Date Posted: 2012-05-16 09:52:49
Site Posted: Myproperty.ph
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The Gabay Pabahay Program is designed to restructure a member’s housing loan to help make paying easier, and to protect his home from foreclosure or cancellation of Contract-to-Sell (CTS). Those who can avail of the program include:
1. Qualified applicants as indicated by Section 2 or 3 of RA 8501:
· Borrowers who have not yet approached any financial institution or office connected to the National Shelter Program to avail of a penalty condonation
· Borrowers who earn P300,000 or less every year, who have defaulted on their loans for reasons deemed admissible by the Pag-IBIG Fund Board of Trustees, and whose accounts have been in arrears for 2 years or more
2. Applicants who, based on Sections 2 or 3 of RA 8501, are not qualified for penalty condonation
3. Applicants whose loans have been endorsed for foreclosure, but before Certificate of Sale (COS) has been registered (the borrower is mandated to either pay for all the cost involved in the property’s foreclosure preparations, sale and custody; or to capitalize these costs over the restructured loan’s term)
4. Applicants whose loans are secured by a Contract-to-Sell, provided that:
- they partially of fully pay off the arrearages (arrearages should be more than minimum down payment)
- the CTS is not covered by a buyback agreement
- a notarial act has not yet closed the CTS
- the CTS is subject to a seasoning period of two years (for conversion from date of loan restructuring approval)
5. Applicants (who were 60 and below when they applied) whose loan terms have ended
6. Heirs:
- of deceased borrowers with remaining loan balance following the application of the proceeds of the Mortgage Redemption Insurance (MRI).
- who have obtained a loan restructuring program or who have been paying the loan balance
7. A person who have been deemed as a housing loan borrower’s successor-in-interest (someone who has taken responsibility of the original mortgage, and with the legal papers to prove it)
8. Homeowners’ association (HOA) accounts, like Group Land Acquisition and Development (GLAD)
If you qualify for the Gabay Pabahay Program, these are the requirements that you need to complete:
· Application for Loan Restructuring and Penalty Condonation (ALRPC), which you can download from the Pag-IBIG website
· Original copy of updated real estate tax receipts
· Notarized Deed of Absolute Sale (DOAS), or Deed of Sale with Assumption of Mortgage or Assignment of Rights for successors-in-interest
· For legal heirs: a Deed of Extrajudicial Settlement of Estate
· For OFWs: a Special Power of Attorney (SPA) that has been executed not more than a year ago, and that has been notarized before the OFW’s departure has been authenticated by the Philippine Consul in the country where he is working
· For physically incapacitated applicants:
a. SPA that has been executed not more than a year ago
b. Medical certificate
Additional requirements (depending on the purpose of the loan)
· Affidavit of Reason for Non-Payment of Monthly Amortizations/Non-Availment of Any Previous Penalty Condonation/Inability to Meet the Monthly Housing Loan Amortization
· Certified true copy of the latest Income Tax Return for borrowers who earn P300,000 or less every year, who have defaulted on their loans for reasons deemed admissible by the Pag-IBIG Fund Board of Trustees, and whose accounts have been in arrears for 2 years or more
On the other hand, the Gabay Pabahay Program cannot be granted to an account:
- without a payment since takeout, as well as those whose only payment was the result of its deduction from the proceeds of the takeout
- wherein the unit on which the loan was used has been abandoned by the borrower for over a year since the date of his delinquency
- wherein the unit is being used by someone other than the registered beneficiary, his legal heirs or the successors-in-interest
- that has been won by another party due to foreclosure
- that has been foreclosed, and with an expired redemption period
- that is under a cancelled Contract-to-Sell
- that has been given to Pag-IBIG through Dacion en Pago (Dation in Payment), and the title has been consolidated or transferred to the Fund’s name
- that is also a Contract-to-sell account covered by the buyback guarantee of the developer
The next article will discuss the "Gabay Pabahay" Program application procedure.
Jillian Cariola, Writer
(cover image by sanja gjnero)
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