Date Posted: 2012-05-17 09:28:32
Site Posted: Myproperty.ph
The Socialized and Low-Cost Housing Loan Restructuring and Penalty Condonation Program of the Pag-IBIG Fund seeks to assist members who are at risk of losing their houses to foreclosure or to cancellation of the Contract-to-Sell. To qualify for the program, a member will have to be a delinquent borrower who has not paid his amortization for at least 3 months as of March 16, 2009. He should also be:
1. A borrower whose mortgages have been endorsed for foreclosure. If the property has already been foreclosed, it will be subject to the following conditions:
a. That Pag-IBIG was the highest or lone bidder in the auction
b. That the redemption period has not lapsed yet
c. That the expenses incurred by the Fund during the foreclosure will be capitalized
2. A borrower whose loan is secured by a Contract-to-Sell (CTS), provided that:
a. A notarial act has not yet cancelled the CTS account
b. From the date that the loan restructuring has been approved, the CTS account will be subject to a 24-month seasoning period for conversion purposes
3. An installment buyer with the Maagang Pabahay, Disenteng Buhay Program, provided that it follows the conditions in #2.
4. An installment buyer who is under CTS generic transactions, provided that it follows the condition of # 2.a.
5. A legal heir of a deceased member borrower/installment buyer who has an unpaid loan balance or installment after the application of the proceeds of the Mortgage/Sales Redemption Insurance (MRI/SRI).
6. A successor-in-interest with Fund-approved documents as evidence that he has taken over the original mortgage of a buyer or of an installment buyer who is a CTS assignee.
7. A borrower with an expired loan term as long as the borrower is not above 60 years old during the loan application.
8. A borrower with a Group Land Acquisition Development (GLAD) account (These accounts will be restructured as a group loan.).
If you are qualified for the program, these are the requirements that you will need to complete:
1. An Application for Loan Restructuring and Penalty Condonation (ALRPC), which can be downloaded from the Pag-IBIG website
2. Original copies of updated real estate tax receipts
3. Notarized DOAS or Deed of Absolute Sale. For a successor-in-interest: a Deed of Sale with Assumption of Mortgage or Assignment of Rights
4. For legal heirs: a Deed of Extrajudicial Settlement of Estate
5. For OFWs or physically incapacitated members: A Special Power of Attorney (SPA) that has been executed for less than a year, and that was notarized before his departure or authenticated by the Philippine Consul in the country where he is staying
6. For physically incapacitated applicants: a medical certificate
(NOTE: The Socialized and Low-Cost Housing Loan Restructuring and Penalty Condonation Program has the same ineligibility criteria and follows the same application procedure as the Gabay Pabahay Program.)
Jillian Cariola, Writer
(cover image by patrimonio designs)
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