Loan Condonation, Restructuring Extended

(Sunstar Davao)

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

The program, called ‘Panalo Max Offer’, was launched last April 2012 with an objectiveto 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 ge tclosure 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,” JunoHenares-Chuidian, Head of Corporate Communication said.

The Panalo Max Offer has received positive response from thousands of borrowerswho have resolved their accounts, including overseas Filipino workers (OFWs).

BFS urged qualified Balikatan accountholders to resolve their accounts earlier since the foreclosure process does not stop until and unless they enter into a loan settlement agreeement with Balikatan. The Extended Panalo Max Offer runs up to September 23,2013.

The company, in communicating with their clients, use letters, phone calls, SMS, B-Online (an online video counseling service), and 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.

BFS took over the highly delinquent portfolio from the National Home Mortgage Finance Corporation in 2006.