I have a housing loan in BPI, the term is five years to pay with 11.+% of interest per annum total price of 2m pesos fixed. Based on the agreement between me and BPI that I signed, failure to pay my monthly mortage in five (5)consecutive months it will be subject for foreclosure. I suppose to fully paid it by Sep 2011.
Just I want to know what will happen if I fail to pay my monthly mortage in five (5) consecutive months.?
These are my situation right now.. I'm an OFW and previously worked in Qatar EP&C, under Japanese company. I finished my contract last end of Oct. 2010 and now I'm here in Philippines without a job almost four months already. And I have no any idea when will our next project will start. So since I have small savings in my bank account I'd pay in advance for three months. So my last payment was February 2011.
I also just want to know what is the best remedy for this matter just to avoid foreclosure.
I hope you understand what I'm trying to say.
I'm looking forward to receive your reply.
Thank you and more power to you.