LebGeeks

TheIlluminative

Member

Advice on what to do with my mortgage

I recently bought a house. I paid $25,000 and the total amount is $115,000. Do you recommend keep paying? Or wait? or even tell the guy I don't want the house anymore and pay a penalty? [He told me it will be $3000]. The house is not finished yet and it needs 1 more year.

Currently I pay $700/month then I intend to take a loan after the completion of the project.

Thanks guys!

Guitaret

Member

Re: Advice on what to do with my mortgage

TheIlluminative this answer is directly related to the current banks bankruptcy problem and so it all depends on the below:
X = 25k - 3k

Can he return X? Are you sure he will do it without any fuss?
Is the amount in USD? how much can he pay you in cash (not transfer)? Is your income safe or is it threatened by the economy crisis?
Are you sure the project is progressing? Are you seeing any work being done?
What is the type of deal between you too if ISKAN took another 2 years to open? Will he accept you moving until the loan is ready?
Most importantly: Do you still want the place knowing the country is going downhill (for God knows how much) until it is back on its feet?

Last edited by Guitaret (November 26 2019)

NuclearVision

Member

Re: Advice on what to do with my mortgage

taking a loan in usd is a suicide mission imo.

Guitaret

Member

Re: Advice on what to do with my mortgage

taking a loan in usd is a suicide mission imo.

This shall take place (if any) very far from now and so his question is whether he should exit the deal right now.

Last edited by Guitaret (November 26 2019)

xterm

Moderator

Re: Advice on what to do with my mortgage

taking a loan in usd is a suicide mission imo.

Iskan loan is in LBP

NuclearVision

Member

Re: Advice on what to do with my mortgage

i would never take a usd loan.

sero

Member

Re: Advice on what to do with my mortgage

I would only keep the deal if all the below are met:
- 115k$ is really (really) a very good deal for the apartment.. a great catch
- My salary is in USD and i have a secure job (won't get effected even if economy crashed)
- I am sure some party (a bank probably) will lend me $$ on a fare rate in a year.

TheIlluminative

Member

Re: Advice on what to do with my mortgage

Thanks guys for the help.

Yes I work for an international company so my salary is in USD.

The thing is, I was thinking of getting that money back, I have more in the bank and get a small flat in Cyprus/Istanbul. The cost of living is superiors and not that expensive. $1000 in Istanbul would be magic! I will live like a king there.

But from the other part, if I can paying for it, I can rent this apartment in the future and get passive money.

rolf

Member

Re: Advice on what to do with my mortgage

Check Georgia I think it is even cheaper.

Last edited by rolf (November 27 2019)

TheIlluminative

Member

Re: Advice on what to do with my mortgage

Check Georgia I think it is even cheaper.

Yeah I visited it couple of times, but the problem is with transportation (flights) and language. You need to know at least Russian to talk freely to people.

Guitaret

Member

Re: Advice on what to do with my mortgage

Thanks guys for the help.

Yes I work for an international company so my salary is in USD.

The thing is, I was thinking of getting that money back, I have more in the bank and get a small flat in Cyprus/Istanbul. The cost of living is superiors and not that expensive. $1000 in Istanbul would be magic! I will live like a king there.

But from the other part, if I can paying for it, I can rent this apartment in the future and get passive money.

My advice would be to get your money back in USD, make sure to check the contract between you two. In some contracts they allow the reimbursement in LL equivalence (ما يعادله في الليرة اللبنانية).
About buying outside, the banks are currently blocking any international transfer, it's very difficult now to transfer money outside the country.

duke-of-bytes

Member

Re: Advice on what to do with my mortgage

i told my bank to pay my loan with my current account (both dollars) they refused
so i defaulted .. you want your money ? take em from your fake account

Guitaret

Member

Re: Advice on what to do with my mortgage

i told my bank to pay my loan with my current account (both dollars) they refused
so i defaulted .. you want your money ? take em from your fake account

You mean your saving account, paying your loan from your current shouldn't be a problem.

NuclearVision

Member

Re: Advice on what to do with my mortgage

How can they refuse? This is funny stuff.
They owe you money but you can't take it.
You owe them money, and you must pay it, and don't even mention the money they owe you.
I guess they try their luck with different customers, different mentalities.. And the endresult would be positive input to the bank, if they can get a good amount to pay their debt with cash.

duke-of-bytes

Member

Re: Advice on what to do with my mortgage

i told my bank to pay my loan with my current account (both dollars) they refused
so i defaulted .. you want your money ? take em from your fake account

You mean your saving account, paying your loan from your current shouldn't be a problem.

sorry yes you are correct , my saving account

Ari

Member

Re: Advice on what to do with my mortgage

have you checked Armenia as a replacement ? their GDP is 7% and the economy is booming specially the IT sector. and far cheaper than turkey nor Lebanon