Planning to ASSUME property (house and lot) under Pag-Ibig Mortgage

Since we are doing house-scouting that will suit our budget, my partner and I met a relative's neighbor who is offering their family home (a duplex house) and lot at an affordable price. We met with the mother a few times to discuss :

(a) They acquired the property last 2012 but incurred ARREARS thru Pag-Ibig since they have not paid since 2016 due to financial irregularities; the loan term is good for 30 years, however 5 years palang yun nagagampanan nila (including the years they haven't paid yet);

(b) We agreed that the vendee/seller have to request for an updated statement of account from HDMF/Pag-Ibig to check if reasonable ba yun magiging deal namin with them; they agreed that the amount to be settled (atraso sa Pag-Ibig) shall be deducted from their selling price;

(c) The vendee requested that all documentation fees shall be excluded from our payment; baka daw pwedeng separate bayad nalang or kung kami ang mag-shoulder ng expenses.


Provided the above details, I would like to know if you have ideas how HDMF or Pag-Ibig re-computes the mortgage? Para maging aware ako if I will push through. And with the documentations, anu-ano po ba ang mga kailangan asikasuhin bukod sa Deed Of Sale with Assumed Mortgage? Sino po ba ang dapat mag-shell out ng money for the expense, Seller or Buyer?

I hope you can enlighten me with this dilemma. The property is very promising (location and such).

the best thing to do, if I were you, is to coordinate with the concerned pag-ibig office for the for the specific process and requirements. If you yourself is qualified to have a hosing loan, then they might have it re-processed under your name as the new borrower. If not, they would most probably ask you to submit an SPA wherein your will be authorized by the borrower to transact with them. Again, it would be wise to pay a visit to pag-ibig for the actual process and your options.

As to the the expenses, you and the seller are free to agree on who should shoulder it

Since we are in the process of applying for the Housing Loan, the seller already presented to us the updated Statement Of Account amounting to Php 100, 000.00++ incurred from May 2016 up to the current date. They are asking if we could already settle the payment.

My question is: What would be the safest action to secure the property and at the same time to avoid being 'scammed?' Can the buyer come up with A Deed Of Conditional Sale prior to the Deed Of ABsolute Sale with Assumption Of Mortgage? Or other ways? Thanks.

the safest action would be to follow the advise of karl704. since the property is still mortgage, the legal owner of the property is pagibig. the worst scenario i can see here is that the property is already foreclosed since they were not paying their obligations. if this is the case, then definitely, you should deal with pagibig not with the seller.