Profile picture for dferracci

I am a foreign diplomat and can't find a lender because I have diplomatic immunity. Who can help?

I've lived in DC for seven years, have excellent credit, zero consumer debt, my assets are all in a U.S. bank (HSBC, which has been slow to respond to my request), and I can make a 25% down payment on a $400,000 condo.
  • February 26 2009 - Mount Vernon Square
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Answers (16)

We have solutions doing an FHA loan believe it or not. I have two investors willing to fund this scenario.
  • December 24 2009
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I am in process of doing a loan for a foreign government and think I have found an investor who will do it, even considering the diplomatic immunity issue. brooks.thomas@emeryfed.com.
  • March 18 2009
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Profile picture for karorena
I don't know about DI, but know that most staff of the IMF and the World Bank are foreigner and they get mortgages and buy homes. Of course they all have SSN and mostly use the FCU, but it must be possible. And yr embassy or whomever is hiring you here, should know how to solve it.
  • March 16 2009
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Profile picture for shapiroamg
Martin,

Your mixing up the movie use of Diplomatic Immunity. DI was cited by that South African Diplomat that was drug dealing and such in Lethal Weapon 2. Let not give false hope to those watching Eddie Murphy movies that they will see a scene about the use of DI. :D
  • February 27 2009
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Staying with the Axle Foley theme... Think of Diplomatic Immunity as the "banana in the tailpipe" of the bank.... it clogs it up and it won't run...   Keep rockin'... df, they were throwing money at anyone or thing up until 1-2 years ago....  why not then... Also, HSBC.........  big trouble in that palce.... they were in the leading edge of the mortgage mess.  Do not expect "miracles" of new lending service from them anytime soon.  keep rockin'.
  • February 27 2009
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I think his only option is to borrower against his own money, not the house. They dont care if no payback cause they will keep the collateral. Axle, LOL.
  • February 27 2009
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df,

Diplomatic Immunity in the "Martgageopedia" dictionary means:

NOUN: a term used by foreign national borrowers at time of mortgage signing to allow them the ability to miss payments in the future without any future legal ramifications.  DI as termed in the andbook has been used to extract rents on vacation homes in FL and CA and Vegas for years, crippling lending institutions who are powerless.  DI was initially made famous by "Victor Maitland" in Beverly Hills Cop..... it didn't work in the end as Axle Foley (Eddie Murphy) still killed him..  Bottom line:  banks have been smoked by American borrowers and they are easy to find and repo property from.  Chasing down a past due borrower in Dubai......................????????????????????   That's why.....  very simple economics.... RISK RISK RISK!!!!  good luck.
  • February 27 2009
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Do you have a money market fund, stocks, or bonds, with a value of $375,000 or more?
  • February 27 2009
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Profile picture for Bentley Advisors
Financing for a foreign national is difficult enough.  You as a borrower w/ diplomatic immunity adds add'l layers of risk to the equation.  Highly unlikely you'll find a U.S.-based lender that will do this since there is no recourse if you happen to default.  Check w/ a large lending institution in your home country.  I've known some to lend on homes in the U.S.
  • February 27 2009
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Put a quote on Zillow and make a note of your situation.
If you have assets here in the U.S and have a social security it may be possible.
  • February 26 2009
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Profile picture for Ken Kopper
deferracci, Bank of Texas asks an important question. There are a few lenders that may still lend to non-permanent resident aliens but have very exhaustive criteria to qualify.

Do you have established credit in the U.S?
  • February 26 2009
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Rob is correct- you would really need to question the bank who would make the loan. Unless, there is a way to use your liquid assets to use as a secure loan. Almost the same as paying cash......
  • February 26 2009
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Profile picture for Rob Cochems
Your embassy has no contacts or sources for this?

It will be nearly impossible to obtains financing from a U.S. institution as you are not subject to the laws.
  • February 26 2009
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Profile picture for Texas Banker
Do you have a social security number and established credit in U.S.??
  • February 26 2009
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Ferracci,

From those whom which I inquired have all responded. None can/will do this. Even Portfolio Lenders won't touch this.

I'm not saying there isn't some lending entity that will give you a mortgage loan. Just from my "circle" and those that they contacted  came up with no one.

You have your application in with HSBC. So, there must be a few more. You may want to post this on www.mortgagegrapevine.com or the 10 -20 other mortgage boards. Google and see what you can find. Only need to find 1 person with the answer your looking for! .... Good luck, Rudi
  • February 26 2009
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Ferracci,

To my current knowledge, I don't think anyone will provide mortgage financing for a Foreign National with Diplomatic Immunity. I'll see what I can find out for you and for my future knowledge and return to this thread with a response positive or negative.

HSBC is an International Lending Institution. Regardless how slow you're moving along, I'd hang in there with them. They may be your only possibility other than a Private Equity Investor (PEI).
 
PEI would require a minimum of 45% to 50% equity on your part to be considered.

I'll let you know what I found out by 5 pm PST. .... Rudi 
  • February 26 2009
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