would it cause any problems if you still owe the bank?

[KennyJ 10]

My fiancee still bought a house 5 years ago and is still paying the mortgage, would it cause any problems for her to migrate to the U.S? I heard that VN won't let her leave the country to come to America if she still owes the bank. Does anyone have any insight on this matter please advice.

Thanks,

Edited August 28, 2012 by KoJ

[TimeTravel 78]

The point is that how they would know about this? I believe, as long as she pays the monthly mortgage payment even she has moved to US, then everything will work out fine with no question.

I still have 3 major credit cards from my home country, and I still use them with no issue.

[KennyJ 10]

The point is that how they would know about this? I believe, as long as she pays the monthly mortgage payment even she has moved to US, then everything will work out fine with no question.

I still have 3 major credit cards from my home country, and I still use them with no issue.

I think VN is difference once you migrate to the U.S you relinquish your citizenship in VN hence your right to the property. I just heard rumor they (VN) would do financial background check with the bank to make sure she doesn't owe the banks anything before she leave the country.

[Anh map 2,098]

The point is that how they would know about this? I believe, as long as she pays the monthly mortgage payment even she has moved to US, then everything will work out fine with no question.

I still have 3 major credit cards from my home country, and I still use them with no issue.

Two VERY different countries with their own laws regarding property ownership.

[ScottThuy 140]

Misinformation abounds!

One does NOT relenquish citizenship when moving to the US. In fact it is quite difficult to renounce ones VN citizenship. The Bank loaned the money and the property is never really 'owned' but if she leaves and stops paying the payments, the bank will take the rights to the land for the duration of the lease and have the right to resell it. Leaving the country does not mean that she will stop paying her debts. Another issue comes into play with absentee ownership. It is really easy for someone else to come in and take your property if you don't have someone looking out for your interests there.

What are her intentions when it comes to the debt and the home?

[KennyJ 10]

Misinformation abounds!

One does NOT relenquish citizenship when moving to the US. In fact it is quite difficult to renounce ones VN citizenship. The Bank loaned the money and the property is never really 'owned' but if she leaves and stops paying the payments, the bank will take the rights to the land for the duration of the lease and have the right to resell it. Leaving the country does not mean that she will stop paying her debts. Another issue comes into play with absentee ownership. It is really easy for someone else to come in and take your property if you don't have someone looking out for your interests there.

What are her intentions when it comes to the debt and the home?

We are still planning to make the payments regardless where we at. We would like to transfer the ownership to her sister so her sister can sell it for her.

[KennyJ 10]

We are still planning to make the payments regardless where we at. We would like to transfer the ownership to her sister so her sister can sell it for her.

Also note she has more equity in the house, the amount she owes the bank is 1/5 of the value of the house, if she was able to sell it. Right now the market is so harsh and we are afraid we couldnt sell it on time given it takes 2-3 months to do all the paperworks if we have buyers.