Mortgage and bankruptcy on h1b
I am on h1b visa and thinking of buying a house. If I loose my job/visa, I will have to leave USA immediately and I won't be able to afford mortgage payment, What all options do I have? Is bankruptcy an option for foreign national who are not in USA? TC 150k
You can get a loan , house and in case of emergency, can rent also
You can get a loan (I did with a visa) they will ask for more down payment than usual, that's all. If you lose your job, just sell the house. In this market you won't have to pay one more monthly payment before it's sold.
Agree, but in case there is money I need to pay the difference for, after selling the house. Doesn't seem likely but, wanted to know the risks
ton's of people in h1b own home. if you lose job find another. worst case sell home and repay mortgage. banks will only ask for 20% downpayment h1b or not.
Got loan with 5% while on h1b
If you’re in CA, you can just walk away. California laws prohibit lenders from pursuing deficiency judgments on purchase loans. In many states, lenders have years to file a lawsuit against the borrower.
What if I have no intentions of returning back to USA? Is the bankruptcy information shared between countries?
Yes..not with India thouy