Rent it or sell if for cheap?

Julius · 02-26-2010, 07:54 PM

Hi Folks,

I have some property in Mexico that I took out a large mortgage to buy it. I've been trying to sell it for over 1 year at cost price and having a tough time. The reason is mainly that the banks in Mexico have tighten the rules on getting a mortgage making it almost impossible...also there is rumors Mexico might go bust once oil runs out there and they have to import from Venezuella.

Anyways, here's my question. If there is a devaluation of money, what happens to your mortgage?
Would it be better for me to hold on to the property in Mexico and just rent it out or GET OUT OF DEBT as quickly as I can?

Thanks

02-26-2010, 07:54 PM	#1
Julius Avalon Senior Member Join Date: Oct 2008 Location: Montreal, Quebec Posts: 37	Rent it or sell if for cheap? Hi Folks, I have some property in Mexico that I took out a large mortgage to buy it. I've been trying to sell it for over 1 year at cost price and having a tough time. The reason is mainly that the banks in Mexico have tighten the rules on getting a mortgage making it almost impossible...also there is rumors Mexico might go bust once oil runs out there and they have to import from Venezuella. Anyways, here's my question. If there is a devaluation of money, what happens to your mortgage? Would it be better for me to hold on to the property in Mexico and just rent it out or GET OUT OF DEBT as quickly as I can? Thanks