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Developer demand us to pay monthly amortization

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LiAngelo


Arresto Menor
Hello po. We purchase a house and lot last Dec. 2014 worth 1.2M. Before we pay the downpayment, we informed the Developer and broker that we're going to loan the remaing amount sa Pag-ibig. They assure us that we can and they will be the one to process it. We pay the downpayment in full and asked them were going to pay the remaining equity in 6mos without interest. March 2015, we already provided them the papers or requirements for Pag-ibig since my husband was around. We paid the equity last June 2015. They informed us that we need to pay monthly amortization since we didn't know the loanable amount that Pag-ibig will grant. They demand us to pay 18k/mos. I told them we cannot pay that amount since if ever Pag-ibig grant our loan we're just paying around 13k or 14k per mos. or lower. They will just refund the amount if ever the loan is higher than the remaining balance that we have. The manager informed me that they will just accept the amount that we can pay. Until now the application to Pag-ibig is not yet processed. The title is not yet transferred. We asked for the ledger. We were shocked that we still have 1.045M balance and the equity is around 300k + we pay from july-apr. They get the interest from the equity we pay.

Ano po ba ang dapat? After we pay the equity, do we need to pay the amortization with 18% interest? Or Is it their fault na hindi nila na process yung application namin?

There are instances that the Developer will call us and demand to pay the interest or will contact their atty to forfeit the house. our neighbor also received the same call.

Since it's more than a year that they had not processed the application. We tried to process the loan thru bank. It's been approved this May 2016. We already send the guarantee letter to the Developer. They informed us that we still need to pay until Oct. Same issue with my neighbor. Their loan has been approved by the bank but the Developer cannot provide the title. The guarantee letter have been expired.

I tried to check the title at Registry of Deeds. They cannot provide the Certificate of True Copy because they are still printing it. The title is reconveyance. I'm not sure if the name was still under the Developer or if it transferred to us.

Do we still need to pay for the amortization until Oct? Is it correct? They cannot provide me the contract since it is not yet notarized.

We need advise on what we can do.

Thank you in advance.

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betchay001


Prision Mayor
Hello po,

I presume that you've moved in already?  If you've moved in already, you may have been placed temporarily to In-House Financing, the interest of which is usually pegged at 18%, especially if the loan is not yet processed at the bank or Pag-IBIG.  This usually happens if the loan isn't with the bank yet, and you'd like to use the house already.  

And if you signed a Contract to Sell, the provisions are there.  You are bound to its provisions even if it's not notarized yet.  So kindly check the CTS.  

Is the title the only thing that is needed?

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LiAngelo


Arresto Menor
Yup, we already moved in as per their advise that if we pay the full equity.

They will not give me the CTS since they said that we will signed a different contract. The title is already printed at ROD. The bank also provided the guarantee letter this May. But they informed me that we will continue to pay until October. I presumed that the title is not yet transferred to us?

And they did not processed our papers at Pag-ibig that's why we opted at Bank financing.

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Lunkan


Reclusion Perpetua
"They cannot provide me the contract since it is not yet notarized. "
The contract since 2014?
If so, the Developer is a scamer.

And it seem them are scamer anyway, because of they haven't send the application to Pag-Ibig...
OR isn't the building fully ready yet? If so, I suppouse Pag-Ibig wouldn't aprove the loan yet.

What does the by you signed contract say about loans and delays?

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betchay001


Prision Mayor
The bank won't pay them unless the title is transferred in your name. In the meantime, get more information, ask to read the CTS. Ask the developer if the taxes have been paid and the CAR has been issued.

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LiAngelo


Arresto Menor
Yes, I'm checking the CTS, the taxes has been paid.

Maybe the same will happen to me as my neighbor. Their guarantee letter has expired since the Developer cannot provide the title.

Thanks for the advice.

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Lunkan


Reclusion Perpetua
LiAngelo wrote: Maybe the same will happen to me as my neighbor. Their guarantee letter has expired since the Developer cannot provide the title.
A main qiestion is WHY the developer can't that. What do they say?
And what does the contract say about when it would be ready?

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