RA 6552... refund or no refund?

Hi,

I just want to verify under Section 4... is it true that you cannot get a refund if less than 2 years of installments were paid?

Thanks.

if there was no breach by the developer, yes

good day po, can you explain or how should this be interpreted by an ordinary individual.. Sec. 6. The buyer shall have the right to pay in advance any installment or the full unpaid balance of the purchase price any time without interest and to have such full payment of the purchase price annotated in the certificate of title covering the property.
thank you i will have a follow on message regarding my case.

The follow on:
This is my situation; i was a buyer of a property of a developer, the last payment i made was in Feb.24,2011 (this is for the full payment of the 20% DP) and the remaining 80% of the TCP is being processed for a Bank Loan Approval. Since awaiting for the approval from the bank, i wasn’t able to pay the supposed monthly Amortization under In House Financing daw (as it takes effect soon as the DP is fully paid pala) the problem is, i was not notified thru letter and or was sent any written computation of the said payment scheme. Then goes the notice from one of their agent that my request from the bank for a housing loan was not approved. So, I signify my intention thru the agent that i am selling the property to ease a possible burden upon me since knowing that In House Financing is killing those poor buyers/dreamers. But, 2nd buyers don’t come easily. I was just being promised by their agent/broker that they are looking for possible buyer. And i’m being referred to their other agent who say’s nothing but how much would be my take home percentage even demanded certain amount i should give. Time had pass and nothing i clear except the amount of penalty multiplying on my account. so i went to their office to beg that my case should be considered. And i was told verbally only that, if there is a potential buyer and if the requirements are of substance according to their guidelines or policy to accept, the accrued arrears and penalty would be waived. And so, i went for hunt on my own and approach a possible one since i heard he invests on properties. I showed him the property and adviced me to talk to his agent/processor who’s also connected to the same developer. So, we talk and told her my asking price. And so, she went to tell that buyer and he agreed. Provided, i will be the one to pay for the transfer fee. Then, since this buyer has bought properties from the developer already, he has all the credentials/documents submitted already in short they have his records. But, for so many reasons from the developer’s staff that he has a lot of properties with us.. we cannot process his papers or most likely will not be approved blah blah blah.. but, i insist that this is the buyer i am selling my property since he is willing to buy and we already have agreed on the price. And i was only told that, they are going to process for approval of their Heads. Countless days passed and i heard nothing until i went their to talk to their department head and i was told.. it really takes time and she promised a Nov. 15 2011 date. This was Oct. 28,2011 when she said. And Finally! Two Options was offered for the 2nd buyer. OPTION 1- the 80% remaining loanable amount be paid in 12 months @ Zero% interest, provided, an amount for the penalty must be paid. Otion 2 – arrears and penalty must be paid and the remaining loanable amount be paid in 24 months. So, I presented this to the new buyer. I, reiterated to him that Option 2 has the arrears to pay together with the penalty and i would still be asking the same price we had previously agreed. To his agent and my surprise, he opted for it. And again I reiterated that a big amount is added to that computation. But, he said it’s ok as long as it is 24 months to pay. Our agreement then was, i will be the one to pay for the transfer and the penalty. And so, i paid for the penalty and transfer fee and he paid for the arrears and his first monthly amortization. Then came the documents that it was already transferred to his name. But, maybe upon realization that one hundred thousand is quite a big amount as interest, he is now opting to pay it in 1 year (so he won’t have to pay that amount of interest) which is the Option 1 given and approved then by the developer’s staff. My question is; can R.A. 6552 Section 6 be applied for this case? Can the new buyers appeal for the reversal of that payment scheme from Option 2 to Option 1? I am and would be the most affected loser here since, if the payment scheme (Option 2) will continue its course the new buyer impose on me to either give back his money (which i do not have.. the very reason why i am selling the property) and/or take the remaining amount from the asking price minus that interest he is to pay. But this buyer is willing to pay the loanable amount in one year @ Zero % interest. Provided, the amount he has already paid will be deducted from the 80% loanable amount and the remaining be paid in eleven months. (which is the same as Option 1 then)
I hope that this would be understandable to you as this is quite lengthy and maybe in fractions of posts. Thank you very much and i hope to hear from you soon regarding this. God Bless You and this site.

i believe it can be applied. if the developer refuses, the remedy is to file a complaint at hlurb to compel them to accept the payment.

umm... what's HLURB sir? thanx

HLURB - Home Land Use and Regulatory Board. They are the governing body that issues a license to sell to developers. Without that license to sell, developers are not allowed to sell more than 9 pieces of land, each with their own TCT.

