Foreclosure of Houses By Balikatan Housing Finance, Inc

[entretrain]

Hello Felow Istoryans!
I hope this bad news will spread especially to people who share the same plight with us.

I received a call from my Father yesterday. He sounded so worried because he just received a letter informing him about Extra-Judicial Foreclosure Sale of Real Estate Mortgage by Balikatan Housing Finance. We have been delinquent payers due to financial difficulties. However we did attempted to contact Balikatan inquiring about options to redeem our property. However we never received any reply from them until yesterday informing us of foreclosure and public auction.

My Father feels we were not given equal oppurtunity do save our home from foreclosure.

I am inviting all Istoryans who have the same problem to please sound off and share their thoughts on how we can counter this threat.



Text or call me at 0923 9263985

[lana21]

hala sorry to know that...wala pasad ko ka try house loan

[calibre]

lo.oy sad ani oi

[peewee_toot]

lisura ani oi. daghan2x mo ma apektuhan ani?

[crossramz]

was that company a cebu based? i think its not from here since this is the first time i've heard of their name or guess that company is not that quietly known lang.. tried to call it on air like bobby nalzaro or leo lastimosa programs and maybe they can help since they have legal team..

[RMK711]

Once you have received a notice for extrajudicial foreclosure, you normally have 1 year to redeem the property by paying off your loans. If you fail to do this, the court will grant the foreclosure and after that the lender will apply for a writ of possession to force you off your property. That 1 year redemption period is the due process, and the notice of foreclosure is the way equal opportunity to save your home. This may sound harsh but you signed a mortgage and agreed to its terms, the lender is not responsible for whatever financial difficulties you may have and so far they seem to be following the law. Also, they are absolutely not required to respond to your inquiries and in fact it is a bad idea for them to do so as you may use their response against them. The notice of foreclosure should be enough for you to be aware that you have an obligation and must repay. Refinancing or restructuring of debt is at the option of the lender, if they want to they will if they don't tough luck you can't force them...

[iligan_base]

hi..the situation is this... my mom is a creditor of a certain housing loan here in iligan city which is owned by jhondorf ventures inc. before but now owned by balikatan housing finance.. i was so shocked that my father informed me that he got a last demand letter of foreclosure of the said house unit.. how come we do need to pay the remaining balance if the creditor passed away way back year 2000. because i don't believe that my mother didn't pay even a single peso..

so pls do answer my questions;

what is the best way for us to do in order that my mom's house won't be closed?

after receiving the last demand letter, is it possible to have Refinancing or restructuring of debt?

the letter was mailed on sept 5 2010 and we got it on oct 27 2010.. how much time do we have before its closed?


i need your advice asap.. thank you for your time...

iligan based

[iligan_base]

hi..the situation is this... my mom is a creditor of a certain housing loan here in iligan city which is owned by jhondorf ventures inc. before but now owned by balikatan housing finance.. i was so shocked that my father informed me that he got a last demand letter of foreclosure of the said house unit.. how come we do need to pay the remaining balance if the creditor passed away way back year 2000. because i don't believe that my mother didn't pay even a single peso..

so pls do answer my questions;

what is the best way for us to do in order that my mom's house won't be closed?

after receiving the last demand letter, is it possible to have Refinancing or restructuring of debt?

the letter was mailed on sept 5 2010 and we got it on oct 27 2010.. how much time do we have before its closed?


i need your advice asap.. thank you for your time...

iligan based

[ellehpo28]

If the creditor or loaner of the house and lot dies, the loan is considered paid and the "utang" is not inherited by the family, under certain conditions.

1. If at the time your mother died, she has no arrears in payment which is to mean she has updated payment of Monthly Amortization (M.A.) and MRI (Mortgage Redemption Insurance) premium is included in the (M.A.)

Now try to find the original copies of the documents that your mother signed and check if there is indeed an MRI premium (which i just verified that there is) included in the MA. and all the receipts until before her death.

If your mother's MA is updated at the time of her death, you have the house. It's yours.

MRI assumes all unpaid loan of the creditor.