Seeking advice for a foreclosed property

Need advice ASAP

Pls refer below for details.

Housing Loan to BPI last Oct 2005.
Religiously paid monthly amortization thru BPI bank auto debit.
Last payment Nov 19, 2009.

No payment from me since then. ( around 7 months )

June 18, 2010 –
Called BPI and to ask for my latest SOA as Im planning to paid my arrears. BPI staff informed me that my property was already foreclosed on June 16, 2010 ( about 2 days ) and the certificate of sale was already in process of annotation. At this point since the property was foreclosed , they said they can only accept full payment.

I informed them that me and my wife haven’t received any notice of foreclosure by any other means. I requested them my latest SOA to be sent thru my email

June 21, 2010
BPI sent thru email my latest SOA.
Principal is around 1.6million but due to other fees it ballooned to 2.9M

June 24, 2010
I emailed BPI and informed them that I want to pay my arrears and continue the monthly amortization since we were not properly informed about the foreclosure.

BPI replied that it is not possible since the property was already foreclosed and requested me to pay the full amount.

I requested demand letters or any other notification for the foreclosure but haven’t received any reply until now.

July 7,2010

Went personally to BPI head Office with my wife and re-iterated our request to continue monthly payments since we think we were not properly notified about the foreclosure. We again request the demand letters and based on their file the demand letter didn’t reach us due to “ MOVED OUT”.

We said to BPI that we live and still occupying the property until these days.

July 20 ,2010

Request again BPI for the continuance of monthly payments but was denied since property was already foreclosed.

Dec 28,2010

Received a call from BPI informing us to vacate the property until Aug 16, 2011.

Is the foreclosure legal even though they didnt notify the property owner?

Can I have a case if i want to nullify the foreclosure on the basis of the above mentioned details.

Pls help me .

Thanks

you have one year from the time the certificate of sale was annotated on the tct until the bank can consolidate its ownership. in the meantime, you have the right to occupy your property.

the remedy is to file a complaint in court to annul the foreclosure sale, but you should also check the records of the sheriff as to the foreclosure why even his notices did not reach you. the mere failure to receive notice is not sufficient, you have to show that there was a deliberate design or gross negligence that the notices of demand and foreclosure never reached you.

thank you very much attorney.
Very much appreciated.

Can you advise me where I can check the records of the sheriff? Is it in the municipality or in BPI already/

I always request BPI for the notice but always answer that it was already foreclosed and I need to pay the whole amount for redemption.

Thanks

first check your title by requesting a copy at the register of deeds, there should be annotations regarding the foreclosure.

we have similar case, I'm wondering if we can have some refund since we paid almost 2m for the property already. Are we covered by the Maceda Law?

maceda law concerns a property which is purchased on installments in a contract to sell. you do not become the owner of the property yet.

in mortgage, you are already the owner of the property and you are paying a loan with the property as your collateral. in this case, maceda law will not apply

hi Atty...a newbie here...just registered to get a advise from you regarding my case...

may nabili po kaming foreclosed unit ng GSIS sa Muntinlupa...kaso meron po nakatira...as per GSIS, hindi po sila ang may ari...at yung unit po ay na-foreclosed dahil po sa mahigit 1Milyon arrears nung original owner...
binenta po kasi ng tunay na may ari yung rights ng unit mre than 10 years ago, at yung nakabili po na ngayon ang syang nakatira, ay hindi po nagbabayad sa GSIS....
binigyan na po kami ng certification ng GSIS na sa amin bo binenta yung property at Notice to Possess the property...
nagkaroon na rin kami ng hearing sa baranggay, homeowners assoc...pinadalhan na namin ng letter, pero mukhang wala po talaga balak umalis...
pano po ba ang gagawin namin?? ito po ba ay matagl na proseso? kasi kami ay nagri rent lang sa ngayon...

before you bought the property didn't you inspect it? you knew that someone was living there? you did not inquire why they are there?

Please help.

We received notice from the bank that our home was already foreclosed last March 2011 and we have 1 year to redeem the property.
Included in the notice was a statement of account indicating a redemption amount which was outrageously higher than what we know our balance to the bank was.
Now, we have a potential buyer of the house and may be able to redeem. However, we can only pay so much an amount that we consider just.
Can the redemption amount stated by the bank be negotiated down to a manageable figure? What is the best recourse in our situation?

you can negotiate, but you cannot compel the bank to accept your terms. most banks will want to liquidate, but not below the loan plus legal costs and a decent return.

hi to all,

same as with my problem before, advise ko lang kung alam nyo na hndi nyo na kayang magbayad ng monthly mortgage nyo due to some financial problem , don't hesitate to inform your bank regarding your problem, ask for advice to avoid foreclosure, I'm sure they will give you an options/friendly advice to solve your problem,
Before nbakante ako ng trabaho, OFW ako, mga 2 months pa lang ako default sa mortgage ko ininform ko n agad yung bank na hindi ko na kayang magbayad ng monthly wich is 30k. So humingi ako ng advice sa kanila kung may mga options pa. Nung una sabi nila wala na daw sila magagawa, then nag offer ako kung pwede loan restructuring/ modification. Yung una ko nga palang taong nakausap bago pa lang sya don , kaya make it sure sa tamang tao kayo lalapit... so Pinaggawa nila ako ng official letter requisting for loan modification, bale don sa request ko yung balance ko ang magiging principal amount so huhulugan ko yun ng mababang halaga 5k pero hahaba syempre ang term, and after 3 months na aprobahan nila yun and today is my 1st payment 27 June '11, in my new term, from 30k chnge to 5k monthly,, yun yung naka stated dun sa request ko na yun lang muna ang kayang kong bayaran sa ngayun just to avoid foreclosure,, for the new term of 60 months (4years), but allowed ako na mag balloon payment once na makaahon na ko sa putikan , na mababawas don sa principal amount para bumaba din ang term.
So advice ko lang sa mga may loan, cumunicastion lang ang kelangan , yung mga problem sa itaas kulang lang kayo sa cumunikasyun, wala namang banko na gusto ang foreclosure, magastos, matrabaho parasa kanila yun, kaya nga before maaprobahan yung loan natin dami nilang requirements na kelangan tapos pag direct buyer ka hndi ka dumaan sa brooker nag gagawa pa sila ng CI

Thanks nga pala sa site na to sila yung nagadvice sa kin na yung yung gawin ko keep talking to the bank personaly..

Thank you

Kiko

good for you kiko, good luck!

Atty. paano pag in-house po ang case? pls. advise po...