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My mother died last May 21, 2011. It so happen that she has an existing housing loan with SSS. She was 76 yrs. old when she died. Due to delinquency, she was not able to pay the principal and that amounted to PhP 1+ million pesos. Accdg to SSS she was not included in the insurance because of her age when she died, and she only applied partial condonation and not paid the amount required. So we have to pay for the remaining balance right away. My questions are the ff:
1. I am the co-applicant in the housing loan, can it be transferred in my name?
2. Or can the property be foreclosed at once since the borrower died already?
We don't have enough money to pay for the outstanding loan of my mother and we don't want the property to be foreclosed either. What can you advise us to do. We really need your help.
Thank you so much.
1. I am the co-applicant in the housing loan, can it be transferred in my name?
2. Or can the property be foreclosed at once since the borrower died already?
We don't have enough money to pay for the outstanding loan of my mother and we don't want the property to be foreclosed either. What can you advise us to do. We really need your help.
Thank you so much.
