BFS resolves 26k delinquent home loans

(Malaya)

Pioneer mortgage servicing company BFS, Inc. said that it has to date assisted more than 26,000 Filipino families to fully resolve outstanding and overdue loan obligations through its end to end mortgage servicing platform.

BFS, Inc. is the exclusive mortgage servicer and asset manager of the residential mortgage loan portfolio of Balikatan Housing and Finance, Inc.

“Through BFS efforts, many families have reclaimed their homes and now have assets in the form of realized home equity. For most families, this is the largest component of personal savings – savings that may increase as their homes appreciate in value over time and may be passed onto their loved ones,” said BFS president Federico Cadiz, Jr.

Cadiz said the ability of thousands of borrowers to own their homes will have a positive ripple effect on the economy. This is also in line with BFS’ objective to help improve the overall liquidity in the housing capital markets.

“ By reintroducing liquidity to under-performing assets, money will resume circulating throughout the system, making funding available to other borrowers for new home purchases,” Cadiz added.

BFS continues to pursue resolution with defaulted Balikatan account holders in an effort to provide them with legitimate homeownership. Outstanding unresolved accounts from the 52,000 strong portfolio have been delinquent for more than 17 years.

Since the loans were transferred from NHMFC, BFS has reached out to its account holders through a variety of communication platforms including door to door visits, field processing, phone calls and text messaging, as well as online chat. In addition to its main office at the BPI Buendia Center in Makati, BFS also has branches in the Insular Life Building at Alabang and the Plaza de Luisa Building in Davao City in order to be more accessible to borrowers throughout the Philippines.