Loan Settlement Program Launched for Borrowers in Extreme Poverty

(Business Mirror)

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.

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.