HLURB also regulates developers and they may revoke or suspend a developer's license to sell should the developer commit any violation with regards to their selling of property.

We acquired a lot on Feb 20, 2010. We started paying the 6monthly installment on downpayment on March 20, 2010 and started paying the monthly amortization on Sept. 20, 2010. However, we defaulted on our monthly amortization last Feb. 20, 2012. My question is, how many months do we still have to pay in order for us to qualify for a refund of 50% according to the Maceda Law - RA6552?

until (total payments)/ (monthly installment) => 24

Nakapaghulog na po kasi kami ng 62,100 na downpayment sa loob ng anim ng buwan and 151,911.15 na monthly amortization for 17 months. We have been paying an amount of 8,935.95 on our monthly amortization. Ang basis po ba ng monthly installment sa binigay ninyong formula ay yong monthly amortization? As per my computation po kasi, we already paid a total amount of 214,011.15/8.935.95 = 23.95 months pa lang po kami. Tama po ba ang computation ko? Please help po para alam po namin kung ano ang dapat naming gawin para hindi ma-forfeit lahat ng binayad namin kasi malapit na pong mag due yong 60 days na grace period according to Maceda Law. Maraming salamat po.

Follow up question po ulit. Does 23.95 months means 23 months or round off na po ba yon sa 24 months?

that will be less than what is required. if down payment was in installment, that might be used as the divisor

help po nakapagbayad na po kami s developer ng full equity sa tiwala s ahente na after mabigay ang full equity na cash namin na after a month start na ang construction ng bahay ang problem po ng mag one year na walang construction na nangyari and nung bigyan kami ng copy ng cts wlang date kung kailan ang construction almost a year na rin ng bigyan kami ng cts na d pa notaryado
pls help po! ano dapat namin gawin. GOD BLESS PO!

We already paid 20 months of equity amounting to total of P280K.
After watching Imbestigador about the issues of the houses built on the same village, we are thinking of cancelling due to lack of confidence to our developer.

We went to our developer's office and inquired about their refund policy. Unfortunately, they told us that they do not issue a refund.

We are thinking to pay pa din the remaining 4 months to make it 24 months and probably be entitled to maceda law. ? Pls note this is 24 months equity and not monthly amortization? Is the refund automatically given by the developer or we need to undergo litigation process or file a case first under HLURB?

Appreciate your advise.

need your help and advise ...I acquire a house and lot property somewhere in Cavite Sepetember of 2008,the agent and the developer told me that the unit I've acquire will be applied and loan through bank financing, I pay my monthly equity for 18 mons, amounting to 264,000.00, after 18 months of paying thedeveloper texted me saying that my application at the bank was disapproved due to lacking of documents, automatically my unit was immediately converted to in house financing,which make my monthly amortization double, instead of 11000 per month at the bank it double with the total amount of 22,022.00 per month,I've decided to file an individual application on the bank after I completed all the necessary requirements, after filing the bank told me that my housing loan application was disapproved again due to my salary does meet the requirement,I've talked to the developer and ask why they did not inform that I'am not qualified to file to housing loan in any bank,after checking with the bank my developer did not passed any documents pertaining to my housing loan, I do not have a record for any housing loan, that why my developer transfer my unit to in house financing, can I file a case with my developer at HLURB?

I AM LOOKING FOR AN ATTORNEY TO FILE THE PAPERS TO "HLURB"ON MY BEHALF ..

I WILL PAY 50% OF THE COLLECTED MONIES (US Dollars in excess of $10,000)I paid

Megaworld in excess of $26,000 US Dollars for three years...I want the 50% monies back through the Meceda Law...I qualify...,, so it only takes an Attorney to file the papers //..it is the easiest US $10,000 anyone can earn....

Now who wants my case...?

