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Housing mortgage

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1 Housing mortgage on Tue Dec 02, 2014 8:16 am


Arresto Menor
Just wanted to seek your opinion. I have a housing mortgage with pnb that ive paid for 5 yrs already. last may we have to move to cebu and decided to give it up. A property manager of my developer offered assistance of finding me a buyer instead. After several talks a sale has been made. As part of the agreement the new buyer will assume mortgage. Apparently the mortgage was only paid for 3 mos. and now the account is overdue and could be forfeited. The property manager now wants to take ownership to save the property and was told that she's willing to pay the overdue amounting to 50,000. My concern is if its ok to go with doing a transaction with the property manager since the buyer can no longer pay considering i have checks that i know will bounce from the buyer who requested and said that the property manager will just assume responsibility. If so what do i need to secure? We are still in talks with the property manager however i don't feel that i can no longer trust her since she have not done anything from the time that she expressed intent of assuming the responsibility and penalty just keeps on piling up. Im still based in cebu and property and people i deal with is in manila. If not, should i just call the bank and tell them of the scenario and have the property foreclosed? Thank you

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2 Re: Housing mortgage on Fri Dec 05, 2014 6:25 am


Prision Mayor
If someone is willing to take ownership then that's great but as you said we're only talking about 3 months usually it takes 6-8months before anyone forfeit the property up to 3 notices but if the current owner signed waiver that she/he is no longer interested to continue paying then it's fine.

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3 Re: Housing mortgage on Fri Dec 05, 2014 10:28 pm


Prision Mayor
Is it possible to "sell" your right to the property to someone interested? For example, a deed of assignment and transfer of right, wherein you can have at least some payment maybe lesser than what you had paid to the bank. What document did you execute when you purchase the property and the developer/landowner mortgage it in a bank for you to pay the monthly loan amortization you supposedly pay to the developer/landowner? On this document, the terms and conditions as to unpaid monthly payment, and when the bank can foreclose the mortgage.

Note: I am not a lawyer, but just an ordinary person traying to share my opinion and experience that maybe helpful to your problem.

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