Loan Settlement Program Launched for Borrowers in Extreme Poverty

(The Philippine Star)

BFS, the exclusive mortgage servicer and asset manager of Balikatan Housing Finance Inc. for its multi-billion peso residential loan mortgage portfolio, recently launched its Social Window Program (SWP)for account holders who have been experiencing difficulties settling their loans due to extreme proverty or serious illness.

SWP aims to provide Balikatan account holders more options in settling their loans.  Borrowers who believe they qualify should apply to the program if they can show proof of their hardship.

“Some are trying their best to save their homes, but cannot make it happen because of extreme difficulties.  Through SWP, we are giving concessions to those who have difficulty making ends meet, and we have been doing our utmost to help our account holders meet their obligations” BFS President Federico Cadiz said.

Established in 2005, BFS helps delinquent borrowers resolve their accounts when their residential home loans become delinquent.  It offers different options to avoid foreclosure, which include basing resolution amounts on current appraised values instead of outstanding principal balances, and condonation of penalties and some interest.

BFS is the mortgage servicer of 52,000 delinquent loans from the National Home Mortgage Finance Corporation with more than half of the total number resolved.

For inquiries on SWP, call 7508888 or call PLDT toll-free outside of Metro Manila and Davao at 1.800.10.2255.BFS (237) or visit at the BPI Buendia Center in Makati, Insular Life Corporate Center in Alabang, and Plaza de Luisa in Davao City.