BFS provides homes for 100K Filipinos

(Business Mirror)

When residential home loans become delinquent, borrowers are hard put to resolve their accounts to avoid spiraling penalties and interest. Fortunately for borrowers of Balikatan accounts, they are given a chance at legitimate homeownership through the efforts of BFS, the Philippines’ premiere mortgage servicing company.

BFS has committed to offering Balikatan borrowers with different financial options to avoid foreclosure. These include basing resolution amounts on current appraised values instead of outstanding principal balances, and partial condonation of penalties and interest. BFS reaches out to allow the borrowers to obtain legitimate homeownership. As a result, BFS has resolved more than 26,000 accounts from the Balikatan portfolio, providing housing for more than 100,000 Filipinos.

“BFS is devoted to helping Filipinos find ways to resolve their outstanding loan obligations so that they feel the security of homeownership, and can bequeath a homestead of their children instead of debt,” said BFS president, Federico Cadiz. “We constantly reach out to Balikatan borrowers to discuss options since financial resolution is the route we prefer to take, which ultimately benefits the borrowers. Having an opportunity like this is unprecedented in the Philippines. Instead of a debt for life and no hope for legitimate ownership, borrowers can now look forward to a place they can call their own.”