PLANNING TO REFUND CONDO EQUITY

KINDLY NEED YOUR HELP OR ADVICE BECAUSE I'M PLANNING TO REFUND ALL THE PAYMENT THAT I ALREADY GIVEN TO DEVELOPERS

REASON:
* 1ST - BANK DISAPPROVED MY LOAN DUE OF MY SHORT INCOME OF LESS THAN 50 THOUSAND PESOS, THE BANK ADVICE ME TO HAVE A CO-MAKER BUT UNFORTUNATELY, EVEN THOUGH I GOT SOMEONE TO BE MY CO-MAKER,OUR COMBINED GROSS SALARY ARE STILL NOT ENOUGH TO QUALIFIED ON THEIR SALARY MINIMUM REQUIREMENTS TO GOT A HOME LOAN. SO NOW MY CO-MAKER WANT TO BACK OUT TO LEND ME HAND DUE OF HIS FAMILY ISSUE. IN SHORT I DON'T HAVE A CHANCE TO GET ANYMORE A CO-MAKER.
*2ND - MY BROKER/AGENT IS ALREADY RESIGNED SO I DON'T HAVE ANY AGENT TO ASSIST ME.
*3RD - MY AGENT WAS NOT TOLD ME ABOUT MY SALARY INCOME THAT I CAN'T GET ANY BANK LOAN BECAUSE OF MY SHORT SALARY INCOME FOR BANK QUALIFICATION. UNLESS I HAVE A CO-MAKER BUT THE ISSUE IS, WHAT IF I DON'T GET ANY CO-MAKER?
*4TH - I DON'T PLAN TO APPLY MY HOME LOAN BY IN-HOUSE FINANCING BECAUSE OF HIGH INTEREST.

JUST 3 MONTHS REMAINING BEFORE I FINISH MY 10% D.P. THIS COMING AUGUST 2017, I DON'T HAVE ANY CHOICE BUT TO REFUND THE EQUITY THAT I ALREADY GIVEN IN DEVELOPER,PLEASE TELL ME ABOUT MY BUYERS RIGHT'S TO BACK OUT WITH OUR CONTRACT.

PLEASE ADVICE ME A POSSIBLE SOLUTION REGARDS THIS MATTER. AS FOR NOW I'M ALREADY DECIDED TO REFUND MY PAYMENT IN SMDC DUE OF LOST OF GUTS TO CONTINUE MY CONTRSCT WITH THEM. YOUR ADVICE WILL BE A LOT OF MEANS TO ME. THANK YOU

Very dangerous situation. The company can argue you can no longer refund your downpayment under the rules of the Maceda Law.

Salamat po sa reply. But the case is, im a first time buyers and first time ko rin magloan sa bangko kaya im not aware yet sa ganun sa qualification ng mga banko. In the first place kung natanong na agad sakin ng agent ko about sa salary ko at hindi basta maapply sa banko ng basta lang atleast hindi na ako tumuloy sa pagkuha ng condo or kaya naman inalagay ko na sana sa CTS yung pangalan ng kasama kong nagbabayad sa condo which is girlfriend ko. Para sure na maqualified kami sa pagkuha ng loan. In my opinion tungkulin ng agent yun or company na i-advice kami sa ganun sitwasyon pero hindi nila ginawa. That’s why im having a trouble na makukaha ng loan,specially im located at abroad right now kaya mas mahirap sakin makipagcommunicate sa mga banko, we’re only communicating lang thru email. In my case po ba hindi ako under ng maceda law na makakuha kahit 50% lang ng mga naibayad ko sa kanila?

Hello po,

Have you made at least 24 payments? Less than that only gives you a grace period.

HI MS. BETCHAY001, I JUST HAVE TO PAY MY EQUITY WITHIN 1 YEAR ONLY, BALE 9 MONTHS AKO NAKAPAGBAYAD INCLUDED THE RESERVATION FEE, 3 MONTHS REMAINING PA BAGO KO SANA MATAPOS ANG 1YR.

Hello po,

Based on your account you are not eligible to get any of your payments back.

Go to HLURB and check the License to Sell. It might be that the developer is late in the construction. This may entitle you to a refund.

Hello po, nagbayad din po ako ng blocking fee na 25k, yung developer po ay wala pang LTS, pero naka pirma po ako sa LOI na nakalagay ay wala pa sila LTS,,posible po bang ma refund ko ang blocking fee ko? Salamat

tell the company that you intend to report them to the HLURB that they are selling without an LTS. they might refund to you.

