Free Legal Advice Philippines

Disclaimer: This web site is designed for general information only and does not create attorney-client relationship. Persons accessing this site are encouraged to seek independent counsel for legal advice regarding their individual legal issues.

Log in

I forgot my password




You are not connected. Please login or register

Unpaid Housing Loan

View previous topic View next topic Go down  Message [Page 1 of 1]

1 Unpaid Housing Loan on Thu Sep 15, 2016 11:55 am

ritchdlcrz


Arresto Menor
Hi! I need an advise regarding a property (condo unit) that we acquired. We managed to pay it's downpayment and applied for a bank loan for the remaining balance last year and started the monthly amortization last July 2015. Now we are planning not to continue the payment as we are also having hard time selling the unit, how are we going to get through it? Will they (bank) just confiscate it, or what other possibilities could happen?thank you

View user profile

2 Re: Unpaid Housing Loan on Fri Sep 16, 2016 1:32 am

Lunkan


Reclusion Perpetua
Yes the bank can chose to "confiscate" it (=Foreclose).
Then they try to sell it to try to get back the missing loan.
I don't know what happen if they can't get full cover by that.

View user profile

View previous topic View next topic Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum