Wednesday, September 1, 2010
Can They Get My House?
I have a CC debt.
Can they get my house?
Well, let us assume what most Filipinos have - one and only property - your home.
These are normally under mortgage with Pag-ibig under a Housing loan facility.
The right to claim (first lien) therefore rests with that creditor.
If other creditors wants it, first, they have to pay & satisfy the claim of the holder
before they can have that first lien/priority.
BUT what if your debt is only P100,000.00 but the value of your house is a cool
P2 million?
well, the law requires that you get your change.
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Hello po, first time ko po magvisit dito sa blog niyo. may problem po ako, 4 months na po akong hindi nakakabayad ng monthly amortization ng housing loan ko sa pag-ibig. sabi nila default na daw ako. ano po ang gagawin ko?wala pa po akong pambayad sa ngayon, papaalisin na po ba nila ako sa bahay ko?thank you in advance for your reply.
ReplyDeleteOf course not!
ReplyDeletefirst, if you can no longer afford to pay your amortization ( whatever the reason) you can ask for restructuring naman.
the worst scenario? foreclosure.
But, the process takes long.
and you will have one year to redeem it.
after that, they cannot just boot you out
right away.
do update me.
thank you Banker, I am relieved. i will.thanks again
ReplyDeletetanong ko lang po banker sa bahay na kinuha ko sa bulacan meadows na worth 560,000 thru pag-ibig hinulugan ko ng ilang taon na walang palya, then dumating ang time na nagka problema ako at di na makahulog,mga 1 year to pay na lang siguro dahil mahigit 400,000 na naihulog ko diretso naman ang contact ko sa kanila na bigyan pa ako ng konting time para i full pay ko na lang pag nagka pera ako. ok naman daw but 1 day i received email sa kanila na binenta sa iba ang house and lot na kinuha ko gayung di nila ako binigyan ng final notice. ang tanong ko banker may habol pa kaya ako para mabawi ang pera na naihulog ko di ko naman natirhan ang bahay. please help me banker
ReplyDeleteLet us clarify first the following :
ReplyDelete1. Is the property under mortgaged w/ Pag-ibig
or
2. Is it under Contract To Sell with the developer
we have to review whatever your document is.
Kasi, if it is mortgaged, there will be foreclosure notice to you and you have one year to redeem it
on the other hand, if it is under Contract To sell, you are well protected under RA 6552 or the Maceda law.
dear banker,
ReplyDeletei am avid reader of your blogs regarding credit card failure. i saw the other blog regarding realestate problem.
banker, last 2006 we got a rowhouse unit at Summerhills Subdivsion, Landmark Communities is their developer. We finished the equity payments in 15 months, that was May of 2007. As per marketing explanation during the time na kumuha kami ng unit, they said the the construction will be finished after the equity payments. However, after series of follow-ups until now wala pa din po ung unit. pati nga po ung daan or kalye ng block e hindi pa din naconstruct. we decided to ask for refund of payment na lang po kasi po almost 3 years na rin kami nghintay and i think this is one of the reason why nabaon me sa utang sa CC.
can you help me po sa refund process ng equity payment? as per HLURB, we need to file a case which is 1k po for processing the refund.
evry time po kasi tumatawag ako sa office ng Landmark e lagi wla daw po ung may handle ng project namin. nung una po binigyan po kami ng cel no. and nasagot namn na pinaprocess pa daw po sa finance dept. nila pero halos 2 months na po ulit ang nakalipas and hindi na rin po nagreply sa text.
please advise me po kung anong magandang diskarte para mabawi na po ung pera ng tito ko.
darlyn121197
any complaints against a developer maybe forwarded to HLURB for resolution since sila
ReplyDeleteang nag-issue ng License To Sell nito.
check this link:
http://hlurb.gov.ph/services/buyers/mga-dapat-tandaan-kung-bibili-ng-bahay-at-lupa-sa-isang-broker-o-developer/1-time-of-completion-of-the-project/
and also this link:
http://hlurb.gov.ph/services/buyers/related-laws/jurisdiction-on-cases-for-violation-of-pd-957/:
thank you very much po for the prompt response.
ReplyDeletei'll visit the link and check what will be our next action.
darlyn121197