| Foreclosure, by definition, is the legal procedure for | | | | There are no search results found. No For-Sale listings |
| satisfying claims against a mortgagor in default who | | | | available |
| has not redeemed the mortgage; satisfaction may be | | | | Well, that pretty well sums up your opportunities to |
| obtained from the proceeds of a forced sale of the | | | | "steal" a nice condo in a Mexican resort city such as |
| property. | | | | Puerto Vallarta! There are numerous reasons why |
| There are many reasons why mortgagors may fall | | | | foreclosures are rare or essentially nonexistent in |
| into default but historically it happens when the | | | | Vallarta however the primary reason is that up until |
| mortgagor loses his job, loses his health, or for some | | | | just recently, all purchases were done strictly on a |
| other reason is unable to make his mortgage | | | | cash basis. Mortgages are now available in Mexico but |
| payments in a timely manner. | | | | only with a substantial down payment. With a solid |
| Today, the majority of reasons for default are totally | | | | credit history and income stream, one might be able to |
| different. Many recent mortgagors were able to obtain | | | | purchase a property in Mexico with only 20% down, |
| loans with little or no credit history and little or nothing | | | | however most of the mortgages are with down |
| as a down payment. They received adjustable rate | | | | payments approaching 50%. As you can imagine, it |
| mortgages and if they were ever able to afford their | | | | takes an awfully good reason to walk away from a |
| monthly payments, they were no longer able as soon | | | | property when you have that kind of investment in it! |
| as the interest rate increased and consequently the | | | | Consequently, with 98% of the properties owned |
| mortgagee was forced to foreclose on the buyer. As | | | | outright and the remaining 2% with well funded |
| the foreclosure rate in a given region started to | | | | mortgages, there are virtually no foreclosures in |
| increase, so did the availability of distressed property | | | | Paradise! |
| sales. Of course, an increased volume of distressed | | | | Because there are virtually no foreclosures in Mexico, |
| properties in the neighborhood resulted in a rapid | | | | there has been no significant depreciation of values |
| depreciation of the neighboring properties. With the | | | | there. That's not to say that there's not been a leveling |
| value of a given property well below its mortgage | | | | off in prices or that the developers are not more |
| payoff balance, many mortgagors merely elect to | | | | inclined to "negotiate" today than they were a year |
| abandon their property and walk away from their | | | | ago. To the contrary, prices on newly constructed |
| mortgage; thus the mortgagee is forced to foreclose | | | | condos have never been better than they are today |
| on these borrowers as well. | | | | and bargains can be found throughout the city. This is |
| This vicious circle of foreclosure events is currently | | | | to some degree due to over building during the past |
| occurring at an unprecedented rate in the US. | | | | ten year boom period and partly due to the reduction |
| Headlines such as "US Foreclosures Up 24 Percent in | | | | in prices of steel and other construction materials as |
| 1st Quarter "," US Banks Step Up Home Foreclosures | | | | well as the decrease in construction labor rates as the |
| "," Las Vegas Tops Foreclosure List", "Sun Belt States | | | | Peso recently devalued by 30% relative to the US |
| Lead Q1 U.S. Mortgage Foreclosures" and | | | | Dollar. |
| "Foreclosures May Hit 1.5 Million in U.S. Housing Bust" | | | | For the reasons regarding foreclosures outlined above, |
| are seen in the news on a daily basis. | | | | you should never see your investment value plummet |
| Okay, know that we fully understand the cause for | | | | in resort destinations such as Vallarta as it has in many |
| and frequency of the recent foreclosures and knowing | | | | desirable locations throughout the US. Because the |
| it's a buyer's market, perhaps, if you still have a little | | | | North Americans have been recently hit so hard |
| money left over after the recent stock market sell off, | | | | financially combined with the fact that the local |
| you might be considering shopping for a foreclosed | | | | developers have overbuilt, it´s a true buyer's |
| property at a distressed sale price in a Mexican resort | | | | market on the Mexican Riviera. There are |
| city. If so, you might as well forget it; you'll not see a | | | | 1,000´s of new condos currently on the market |
| foreclosure sign in Mexico! | | | | in PV and with interest rates at an all time low, the time |
| The following is taken verbatim from Condo.com, one | | | | to buy will never be better. Any North Americans still |
| of the major websites dealing in worldwide condo | | | | holding cash will never find a better time or place to |
| sales: | | | | invest; besides, where else can you live in a climate |
| Mexico Foreclosures - is the best way to find free | | | | better than Hawaii, 2-4 hours from home, all the |
| foreclosures listings in Mexico. Find foreclosed condos, | | | | amenities of home, as many or more activities than at |
| foreclosed condos, foreclosure properties and other | | | | home, and at a fraction of the price? So, why wait; |
| foreclosure investment opportunities in Mexico. Search | | | | come on down and explore the possibilities; just don't |
| bank foreclosures, REO properties, preforeclosures, | | | | look for any foreclosure signs in Puerto Vallarta or any |
| HUD homes and more foreclosures in Mexico. Sorry! | | | | other resort destination in Mexico! |