I will be in PI 09/23/12 - 10/13/12 Prepare the papers..submit them to the :
"HLURB"... when the $26,000 plus US DOLLARS is collected ..I will give you Half...If you can earn quicker money than that elsewhere ..then don't bother to respond to this inquiry....

Thnx... Robert

August 2010 we gave 50% full d.p to the developer then the remaining balance payable in 2 years...In 2012 we r fully paid to the lot we bought...after 2 years developer called me. said that lot area we bought has change to smaller lot...we decide to refund but they refuse to return in full. What should i do? Please help....

What about my situation- the developer reopened my reserved property because my bank loan was denied. They sold the property without notifying me while continued to deposit my post dated checks until fully paid the downpayment for 24 mos. I have fully paid P595,000.00. They were very were very manipulative in their dealings with me. Firstly, Developer stated that my payments will be forfeited because the bank loan was denied. When I applied a loan direct to my bank (Phil. National Bank ) where I have pre -approval , developer did not cooperate with the bank’s requirements because PNB is not accredited bank of VV SOLIVEN REALTY CORP. When I secured a buyer in Canada, developer tried to convinced the buyer to get another area and pay additional THIRTY FIVE THOUSAND PESOS (P35,000.00) for the property has increased. I paid the amount in an attempt to expedite the transfer. Up until after 6mos, developer failed to give any transfer documents, instead attempted to receive more money from the new buyer. They stated that only 50% of my payment could be transfer as the buyer is not a my relative. My buyer was discouraged did not pursue to buy. I emailed HLURB and they summoned the developer twice but they tried to ignore it. Last month HLURB, advise me to submit verified complaint. I need help how to do it- I am willing to pay for the services. Anyone pls help me!

Hi

i just want to seek for an advise I am an OFW from Dubai. Nagpurchased ako ng condo and nakapaghulog ako for 5months and i requested to cancelled kasi wala akong natanggap sa kanila ng CTS and even ung request kong ADA (auto debit account). Wla rin aqng narrecived na invoice sa lahat ng binbayaran q, ung invoice lng na sinesend nila is hindi updated and later on nkareceived nlng aq ng  notice of collection letter na hindi daw aq ngbbayad for 4 months. Nireport q yon sa agent q then sv aayusin then again nkareceived ulit ako ng letter final collection notice so ngdecide na talaga aqong icancel and nggrequest aq for refund / full amount. Is it possible na makukuha aq ng refund khit less than 2 yrs plng aqng ngbbayad??? please response.

I think you should be pursuing the CTS before you decide to suspend payments. In case of delay of issuance there are still other documents to show that a contract exists. you run the risk of losing your payments by unilaterally suspending additional payments.

Thank You for the quick response.

Regarding sa CTS as per my knowledge after 3 months bnibgay ung CTS almost five months wala silang bnigay or any information na mddelay.

- Incident happen dun sa condo unit na some part is nasunog, hindi nila kmi inimformed na my ngyaring gnun. Ok lng b yon na hindi ipaalam smen as a buyer???
-Their providing wrong information sinasabi nila na nrrecived nila ung payment ko pero nkkareceived nmn aq ng incorrect invoice and after that Notice of collection.

Nagdiscontinue na ako sa pagbbayad and ngsend nrin aq ng cancellation and refund request kasi nwalan na ako ng gana at natakot na mas lumaki pa ung problema at hindi prin nila nggwan ng solusyon lagi kasi aqng ngeemail sknila for follow up kung anu ng ngyri sa complaint ko about sa mga hinuhulog ko. And walang kasiguradong sagot ang nakukuha q sknila.

Anu po sa tingin nyo ang iba png option pra sa concern ko? My rights pa po ba ako na na marefund q ung na invest qng pera.

if they do not agree to refund your payments, then you will have to file a complaint at HLURB to try to justify a refund.

