Posted by Rick, the Probate Guy on August 13, 2008 at 08:51:55:
In Reply to: DILEMMA: Promissory Note Located in Mexico posted by Nicole on August 12, 2008 at 13:51:05:
I once had an acquaintance with a similar challenge some years ago. I don't think that he ever found a market that was interested in it.
To be direct, I don't know where you're going to find a buyer because it is such an anomoly. Personally, I don't buy notes outside of CA, let alone in a foreign country like Mexico or Texas (just kidding about Texas).
If I had that note offered to me to broker, I'd either try to hypothicate it and cross-collateralize it with a U.S. property in order to down-play the Mexico issue.
Or, find a bank in Mexico that buys this kind of debt. Doesn't sound very plausible to me, as I'm not impressed with Mexican economic policies, including bank regulations.
I could give you a litany of questions to ask about how your note buyer would perform due diligence on this deal, as well as how to perfect the debt (foreclose) should the payor breach the note terms. I could also ask what the exit strategy is for the payor. But I won't do that.
In my experience, I've learned which deals to invest my time in, and which ones I won't, as well as advise my 79 year old friend Mr. Loftis gives me: "The definition of maturity is learning to say 'No' in one word."
- Re: DILEMMA: Promissory Note Located in Mexico Nicole 12:45:47 08/13/08 (0)