BFS Panalo Max Transforms Delinquent Borrowers into Happy Homeowners

(The Philippine Star)

BFS extended its Panalo Max program to allow delinquent borrowers to become delighted homeowners after up to fifteen years of default on their mortgages. The new homeowners are ecstatic about legitimizing homeownership after years of their homestead issues hanging in the balance.

BFS’ resolution philosophy is to provide positive home equity for Filipinos. Equity is the market value of a property less debt. As one pays off the loan to the home, the equity appreciates. In addition, BFS bases resolution amounts on appraised values of the properties. Panalo Max brings down costs further and offers 100% penalty condonation and up to 100% interest condonation for many qualified borrowers. Since the second quarter of the year, the response has been positive with borrower resolutions from Metro Manila, Cavite, Bulacan, Laguna, Rizal, Batangas, Bataan, Pampanga, General Santos, Davao, Cagayan de Oro, Bacolod, and Iloilo.

BFS, the country’s only mortgage servicing and special asset management company, continues to find ways to assist borrowers with their outstanding and overdue loan obligations. It relaunched Panalo Max this year as part of its remedial management program to encourage delinquent borrowers to resolve and help save their homes.