Hi,

Kumuha po ako ng pre sell na condo. Nakapag bayad napo ako ng 2 yrs pero after nun pinacancel ko. Sinabi ko sa kanila na gusto ko i apply yung refund under Maceda Law. Nilaban ko po na i refund nila yung 50% nung total payments ko kasi andami nilang gustong i deduct na mga processing etc. Ngayun po na approve na. Sa approval pa lang po nag take na silang more than 50 days. Ngayun sabi nila nasa accounting department na nila at usually may processing time sila na 45 days. Pag daw po na release yung refund ibibigay nila ng 3 payments through post dated cheque na 1 month ang pagitan. Ang sabi po daw nila wala daw law na nagbabawal na ibigay ang refund na ganung katagal ang processing at post dated cheque ang bayad. dependi daw po yan sa company. Importante daw po maibigay yung refund kahit matagal. Tama po ba sila? wala ba talagang law na mag proprotect sa mga client sa ganung case? kasi kung ganun pwedi nilang patagalin ang refund sa anumang gustusin nila.

Thanks

hi

ask ko lang po sana , may property kami pinurchase since and based sa doc na signed namin nagissue kami ng cheque from may 2014 - may 2018, ngayon po dec 2016 nakareceived kami ng letter na ready for turn over na, den after that a final notice send stating na deemed accepted and we need to pay the remaining bal in full or via bank loan otherwise mapenalize kami ng 10% per month

dto na po nagsimula ang problema namin.
nag liase kami sa developer po nanghingi kami ng document na may pirma namin at ng developer na mag fine kami ng penalty pag di namin nabayaran buo wla naman po sila maproduce sabi nila nasa contract daw un
e since nasa abroad po kami di pa namin nakukuha at nasign ang contract , so di pa din kami makaloan sa bank .

- so wla po binding na document na maipakita sila sa amin

ang sumunod na problema po ng nagaask na kami ng refund na lang under the maceda law since naka pag byad na kami ng more than 2 yrs pede kami marefund ng 50 % pero sabi po nila na based on the reservation agreement di na daw marerefund ang mga binayad namin

-to our shock po ung reservation agreement dated march 2014 submitted by our agent na nagtatago na po and ang document na pinirmahan namin is only may 2014 and also incomplete, putol ang documents na binigay sa amin ng agent .

i raised this issue at nag rerequest ako ng stiop cheque due to so many issue , ayaw po nila istop at nag ask na din ako ng mga bank loan pero few banks rejected and developer namin ayaw nila tanggapin .

ano po kaya magandang gawin ko po .
ayaw naman na po namin magbayad pa at di na din maganda ang situation namin sa developer kasi more on money lang sila wla concern sa client po.


i need your advise since i am abroad at pinaghirapan po namin ang pera na binayad namin sa kanila

Please go to HLURB with all your contracts and letters, you can file a complaint there.

hello07 wrote:hi

ask ko lang po sana , may property kami pinurchase since and based sa doc na signed namin nagissue kami ng cheque from may 2014 - may 2018, ngayon po dec 2016 nakareceived kami ng letter na ready for turn over na, den after that a final notice send stating na deemed accepted and we need to pay the remaining bal in full or via bank loan otherwise mapenalize kami ng 10% per month

dto na po nagsimula ang problema namin.
nag liase kami sa developer po nanghingi kami ng document na may pirma namin at ng developer na mag fine kami ng penalty pag di namin nabayaran buo wla naman po sila maproduce sabi nila nasa contract daw un
e since nasa abroad po kami di pa namin nakukuha at nasign ang contract , so di pa din kami makaloan sa bank .

- so wla po binding na document na maipakita sila sa amin

ang sumunod na problema po ng nagaask na kami ng refund na lang under the maceda law since naka pag byad na kami ng more than 2 yrs pede kami marefund ng 50 % pero sabi po nila na based on the reservation agreement di na daw marerefund ang mga binayad namin

-to our shock po ung reservation agreement dated march 2014 submitted by our agent na nagtatago na po and ang document na pinirmahan  namin is only may 2014 and also incomplete, putol ang documents na binigay sa amin ng agent .

i raised this issue at nag rerequest ako ng stiop cheque due to so many issue , ayaw po nila istop at nag ask na din ako ng mga bank loan pero few banks rejected and developer namin ayaw nila tanggapin .

ano po kaya magandang gawin ko po .
ayaw naman na po namin magbayad pa at di na din maganda ang situation namin sa developer kasi more on money lang sila wla concern sa client po.


i need your advise since i am abroad at pinaghirapan po namin ang pera na binayad namin sa kanila