Just beside the the house and lot, I also aquired a lot only property and paid 30% downpayment upon acquisition.
For more than 7 yrs, I did not receive the CTS from the deleloper on the lot only property and did not make any monthly amortization from the beginning but they keep on sending me the statement of account with charges on penalty and interest which then resulted to approximately triple the amount from the selling price.
In my last two monthly amortization which was intended for the house and lot property(thru bank), the developer, in his disgretion, took a portion of the paid amortitation and distribute it to the lot only property in order to reflect some active payment. For how many years there was no Amortization made on the lot only since there is no CTS.
Am I required by the law to pay the penalty and interest they charge me? Until this day, I still did not receive a CTS from the developer and trying to finalize the issue before I make any additional amortization on the house and lot.
If they will provide a CTS just this time, indicating the start of montly amorization as what is stated in their Statement of account,Should I accept it? and, am I obligated to pay the penalties and interest indicated in the SOA? Please help advise.