foreclosure of property

meron po akong property na
loan sa SSS na nalipat sa
Bahay Financing ang account.
Year 2005 ng sumulat sa akin
ang Bahay Financing at naki
pag kasunduan na restructure
ang arrears ko ng 10 years
with a down payment of 60k
payable in six months.
Un unang payment ko na 10K
ay sinoli nila at sabi dapat
bayaran ko na ng cash 900K
un property(house&lot)at
di ako na approved sa
restructure plan nila.
Later on year 2007 nakipag
neg0tiate ulit ako kung pwede
5 to 10 years to pay pero
pero they insist on cash
basis and that time 500K na
lang ang hinihingi nila.
Wala po akong ganun kalaking
pera ang kaya ko po ay
installment lang.
Ngayon po nakatangap ako ng
Demand letter sa Bahay Finan-
cing na full settlement of
500K plus interest other wise
Foreclose na ang property.
saan sangay ng gobyerno po
ako pwedeng lumapit dito sa
problema ko kung magawan pa
ng paraan na hindi matuloy
ang foreclosure ng property.

I suggest that you keep negotiating with the Bahay Financing. You should offer a substantial amount such as half of their demand and the rest through installments. Or try to have your loan re-financed with a bank or other creditor.

if they foreclose, your property will be sold at auction. you will still be able to possess the property for 1 year and in that period pay the auction amount else they can consolidate their ownership.

i'm afraid i do not know any government agency that can help you with your problem because the rights of creditors are very strong. the courts are even prohibited from issuing temporary restraining orders.

find money or someone who will lend money. try other financing companies, pag-ibig, banks, etc. good luck.

Whatever the type of security or property in question, make no mistake, lenders can seize property assets and businesses and sell them to repay a loan in default. The good news, however, is that lenders do not like foreclosures because they are expensive and difficult and usually work with you if you give them more options.