Bought a condo unit

We bought a 2 bedroom condo unit last july 2014. We have paid the equity at 25k monthly and we need to pay around 400k this june and taxes in september for turnover. This payment is 20% of total contract. We are selling the unit 2 years now and the last option we know is to downgrade but still we cannot manage to pay. Is it possible to transfer to another project of the company so we can still continue? We dont want to forfeit all we have paid. Or is there another options that we can do? Thanks in advance.

It's risk you will lose all if you don't pay in time. (But if it's Foreclosed then you will get a year to get it back, but then the cost is higher by some extra fees and interest.)

You can try to talk with the developer to get some more time.
and you can try to get it sold in time, so you can pay it off in the sell process.

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How much is the total cost???
That sound more than 20% of the total cost for such unit.

Haven't you paid enough to be possible to get the rest as a long time low interest loan in for instance Pag-Ibig or bank so you can keep it?

Thanks. The total contract price is 8M. We're now planning to cancel the contract. We haven't applied it under bank loan yet. Any advice and recommended lawyer? The condo unit is in Quezon city. Is the Maceda law applicable to us?

ricoroberto3 wrote:Thanks. The total contract price is 8M. We're now planning to cancel the contract. We haven't applied it under bank loan yet. Any advice and recommended lawyer? The condo unit is in Quezon city. Is the Maceda law applicable to us?

8 million for an only 2 bedroom condo! Is it that fancy?

I don't know if you have any chance to get out of the contract without losing the paid money,
if you don't manage to sell it.

Have you spoken to the developer?  What options did they give you?

Did you miss any payment at all?  If your payments totaled 24, then you may be able to get 50% of your down payment under Maceda Law.  If your payments have not totaled 24, the most you can get is a grace period.  

If you want to avail of the refund under Maceda Law (there is no 100% refund), then write a letter to the developer asking for a refund. If developer says no, go to HLURB with your letter, bring the answer of the developer to you, and ask for mediation between the two of you. Make sure that all your receipts/papers are in order.

Going to court should always be the last option because it's expensive, it's lengthy and there is no guarantee of a win.
Good luck.

We didn't missed any payment started july 2014. Initially we planned to transfer or downgrade the unit, then our agent had a meeting to the developer and they advised to continue onour unit by getting a loan from the bank then sell it. But this will make more difficult for us. Thanks for your help.