I need to help out my mom with a loan (for a home) that she has with a bank in the domincan republic. The interest on her loan is like 29.00%. She has good credit here in the US and lives in the US. However, she did all the transactions for her house in DR. I am unable to get a personal loan myself because I will be signing for a mortgage soon. We have no relative to lend us the money. I am seeking for options available even if it means a credit card offer with a 10% apr. Anything, that can help supply approximately 25k. I need suggestions/options/personal experiences, etc.
Can she get a Home Equity Loan/Line of Credit in the DR? Most US banks won't loan against non-US property, but maybe she can get a bank in the DR to do a 2nd mortgage of some kind. Just as long as she has that much equity, it could be an option.
