What is the name of your state? NJ
Can a non-US citizen lend money and HOLD a mortgage on a piece of property? Do they need a special license? If they need to forclose will the courts protect thier rights the same as a US citizen?
I am a mortgage broker browsing the forums here for personal reasons and came across this. Up until about June of 2007 (last year) there were banks that would lend to:
1) Foreign Nationals w/ a US Credit score
2) Resident Alien w/ No US credit
All of these loan programs and/or banks are gone as of a few months ago. (Written 3/2008) As of right now, it's hard enough for a Citizen with a good job, good credit and good down payment to get a mortgage. I doubt a non-US citizen/non-resident alien would be able to finance a home with a conventional mortgage.
As for the legality of the forclosure proceedings: I am not qualified to speak on that and would be talking out of my posterior.
