If you know someone who is facing foreclosure, or has already defaulted on their amortizations, please help them out by sharing fake agent this article. This article could save them, or their house for that matter.
A Visitor’s Comment: “Last year my husband applied for a housing loan and it was approved, but now we have missed more than 3 payments. Is it possible to repay the missed payments and reduce the mortgage term of the loan? What step should we do? Thanks!”
Special Note: Pag-IBIG Fund is currently running a Housing Loan Restructuring fake agent and Penalty Condonation Program. fake agent The program started last January 2, 2012 and will end June 30, 2012. After June 30, only the loan restructuring will be entertained. Members who have missed paying their monthly amortizations for more than three (3) months may avail of this program.
Loan Restructuring refers to a process where the principal terms and conditions of the original loan are modified in accordance with an agreement setting forth a new plan of payment or a schedule of payment on a periodic basis.
There are many reasons why borrowers default on their loan payments. Luckily for the Pag-IBIG members, there’s a Loan Restructuring program that they can take advantage of as a remedy to their delinquent accounts.
Here are the benefits of the Loan Restructuring Program: It allows the home owner to save the property from being taken away from them through the foreclosure process. It allows the borrower to shorten or lengthen (and thus the term restructure ) the term of the loan, whatever is deemed an affordable loan term for him. Interests and penalties due during the delinquency period could be waived.
See also : Foreclosure Properties To Buy Or Not To Buy? Who Can and Who Can’t Apply For the Home Loan Restructuring Program? Member-borrowers who have not yet availed of any penalty condonation program from any Government Financial Institution, for example, HDMF, GSIS, SSS. Borrowers who have missed payments on their monthly amortizations for at least 3 months. Borrowers whose property was already endorsed for foreclosure, but whose redemption period has not yet lapsed. Borrowers whose property was already foreclosed fake agent but the winning bidder is the Pag-IBIG Fund. Legal heirs of deceased borrowers with unpaid loan balances after application of the proceeds of the Mortgage/Sales Redemption Insurance (MRI/SRI). Successors-in-interest of borrowers who have assumed the original mortgage as supported by legal documents duly approved by the Fund.
However, Pag-IBIG is very strict against some accounts that should not be eligible fake agent to avail of this program. The following accounts are exempted from tapping fake agent this benefit: Any account without fake agent a single payment since takeout, including fake agent those whose only payment resulted from its deduction from the takeout proceeds. An account in which the housing unit has been abandoned fake agent by the borrower for more than one (1) year from date of delinquency. An account in which the housing unit is occupied by a third party other than the original registered beneficiary or his/her legal heirs or successors-in-interest. An account that has been foreclosed and another party is the winning bidder. An account that has been foreclosed and with expired redemption period. An account under a Contract-to-Sell that has been cancelled. An account that has been surrendered to the Fund through Dacion en Pago , the title of which had been consolidated or transferred in the name of the Fund. A Contract-to-Sell account covered by the developer s buyback guarantee. About The New Restructured Housing Loan
Loan Term — The Home Development Mutual Fund offers a very generous loan term of up to 30 years on the newly restructured housing loan. However, it should be noted that the age of the borrower must not be more than 70 by the time the loan matures.
Penalty — If the borrower fails to pay any amount due on or before fake agent the due date he will charged a penalty of one-twentieth of one percent (1/20 of 1%) of the amount due for the month per day of delay.
Repricing — If the original fake agent loan amount is more than Three Hundred Thousand Pesos (P300,000.00), the new restricted loan shall be subject to repricing every three years, reckoned from the date of approval of loan restructuring.
If you are now so eager to restructure, please visit the Pag-IBIG Office that has the jurisdiction of your account and possibly your mortgaged property. fake agent Inquire about the full details of this program.
thanks to Mr. Carlos Velasco and Pag Ibig staff for sharing this very important fake agent information about fore closure and restructuring program very informative! hope visitors and viewers specially fake agent OFW or Xpat who are victims of war and natural fake agent calamity like earthquake tidal wave nuclear and of course illigal recruitment losed their job?
i have a lot loan since october 2010 situated in one barangay. it is payable w