prescripción problems.
what the hell does that mean?
Kind of like eminent domain, but for citizens that have been occupying a property for more than 10 years.
15
clambo
2022 Nov 23, 8:45pm
I thought that the interest rate was impossibly low, but I was told that they adjusted monthly payments on a sliding scale and Rose makes just $600/month.
I'm not sure if the house is worth more or less than $90,000.
A guy a few houses down has a larger place he bought for $130,000 a few years ago, but it has a thatch roof.
I'm not sure if the house is worth more or less than $90,000.
A guy a few houses down has a larger place he bought for $130,000 a few years ago, but it has a thatch roof.
16
komputodo
2022 Nov 23, 9:29pm
komputodo
2022 Nov 23, 9:29pm
ElYorsh says
I know about that law but never heard it referred to as PRESCRIPCION. My mistake.
Kind of like eminent domain, but for citizens that have been occupying a property for more than 10 years.
I know about that law but never heard it referred to as PRESCRIPCION. My mistake.
17
NuttBoxer
2022 Nov 23, 9:29pm
NuttBoxer
2022 Nov 23, 9:29pm
Not related to this story, but something interesting I learned from my Cunado who's renovating his place. If he doesn't do brick(he's not), the property value doesn't rise one peso.
18
komputodo
2022 Nov 23, 9:41pm
komputodo
2022 Nov 23, 9:41pm
clambo says
a thatch roof? Thats messed up. He should have a concrete roof
A guy a few houses down has a larger place he bought for $130,000 a few years ago, but it has a thatch roof.
a thatch roof? Thats messed up. He should have a concrete roof
19
komputodo
2022 Nov 24, 10:00am
komputodo
2022 Nov 24, 10:00am
NuttBoxer says
I hear they just fly a small drone overhead and from that view, just estimate the sq meter size of construction and base the prop value on that...And people get pissed because they count a metal roofed carport or patio area as a regular room
Not related to this story, but something interesting I learned from my Cunado who's renovating his place. If he doesn't do brick(he's not), the property value doesn't rise one peso.
I hear they just fly a small drone overhead and from that view, just estimate the sq meter size of construction and base the prop value on that...And people get pissed because they count a metal roofed carport or patio area as a regular room
22
clambo
2022 Nov 24, 1:04pm
I suppose there's hiking up there, I just usually drive over it to go to a nice beach spot.
Up there Christine Walton has a big ranch or something.
It's about 20 minutes or less to start driving over it.
Up there Christine Walton has a big ranch or something.
It's about 20 minutes or less to start driving over it.
A year ago, the "owner" passed away and she of course still owns it.
Her younger sister has a job at the airport, and lives in the family house which has no mortgage, but she's not on the title, rather her father.
An interesting program is called INFONAVIT; sister gets a government mortgage and they deduct her payment from her paycheck.
So, the sisters think that the younger sister "Rose" buys the house I'm staying in using INFONAVIT.
What's the beauty of this plan? Answer: INFONAVIT only takes a percentage of Rose's pay each month to pay her mortgage; her payment would rise if her salary rises. I think Rose makes about $600 USD per month.
How large a mortgage can Rose get? About $90,000 USD. How much will she have to pay each month?
The payment they calculated is about $75 USD per month.
At first I was annoyed because I was going to fix up the place; but I realize they both want me to stay to pay the bills which are peanuts compared to what I spend on other frivolities. On the other hand, if I were thrown out, I can pay cash for someplace else or find another broke GF, etc.
I am curious what plans the GF has with the dough if they go through with the plan; I hope she doesn't go 50-50 with her sister.