Refund issues(condo property)

Please help me!
I started paying my monthly down payment on July 2012 for a property located at Cambridge Village Cainta, Rizal. Due to some financial difficulty, I can no longer pay my monthly dues. How will I stop paying? I already issued PDCs . I did not signed ang contract yet. And the property has not been turned over.
What will I do to stop my payment. Can I also get a refund? How long would it take before I can get a refund?

Hello!

Write a letter po to the developer/administrator of the property saying you no longer wish to pursue your agreement with them and that they should return whatever amount you have paid.
Since you did not sign any contract and that there was no transfer of possession yet, you can actually rescind your agreement without violating any law..

Hi myst01 sorry but i can't agree with your statement "return whatever amount you have paid" even under Maceda Law we can only get 50% on what ever we pay for the first 2 yrs. We can't never get whatever we pay yes given the fact that we didn't sign for CTS but keep in mind that there are terms and condition under the application form that we filled up during reservation period.

My advise send a friendly letter to the developer and state the problem and ask for their suggestion on what to do, you can look for a new buyer for your property just sign waiver of rights and it cost some charges to the developer

Dear Atty,
Kumuha po ako ng 2 units ng pre selling condo units.  Sumulat po ako sa developer na stop ko na ang payment ng isa dahil di ko na kaya bayaran.  Personal din po ako nag punta sa developer para ipaalam na di ko na kaya mag bayad.  Pero sinabihan ako na pinag aaralan pa nila ko ipapasok sa Maceda Law ang problema ko.  Sabi nila under law 50% lang daw ang mababalik sa akin at babawasan pa nila ang 50% sa mga commission na ibigay sa mga Agents nila.  During po sa information drive na ginawa ng mga agent ay sabi nila na kong dina kaya bayaran ko ang developer and mag hahanap ng ibang buyer at kikita pa daw ako dahil mag increase ang assess value ng unit kaya na konbense ako na kumuha.  Ang original selling price ay 5.2M based on the current value after more than 2 years na pag bayad ko ay 6.5 M.  

Parang may pan lilinlang ang ginawa ang agent dahil sabi nila developer ang mag hahanap ng buyer kong di kona kaya bayaran at kikita pa ako dahil tatas ang assess value ng unit.  Until now wala pa ako nakikita na itinatayo ng structure after 2 years na nagbabayad ako tapos nawawala lang ang pera ko.  Ano ang pinaka mabuti kong gawin? Thanks ang best regards

CallCenterEmployee wrote:Please help me!
I started paying my monthly down payment  on July 2012 for a property located at Cambridge Village Cainta, Rizal. Due to some financial difficulty, I can no longer pay my monthly dues.  How will I stop paying?  I already issued PDCs . I did not signed ang contract yet. And the property has not been turned over.
What will I do to stop my payment. Can I also get a refund? How long would it take before I can get a refund?

A few questions:
1. Were you able to make 24 payments continuously?
2.  If not, when was your last payment?
3.  Your PDCS, were any of them unfunded? (May tumalbog ba na check?)

How long is your equity/downpayment period?

To legally stop payment, you have to write the developer AND write HLURB.  And you have to write BEFORE you stop payment.  IF the developer has written/sent you notices of cancellation, your letter (to stop payment) will not be honored, even by HLURB because the notarized notice of cancellation would have taken effect already.  You probably signed a Reservation Agreement, NOT a Contract To Sell, so it is still valid.  

IF you were able to write a letter before you stopped payment AND you gave at least 24 equity payments, you MAY be able to get 50% of your payments excluding penalties, under Maceda Law.  

IF your payments have lapsed, say three to six months, and your checks have bounced (maybe even closing your account), YOU are not eligible for a refund (since your account would be cancelled and all payments forfeited) and may even be liable under BP22 (Bouncing Checks Law).

