The follow on:
This is my situation; i was a buyer of a property of a developer, the last payment i made was in Feb.24,2011 (this is for the full payment of the 20% DP) and the remaining 80% of the TCP is being processed for a Bank Loan Approval. Since awaiting for the approval from the bank, i wasn’t able to pay the supposed monthly Amortization under In House Financing daw (as it takes effect soon as the DP is fully paid pala) the problem is, i was not notified thru letter and or was sent any written computation of the said payment scheme. Then goes the notice from one of their agent that my request from the bank for a housing loan was not approved. So, I signify my intention thru the agent that i am selling the property to ease a possible burden upon me since knowing that In House Financing is killing those poor buyers/dreamers. But, 2nd buyers don’t come easily. I was just being promised by their agent/broker that they are looking for possible buyer. And i’m being referred to their other agent who say’s nothing but how much would be my take home percentage even demanded certain amount i should give. Time had pass and nothing i clear except the amount of penalty multiplying on my account. so i went to their office to beg that my case should be considered. And i was told verbally only that, if there is a potential buyer and if the requirements are of substance according to their guidelines or policy to accept, the accrued arrears and penalty would be waived. And so, i went for hunt on my own and approach a possible one since i heard he invests on properties. I showed him the property and adviced me to talk to his agent/processor who’s also connected to the same developer. So, we talk and told her my asking price. And so, she went to tell that buyer and he agreed. Provided, i will be the one to pay for the transfer fee. Then, since this buyer has bought properties from the developer already, he has all the credentials/documents submitted already in short they have his records. But, for so many reasons from the developer’s staff that he has a lot of properties with us.. we cannot process his papers or most likely will not be approved blah blah blah.. but, i insist that this is the buyer i am selling my property since he is willing to buy and we already have agreed on the price. And i was only told that, they are going to process for approval of their Heads. Countless days passed and i heard nothing until i went their to talk to their department head and i was told.. it really takes time and she promised a Nov. 15 2011 date. This was Oct. 28,2011 when she said. And Finally! Two Options was offered for the 2nd buyer. OPTION 1- the 80% remaining loanable amount be paid in 12 months @ Zero% interest, provided, an amount for the penalty must be paid. Otion 2 – arrears and penalty must be paid and the remaining loanable amount be paid in 24 months. So, I presented this to the new buyer. I, reiterated to him that Option 2 has the arrears to pay together with the penalty and i would still be asking the same price we had previously agreed. To his agent and my surprise, he opted for it. And again I reiterated that a big amount is added to that computation. But, he said it’s ok as long as it is 24 months to pay. Our agreement then was, i will be the one to pay for the transfer and the penalty. And so, i paid for the penalty and transfer fee and he paid for the arrears and his first monthly amortization. Then came the documents that it was already transferred to his name. But, maybe upon realization that one hundred thousand is quite a big amount as interest, he is now opting to pay it in 1 year (so he won’t have to pay that amount of interest) which is the Option 1 given and approved then by the developer’s staff. My question is; can R.A. 6552 Section 6 be applied for this case? Can the new buyers appeal for the reversal of that payment scheme from Option 2 to Option 1? I am and would be the most affected loser here since, if the payment scheme (Option 2) will continue its course the new buyer impose on me to either give back his money (which i do not have.. the very reason why i am selling the property) and/or take the remaining amount from the asking price minus that interest he is to pay. But this buyer is willing to pay the loanable amount in one year @ Zero % interest. Provided, the amount he has already paid will be deducted from the 80% loanable amount and the remaining be paid in eleven months. (which is the same as Option 1 then)
I hope that this would be understandable to you as this is quite lengthy and maybe in fractions of posts. Thank you very much and i hope to hear from you soon regarding this. God Bless You and this site.