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Posted by on Jul 23, 2013 in Corporate News, Loan Accounts News

Delinquent Housing Loan Borrowers Get Reprieve from Lender

Delinquent Housing Loan Borrowers Get Reprieve from Lender

(The Daily Tribune)

BFS extended its loan condonation and restructuring program in continuing its effort to help Balikatan borrowers realize their homeownership aspirations.

Called the Panalo Max Offer, the program was first launched in April 2012 and its primary objective was to offer 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. 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,” said Juno Henares-Chuidian, head of Corporate Communication.

To date, 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 OFWs.

In spite of its past success, BFS urges 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 runs up to September 23, 2013.

In the past seven years, 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.

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

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