Reynaldo L Basibas wrote:Dear Atty,
Kumuha po ako ng 2 units ng pre selling condo units.  Sumulat po ako sa developer na stop ko na ang payment ng isa dahil di ko na kaya bayaran.  Personal din po ako nag punta sa developer para ipaalam na di ko na kaya mag bayad.  Pero sinabihan ako na pinag aaralan pa nila ko ipapasok sa Maceda Law ang problema ko.  Sabi nila under law 50% lang daw ang mababalik sa akin at babawasan pa nila ang 50% sa mga commission na ibigay sa mga Agents nila.  During po sa information drive na ginawa ng mga agent ay sabi nila na kong dina kaya bayaran ko ang developer and mag hahanap ng ibang buyer at kikita pa daw ako dahil mag increase ang assess value ng unit kaya na konbense ako na kumuha.  Ang original selling price ay 5.2M based on the current value after more than 2 years na pag bayad ko ay 6.5 M.  

Parang may pan lilinlang ang ginawa ang agent dahil sabi nila developer ang mag hahanap ng buyer kong di kona kaya bayaran at kikita pa ako dahil tatas ang assess value ng unit.  Until now wala pa ako nakikita na itinatayo ng structure after 2 years na nagbabayad ako tapos nawawala lang ang pera ko.  Ano ang pinaka mabuti kong gawin? Thanks ang best regards

Hello po,

Please write to HLURB as well regarding stopping your payment.

Under MACEDA Law, the most you can get is 50% excluding penalties.  

When was the last time you stopped payment on one unit?

Regarding re-selling your unit to get your money back, your AGENT has to help you find a buyer.  IF you give the developer that option, then it means that your account is cancelled AND ALL PAYMENTS FORFEITED in favor of the developer.  

My advice is, compile your letters (the one sent to you and the ones you sent) and go to HLURB.

Need Legal advice regarding my late dad's condo. Namatay dad ko last Aug2015 habang may hnhulugan syang condo na dpat turnover na this Dec2015, last Jan2015 last hulog nya kasi nagkasakit sya...binibigyan kami ng option ng Megaworld to refund 50% nung nabayad ng dad ko or ituloy namin ung hulog sa condo. Db po insured dapat un and if mamatay ung naghhulog automatic saming mga anak na ung condo? Pa help naman po... Thanks in advance!

If it's only the equity or downpayment period, it's not insured yet so no, you won't get the condo.

3 yrs na po nahulugan ng dad ko ung condo... Not sure lang po if equity or dp period pa po un... Pero sa Maceda law po dapat po eligible po sa refund db po? Kasi po parang mawawala lang lahat ng binayad ng dad ko... Tapos sabi nila bnbenta na nila ulit ung condo. Pwede po ba iconsider as douvle selling un? Kasi they gave us options like ituloy ung bayad sa condo or refund. Dapat d po nila inopen ung condo sa iba db po? Thanks po sa reply. Sana lang po hindi maforfeit lahat ng binayad ng dad ko kasi po malaking pera rin po nainvest nya eh. Thanks po tlga..

First. If your payments exceeded 2 years, you are eligible to get a refund of 50% UNDER THE LAW. You will not get a full 100% refund.

They gave you two options, which one are you choosing?

Second, if you delay, that's when the possibility of forfeiting all payments happen. What are you waiting for?

Thanks a lot... We have to go with the 50% refund... It was my sister whose supposed to do this then eventually she just left this thing hanging and thats the reason why it got delayed this long. I will followup by tomorrow. All they were asking for now is a demand letter for a refund from a lawyer. Can someone help? Makati or Pasig area

hi po everyone,
just saw this thread and am in the same situation.i bought this townhouse with dp 280k and it's been paid last april 2015, mode of payment is 18months, since the pagibig process is burdensome, i entered it as in-house financing,
15k a month on a 15 yrs terms loan, a family of mine occupies the house and everytime i come home to manila its my accomodation.now its getting hard for me to maintain the payment as my kids are now here with me. the PDC's that i've issued to the developer is only until this month february 2016, am thinking of stopping the payment ,can you please tell me how i can do this decently and not offending the developer but still getting the best result. thanks for the help . muchly appreciated.