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Unpaid Housing Loan

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


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

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


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.

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