Hi Julius,
Your question is very vague as you don't say where you got your mortgage (Canada or Mexico) nor your current situation. It also depends on how much of your mortgage you have already paid of in relation to the value of the property (do you owe only 10% of the value of the property or is your mortgage more than the curent value of the property, making it a 'walk away' mortgage).
Another aspect would be the area where the property is. Does it have a high rentable value? Are rented properties in demand in that area and also do the people have the acquisitive power to pay the value of the rent?
Whatever your decision, always go through professional companies, never through friends or self employed professionals.
Good luck on your endeavours.
Best regards,
Steve
Quote:
Originally Posted by Julius
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
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