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Posted by on Jul 24, 2013 in Corporate News, Loan Accounts News

BFS Extends Loan Condonation

BFS Extends Loan Condonation

(Manila Bulletin)

BFS, a mortgage servicing and special asset management company, said it extended its loan condonation and restructuring program to help Balikatan borrowers realize their homeownership aspirations.

The program, called the Panalo Max Offer, was first launched in April 2012 with the primary objective of offering highly discounted terms for delinquent Balikatan borrowers as well as other term financing resolutions depending on the status of borrowers’ accounts.

“It has been BFS’ policy that foreclosure is a last resort and least preferred option in resolution situations,” said BFS Corporate Communication Head Juno Henares-Chuidian.

“We want borrowers to be able to save their homes and get closure rather than see them go through foreclosure and eviction because of one reason or another. This is what the Extended Panalo Max Offer represents – a “helping hand” extended by BFS in realizing our borrowers’ dreams of homeownership, Henares-Chuidian said.

The response for the Panalo Max Offer has been positive, with thousands of borrowers resolving their accounts which included Balikatan borrowers who were based abroad as overseas workers. In spite of its past success, BFS urges the qualified Balikatan accountholders to resolve their accounts earlier since the foreclosure process does not stop until and unless they enter into a loan settlement agreement with Balikatan.

The extended Panalo Max Offer runs up to September 23, 2013.

BFS has constantly tried to reach its borrowers in efforts to encourage them to avail of its affordable condonation programs.

The company has created a number of channels its dedicated account specialists can use to communicate to clients. Past efforts have used letters, phone calls, SMS, B-Online (an online video counseling service), including door-to-door visits to key areas such as Metro Manila, Cavite, Bulacan, Laguna, Rizal, Batangas, Bataan, Pampanga, General Santos, Davao, Cagayan de Oro, Bacolod and Iloilo.

BFS took over the highly delinquent portfolio from the National Home Mortgage Finance Corporation in 2006, and since then, thousands of Filipino families throughout the country were helped to fully resolve their long standing and overdue loan obligations.

BFS was established in 2005 by an institutional investment fund managed by a leading global fund manager. The fund specializes in real estate and infrastructure investment, managing more than $62 billion in assets and operating asset management platforms worldwide.

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