I currently have a home loan in the DR with a cooperativa at 17% interest and am looking to refinance to get my house payment lower.
Question # 1: in the unlikely event of default on a home loan, does Dominican law allow the creditors to take the house without any recompensation to the homeowner for their equity?
Question #2: I can pay off the loan (around 25k) and get 9.2% with my credit card(unsecured personal loan), in the unlikely event of default, is their any likliehood that the American bank will be able to get a judgement against me and take my home here in the DR.
Thanks for the help. I don't plan on actually defaulting, but given the state of the economy I am planning for worst case. FYI, the best refinancing in the DR I can get in the DR will still be at 14% and I will have to pay US3000+ more than the credit card to get the loan(taxes and fees).
Question # 1: in the unlikely event of default on a home loan, does Dominican law allow the creditors to take the house without any recompensation to the homeowner for their equity?
Question #2: I can pay off the loan (around 25k) and get 9.2% with my credit card(unsecured personal loan), in the unlikely event of default, is their any likliehood that the American bank will be able to get a judgement against me and take my home here in the DR.
Thanks for the help. I don't plan on actually defaulting, but given the state of the economy I am planning for worst case. FYI, the best refinancing in the DR I can get in the DR will still be at 14% and I will have to pay US3000+ more than the credit card to get the loan(taxes and fees).