What will happen if i fail to pay H&L loan monthly mortgage and what is the remedy to avoid foreclosure

Hello Atty.

I have a housing loan in BPI, the term is five years to pay with 11.+% of interest per annum total price of 2m pesos fixed. Based on the agreement between me and BPI that I signed, failure to pay my monthly mortage in five (5)consecutive months it will be subject for foreclosure. I suppose to fully paid it by Sep 2011.
Just I want to know what will happen if I fail to pay my monthly mortage in five (5) consecutive months.?
These are my situation right now.. I'm an OFW and previously worked in Qatar EP&C, under Japanese company. I finished my contract last end of Oct. 2010 and now I'm here in Philippines without a job almost four months already. And I have no any idea when will our next project will start. So since I have small savings in my bank account I'd pay in advance for three months. So my last payment was February 2011.
I also just want to know what is the best remedy for this matter just to avoid foreclosure.
I hope you understand what I'm trying to say.
I'm looking forward to receive your reply.

Thank you and more power to you.

Best regards,
Kiko

keep talking to the bank, ask for leniency and pay what you can. 5 months to get back on track is a long time. any foreclosure after that will not be considered unreasonable.

Atty.

Thank you for the reply.

Dear Atty.

It's me again Kiko. You remember my last post here regarding my problem in Housing loan.
Yesterday 25th of Mar I been in Bank to inform them what's my situation know, we are facing in not good condition (finacial problem) due to problem with my job. And also I asked them for some options just to avoid foreclosure of my property.
And then the Bank collection assistant replied to me " Wala po kaming magagawa dyan, ipangutang nyo na lang yan sa mga kamaganak nyo total naman maliit na lang yan at 8 months na lang matatapos na kayo, sayang naman kung mabbatak." So I asked him again " Eh kung pa restructure ko na lang yung balance namin bago pa man mangyari yung makareceived kami ng letter o di kaya mapuntahan pa kami ng sheriff sa bahay, total namn may utol naman ako na may trabaho dito sa Pinas kung mga max 5k lang monthly ang magiging monthly mortgage after restructure kayangkaya yun ni utol. and then he replied again " Pwede yun kaso dapat nyo mo nang bayaran yun 2 months delayed before nyong marestructure yung balance.." What do you think Atty. to this kind of person? That's why I asked for restructuring of my balance because I can't afford to pay my monthly mortage and he insisted me to pay my two months delayed before restructuring.
And suddenly one lady call him and they talked in silent. After A few minutes the collection assistant give me a blank coupon band and he asked me to make a requisition letter including my reasons.
That was lunch time so even my letter wasn't finish yet he told me it's ok just put your name and signature even in-completed and he will call me once their management approve my request.
Atty. what if my request will reject by their management.
Please give me advise once again.

Thank you and more power to you god bless.

Best regards,
Kiko

the bank doesn't have to approve your request. you'll have to do your best to come up with the money. if not, they do have the right foreclose after the 5 month period.

do not equate their refusal to change the terms of the loan as being unfair.