Maceda Law

Hi,

I just need some advice, this is with regards to a condo property we acquired 5 years ago before my husband and I got married last 2005.

We are thinking of giving it up since it has been a liability to us since i'm just the only one working.

Can we apply the Maceda law in this case? our worry is that we cannot assure that we will still be able to pay it for the succeeding years.

Can we get atleast half of what we've paid for? As far as our computation we already paid almost Php 700,000.

How do we apply for this?

Please help..

God Bless.

Thanks in Advance:)

how many years are you supposed to pay?

you will be surprised that many developers put on so many penalties so they won't have to give you anything back, and you will be forced to litigate to get something back.

why not consider selling your rights over the property instead? ask the developer what their process is and how much they will charge.

Hi, thanks for your advice..My husband checked and added the balloon payments each year so as of now we've paid 1M..

we still have 9 years to go..

Since Ondoy whipped Pasig city..I don't think anyone would be interested to even rent it at all.

We have been consistently posting free ads online no one seemed to be interested..



Please help to advice which is best, to continue and pay some "useless property" & be free to save all I have for monthly amortization or be stuck paying my hard earned money for something that's of no use at all..

confused

have you tried negotiating with the developer?

is the condo finished and ready for occupancy?

what the maceda law requires is that you default in your payments even after a grace period, and the developer sends you a notarized notice of cancellation and offer of the cash surrender value computed at 50% of your payments plus additional 5% for every year after 5 years.

BUT!!! don't expect that the developers simply roll over and pay you back. what some of them do is charge a ton of penalties and interest so that the cash surrender value is zero.

I recommend you go to the developer and negotiate a resolution of the contract and a return of part of your money.

I have lived in Pasig, and it ain't Malabon. but the risk is always there. good luck.

Hi thanks for the advise..

We're now thinking about it..atleast you guys gave us an idea of how this works, the disadvantages and all..

More power and God Bless!

Ano ang process sa MACEDA LAW?

I need a good lawyer please, anyone?