Portugal Expat Forum

Buying a house but need co-signer

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crnnsc

6/25/2013 16:41 EST

Hello everyone. I was born in Portugal and moved to the US when I was a teenager. I am ready to move back to Portugal after a visit this past March. During my visit I put a down payment to secure a condo until my house sells in the US. Then I discovered that banks in Portugal will not lend you money unless you have a co-signer (fiador) who lives in Portugal. How in the world am I supposed to get around this? I've spoken to several banks and they all say the same. Has anyone had this happen to them? How did you get around it?

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craigandmicki

6/26/2013 05:33 EST

Yes, a co-signer is basic procedure. Ask your real estate attorney to deal with this; his/her firm can provide a co-signature. Most citizens will no longer do this for you as they were left holding 'friend's' loans when those friends defaulted and left Portugal.

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ofilha

6/26/2013 08:30 EST

My bank has not asked for this co-signature when i asked them about it, but if they do when we do move do you recomend any lawyers?

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craigandmicki

6/26/2013 15:02 EST

RitaQuintino, Advogada, is conservatively priced, works with US expats coming into Portugal, and practices all types of law (as is typical here):
(961) 614-883; email
ritaquintinoavelar.advogada

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anibalventura

2/17/2014 01:04 EST

true, you are able to find "generic" lawyer, but there are also lawyers specialized in given areas as tax , compensation, work related, administrative , emigration etc.

Depending on the degree of expertize needed, a more indepth professional might be sugested.

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