Pls refer below for details.
Housing Loan to BPI last Oct 2005.
Religiously paid monthly amortization thru BPI bank auto debit.
Last payment Nov 19, 2009.
No payment from me since then. ( around 7 months )
June 18, 2010 –
Called BPI and to ask for my latest SOA as Im planning to paid my arrears. BPI staff informed me that my property was already foreclosed on June 16, 2010 ( about 2 days ) and the certificate of sale was already in process of annotation. At this point since the property was foreclosed , they said they can only accept full payment.
I informed them that me and my wife haven’t received any notice of foreclosure by any other means. I requested them my latest SOA to be sent thru my email
June 21, 2010
BPI sent thru email my latest SOA.
Principal is around 1.6million but due to other fees it ballooned to 2.9M
June 24, 2010
I emailed BPI and informed them that I want to pay my arrears and continue the monthly amortization since we were not properly informed about the foreclosure.
BPI replied that it is not possible since the property was already foreclosed and requested me to pay the full amount.
I requested demand letters or any other notification for the foreclosure but haven’t received any reply until now.
Went personally to BPI head Office with my wife and re-iterated our request to continue monthly payments since we think we were not properly notified about the foreclosure. We again request the demand letters and based on their file the demand letter didn’t reach us due to “ MOVED OUT”.
We said to BPI that we live and still occupying the property until these days.
July 20 ,2010
Request again BPI for the continuance of monthly payments but was denied since property was already foreclosed.
Received a call from BPI informing us to vacate the property until Aug 16, 2011.
Is the foreclosure legal even though they didnt notify the property owner?
Can I have a case if i want to nullify the foreclosure on the basis of the above mentioned details.
Pls help me .