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Processing of Deed of Absolute Sale and TCT/CCT

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Hi we already received the approval of our Pagibig Housing Loan. And in line with that approval in order for the loan to be release to us, we need to submit the following documents in order that a Loan and Mortgage Agreement be executed:

1) TCT in my name as borrower in favor of HDMF.
2) Deed of Absolute Sale

These documents shall be processed by our developer.

The Pagibig approved loan is below the amount we are to pay to the developer. Nevertheless we are willing to pay and advance the difference from the approved amount.

We already paid the processing fee of almost P50,000 to the developer. But the developer cannot commit or make a promise as to when the transfer will be made. They are saying that it usually sometimes took 6 months to a year before the said documents is processed.

Aside from paying the remaining balance from the approved amount of Pagibig, this developer is also requiring us to still continue our monthly amortization to them. This is almost P14,000 a month until the deed of absolute sale has been finalized.

My pagibig loan proceeds will only be then released to me after I have submitted the said docs from the developer.

So if they are saying that it would took almost a year, it means that we are giving away money worth P168k. When I asked them if they will gonna return it to me after they completed the Deed of Sale, they said not anymore.

Is there any law that governs said developer's policy? Isn't that once we paid the balance, we should not anymore continue the amortization? And if we are to continue the amortization, do we have any right to reclaim it for refund?

How about the timeline in processing the deed of absolute sale and TCT, how soon should the said docs be available once we paid the balance? Do we have any legal right to demand the expediting of the processing of the said docs? What would be my remedy if they said that it usually took 1 year to process the said docs?

Would appreciate your guidance should I missed to ask other important info that I need to know.

Thank you very much in advance. Very Happy

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