THANK YOU PO SA MGA ADVICE. IS THERE ANY LEGAL PROCESS PA BA TO REFUND MY PAYMENT EVEN 50% SA MGA NABAYAD KO NA SA SMDC. IN THE FIRST PLACE PO KASI TALAGA, HINDI NA EXPLAIN NG BROKER KO ABOUT SA BANK LOAN NA HINDI QUALIFIED YUNG AMOUNT NG SALARY KO, THAT'S WHY I HAVE A DIFFICULTIES TO APPROVE MY LOAN DAHIL NA RIN SA WALA AKONG MAHANAP NA CO-MAKER. I TRIED TO TALK NA RIN SA DATI KONG BROKER NA MAG-REFUND NA AKO THEN SHE TOLD ME NA MAKAKAREFUND AKO PERO HINDI BUO. BUT NOW THE SMDC EMAIL ME NA HINDI AKO ENTITLED NA MAKAKUHA NG REFUND. IN MY SIDE, IT'S VERY UNFAIR NA WALA AKONG MARE-REFUND KAHIT MAGKANO. PWEDE KO PA BA HABULIN ANG RESPONSIBILITIES NG DATI KONG BROKER EVEN THOUGH SHE ALREADY resigns IN THE SAID COMPANY. DAHIL NAKINABANG DIN NAMAN SYA SA COMMISSION. PLEASE, I REALLY NEED LEGAL ADVICE. THANK YOU PO IN ADVANCE.

PWEDE BA AKO MAG FILE NG CASE AGAINST SA DATI KONG BROKER, BECAUSE IT SEEMS LIKE A SCAM

Good Morning.

My name is Rosana and want to seek legal advises about a property I paid full equity but the contract was cancelled by the Developer.

I've talked to the Developer and asked for a refund but they're only willing to give 60% of the total amount of the equity paid. The Reservation is also deducted. They refused to provide me an itemize computation on how they come up with the 60% computation.

Please see summary below;

1. Year 2009, when we started paying the Equity for the Unit B3, L25.

2. Upon our first agreement, when 80% of the equity is paid, unit should be now be ready for construction. However, the unit was not built due to location and equipment issues. They offered different unit instead.(Blk 9 Lot 5)

3. I've attended 2 PAG- IBIG seminar and provided all necessary documents as requested by the Developer.

4. 6/13/11 Equity was finished/ Construction of the new unit is not yet done.

5. Year 2012 and the unit is still not available.

6. Requested Immediate construction (January 2012). We visited their office and agreed to move in with the developer's condition to pay 5,000 pesos cash during our stay in the unit while the loan is being processed.

7. May 2012 the developer sent an email. An agreement of my move in and me providing a postdated Cheque. . I signed the contract with the exception to revise the section which I'm required to provide post dated cheques. Since that was not part of the agreement last time we talk.

8. Months past and I haven't heard anything back form the developer.

9. 2015 after my miscarriage and successful birth, I visited again the unit, and to my surprise it is still not ready. However, I noticed that a Gate was constructed which is not part of our agreed contract. Found out that the unit is already offered to a different buyer and our contract got cancelled.

10. Visited their office. They snail mail the cancellation notice July 2012 to my previous Employer,not even to my permanent address.


Cancellation reason sent:

- 1. failure on your part to pay installation on the down payment/equity/processing fee as herein stated

-2. Failure on your part to submit required documents to support your loan applications.

- 3. Withdrawal on your part from the agreement on whatsoever.



11. I tried to settle things out, They offered another unit but different pricing and I have to wait again for the construction of the said unit since it is not RFO. (Declined the offer and requesting for a full refund instead) = They Refuse.

12. I checked with HLURB. They applied for LTS 1994 but HLURB still could not find a record if it was approved.

My Questions po are.


1. Will there be an issue if ever na mag pursue ako ng legal action ang date? since matagal na po sya and now ko lang maasikaso!?



2. Pwede po ba ako mag demand ng full equity refund!? (as per PD 957 section 23?) Since technically hindi nila na provide ung unit in a timely manner!???



3. Is it a valid refund they're offering? \



I'm really thankful in advance that you took time in reviewing this concern. I hope you could help me po. Hope to hear from you soon.



Thank you so much.



Rosana