The original quotation given to me states:
construction of unit -0%
reservation fee -7,500
12months equity -6,675
15years monthly amortization
(thru PAGIBIG) -7,700
I was able to pay the reservation and 10months of equity, but I was unexpectedly unemployed which caused the missed payments for 11th and 12th equity. I continuously received billings from the company stating the 2mons equity overdue (13,350) and it's corresponding penalty (4,000+). I decided to settle after 10months. I wrote a letter to request for staggered payments and they approved. There were four payment installments and I paid the first installment on that same day it was approved. The construction of the unit was already 97% complete. I also clarified about monthly amortization, but they said, it would always start when the equity payments has been completed. Then, I was relieved.
After 2weeks, I went back to their office to pay the second installment, but to my surprise, they told me that I don't need to pay what was agreed because I have a DP balance of 78,000 and monthly amortization at 12,000 which was also due. It comes out that my account was automatically converted from PAGIBIG to BANK (but I had card delinquencies which I was aware of from the very beginning, so I was disapproved) so last option for me was INHOUSE. The inhouse finance requires 30% downpayment and only 10year loan term while PAGIBIG requires 20% and up to 30year loan term. The reason they gave for the automatic conversion was because another company (Globe asiatic) had some INTERNAL PROBLEM WITH PAGIBIG LOAN TAKE OUTS, so their company, profriends, decided to pull out all paibig accounts to avoid future problems. You see, it's their problem, why should the clients get caught and inconvenienced.
Since I truly want to retain my property, I wrote a letter of consideration to pay the 78,000 in 10 equal installments for 10months since I cant afford to pay the huge of sum of money, but they approved only 3months to pay at 26k/month. It's impossible for me to produce that amount of money, because I'm currently renting as well.
I asked for the representatives suggestions, but they are just offering me to refund my paid equity which I don't consider an option. To make it worse, they informed ahead that the amount of refund isn't guaranteed, so getting 100% refund is unlikely. They also mentioned that I should transfer my title to any person who has clear bank record in order for them to put it under bank finance which requires 20% downpayment and 15years loan term. In short, I won't be needing to pay that DP balance and lower monthly amortization.. if ever.
The unit is already an RFO. I feel like they want me to refund since the arket price has gone up now after 2years since I started equity.
It seems like I'm being blackmailed because they said, if I can't pay the 78k immediately, all my paid equity worth 70k will be forfeited.
I can't understand the inconsistencies of their company... they sent me billing for my equity overdue, but after starting to settle, they surprise me with a DP balance. They accepted my payment worth 6K for my equity overdue and suddenly declaring that I had a DP balance amounting to 78K.
My question is, is there any way I can do legally to retain my property? can I file any legal complaint against the developer since I have all the documentations they gave me stating that my account was originally purchased under PAGIBIG? If not, is it possible to demand for a 100% refund at least? What are the documents that I should present?