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Free Legal Advice Philippines » FREE LEGAL ADVICE » PROPERTY » Unpaid Housing Loan

Unpaid Housing Loan

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1loan - Unpaid Housing Loan Empty Unpaid Housing Loan Thu Sep 15, 2016 11:55 am

ritchdlcrz


Arresto Menor

Hi! I need an advise regarding a property (condo unit) that we acquired. We managed to pay it's downpayment and applied for a bank loan for the remaining balance last year and started the monthly amortization last July 2015. Now we are planning not to continue the payment as we are also having hard time selling the unit, how are we going to get through it? Will they (bank) just confiscate it, or what other possibilities could happen?thank you

2loan - Unpaid Housing Loan Empty Re: Unpaid Housing Loan Fri Sep 16, 2016 1:32 am

Lunkan


Reclusion Perpetua

Yes the bank can chose to "confiscate" it (=Foreclose).
Then they try to sell it to try to get back the missing loan.
I don't know what happen if they can't get full cover by that.

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Free Legal Advice Philippines » FREE LEGAL ADVICE » PROPERTY » Unpaid Housing Loan

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