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ASSUME BALANCE - PAGIBIG HOUSE AND LOT PROPERTY

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obetg


Arresto Menor
Hello to All,

Mag ask lang po sana ako ng opinion, sa ngayon po kasi may 30yrs amortization ako sa pagibig para sa house and lot na nakuha ko. Bale 4 yrs na po ako nakakahulog, on time po kami maghulog at walang skip. Balak po sana namin ibenta via assume balance thru pagibig, kaso parang hindi willing yung buyer, gusto nya assume balance pero ang transfer ng name after na nila ma fully paid which is after 30yrs. Eto po ang mga question ko;

1. Safe po ba on my part yung ganitong scheme?
2. if ever po pumayag ako, ano po yung security ko if ever hindi nila ituloy ang pagbayad sa pagibig?
in essense nasa name ko pa din yung accountability right?
3. pwede ko po kaya ilagay sa contract na "3 months missed payment will automatically void the contract"?
4. Example natapos nila yung 30yrs of payment, yung cost sa pag-transfer ng name sa new buyer ako pa ba magbabayad?

so far, yan pa lang po naiisip ko na tanung, sana po matulungan nyo ako, maraming salamat po.

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betchay001


Reclusion Perpetua
Hello po.  

    1. It's pretty safe, as long as all documents are also submitted to PAG-IBIG. (So that Pag-IBIG will no longer send notices to you but to the new borrower.)
    2. If new buyer defaults, you no longer have any liability.
    3. You may, but I think it is no longer necessary.
    4.  You'll have to talk it over now with the buyer and tell him that he'll have to assume all taxes and transfers.

When the loan is fully paid, Pag-IBIG will release the title to the borrower together with a document called a "Cancellation of Mortgage".  That will cancel the real estate mortgage on the property.  But the title is still in your name. However since the buyer will have possession of the Deed of Sale  it will be easy to transfer the property to his name.  Just make sure that you provide your TIN number as seller.

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