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Can I back out of a housing loan?

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1 Can I back out of a housing loan? on Mon Aug 06, 2012 1:38 pm


Arresto Menor
Last March 2012, my husband and I decided to acguire a residential lot in a subdivision in Laguna. We submitted all required documents, signed the necessary documents and have completed five amortizations for the downpayment. However, the salary increase I expected for this year which would help me in the amortization did not materialize because of change in management. This, and other financial considerations, made us decide not to push through with the purchase of the lot.

What liabilities will we have if we back out of the contract?

Thank you.

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2 Re: Can I back out of a housing loan? on Tue Aug 07, 2012 6:17 am


Prision Mayor
Based sa maceda law (R.A. 6552) dapat at least 2 years ka ng nagbabayad para makapag refund ka ng 60% but in your case si developer na ang bahala kung may ibibigay pa syang refund sayo

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