27 Re: Tax declaration cancelled on Fri Dec 11, 2015 6:43 pm
Oh. That explain much Good chance that's a very good for you.michael113977 wrote:Yup its already 5years since the last letter.. and the problem we dont know were to ask since the bank is already closed since 2011 and the Pdic dont have our info
If no one have BOUGHT that demand from the closed bank, then there are no one who can demand money from you (Except if it was a suboffice to the headquarter, Then the HQ have that claim still. But if it was a separate landbank or a franshise, which has quit, then there are no legal unit owning the loan claim if it wasn't sold before the bank was closed.)
I would just sell it and buy a (huge) nice land away from the town. Your family can do much for 11 900 000 pesos...
For instance you can invest them in a forestry investment business I plan to start haha (joke) (But it isn't a joke forestry investment business is among the business ideas I chose between when planning what to start.)
28 Re: Tax declaration cancelled on Fri Dec 11, 2015 7:30 pm
31 Re: Tax declaration cancelled on Fri Dec 11, 2015 7:51 pm
Oh. Loans need to be paid the get selling approved. That's hard if the lender don't excist I don't know what happen then. Do you know how to find the old bank owner if necesary?michael113977 wrote:Actually it has on the back end. Which has the name on the bank on it.. with the value of how much it was pawned then nothing follows
Is the loan amount plus interest at interest too year by year much?
32 Re: Tax declaration cancelled on Fri Dec 11, 2015 7:55 pm
34 Re: Tax declaration cancelled on Fri Dec 11, 2015 8:58 pm
Well. PDIC shoulder money to people who have money IN the bank, if the bank go BANKRUPRCY. Do you know if it went bankruptcy or just likvidated volontaringly ?
If bankruptcy logicaly PDIC got the claim at you too. so it's some odd PDIC don't know (except if the claim was sold to someone BEFORE the bank closed.)
If just closed, then logicaly the claim belong to old owner.
How high is the interest percentage? Per year?
37 Re: Tax declaration cancelled on Fri Dec 11, 2015 9:29 pm
When the interest isn't paid in time, then I suppouse the deal say it will be interest at the interest too.
Anyway - If selling it for 12 milliion, you can afford worst case interest too
Yes perhaps a selling can be approved by a document from PDIC
39 Re: Tax declaration cancelled on Fri Dec 11, 2015 9:46 pm
Well. It can be a part of a sell deal, the buyer will pay the dept, and deduct that from the sell price, so it can be solved without you need to have cash to pay it before it's sold.michael113977 wrote:Ohh i see i understand by interest at the interest now.. well i guess that would be our last resort to sell it then tsk tsk..
But your family is responcible for it will be paid.
40 Re: Tax declaration cancelled on Fri Dec 11, 2015 10:37 pm
41 Re: Tax declaration cancelled on Fri Dec 11, 2015 10:55 pm
((I have time left sometimes, because I wait at an injury will heal, before I can go and make compleeting research in place before I decide where to settle and which business idea to start. Perhaps forestry
45 Re: Tax declaration cancelled on Sat Dec 12, 2015 9:51 am
Go do a field inspection, mag field trip muna kayong magpamilya, get the title number from the Tax Dec and order a Cerified True Copy of the title from the Registry of Deeds so you'll know the transactions done. Best of luck.
46 Re: Tax declaration cancelled on Tue Jan 05, 2016 4:23 pm
michael113977 wrote:We loan it at 2008. But we were able to pay interest until 2010. I think we need to go to PDIC to make sure hehe
You should check with Bangko Sentral - all Banks that was closed has been absorbed by them. I know because we have the same issue (bank where my parent's made the house and lot a collateral- closed) - We received a letter from them after 5-7 years telling us about the loan.We got a deal (not paying for 5-7 years) from 300K loan it ballooned to almost 1.5M but the bank removed all the interest and we are now paying for 2years (quarterly).
47 Re: Tax declaration cancelled Today at 9:27 pm
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