Many investors from Europe and the UK are buying real estate in the United States. I've interviewed a real estate agent in California a week ago and he was telling me how much the market was bad until he started to work with investors from Europe and the UK. "They just have a lot of money" he said, "I met them during a spring break in Europe, I figured there is no work anyway so I will go and travel a little bit, I think it's the best vacation I ever had and it's still continuing - the only difference is that now I'm actually making money".
Investors don't need any green card, good credit, bad credit or visa, they only need to put a least 35 percent of the purchase price as a down payment. These investors will get a higher interest rate and if they will put 50 percent down they will probably get a much lower interest rate.
Today the euro is much higher then the dollar, So if American investors are excited about the foreclosures can you imagine the Europeans?, for the Europeans everything is much cheaper then for the American residents, because the value of the euro as oppose to the dollar, Can a foreigner really get a loan in america? Sure they can get a loan, just like an American investor can get a hard money loan without showing any credit information, he just need to show interest. interest for a mortgage lender is measured with money, banks or hard money lenders will loan you the money but you will have to put down a big chunk of your money, so then you will not going to let your self loose the property you've purchased and get the banks in trouble.
Also there are many banks out there that are selling their Loans or notes to foreigners just because they need to take some loans off of their shelves, just the way you're trying to avoid foreclosure or trying just to sell the house. Banks today have to deal with so many issues, foreclosures, bankruptcies, notes and money in general. Most banks that have loaned money to borrowers in the past 3 years are not protected or insured. Three years ago the bank started to loan 1st and 2nd mortgages, 2nd mortgages are the cause of them not having mortgage insurance, and because they don't have mortgage insurance they will loose their money if a foreclosure is placed.
So why did the banks offered borrowers 2nd mortgages? Because it was east to qualify and a lot of borrowers tried to avoid refinancing their 1st mortgage, banks just wanted to make money and more money and they did. Now the banks are not willing to Loan 2nd mortgages anymore. Read other articles I wrote to learn more about mortgage insurance.
Yanni Raz is a mentor for many in the Real Estate Mortgage industry, Yanni Raz is been tutoring many homeowners in California and help some also to save their homes. http://www.hardmoneyloans.org
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