BFS strongly believes that indigence should not be a hindrance to homeownership. Having resolved over 75% of 52 thousand delinquent home loans from the National Home Mortgage Finance Corporation, the pioneering home mortgage company attributes its success to innovative programs that allow clients to settle their outstanding loan obligations. An accountholder in Panabo City applied for and was awarded additional discounts through BFS’s Social Case Window. This program caters to severely disadvantaged individuals who cannot pay off their long overdue mortgages due to extenuating medical and other social conditions. Applicants undergo an exhaustive process to determine eligibility until granted discounts, sometimes settling under...
Having taken over more than 52 thousand highly-defaulted loans from the National Home Mortgage Corporation in 2005, BFS constantly seeks settlement options with the hopes that borrowers will be able to finally be proud owners of the homes they have been occupying. As a result, BFS has resolved over 40 thousand home mortgages and provided homes to more than 200 thousand Filipinos. In some instances, those occupying these homes are not original borrowers but individuals who have assumed habitation. Such assumptions of occupancy do not give the new individuals rights to the homes as the mortgages still need to be settled. In some cases however, extenuating circumstances deny such individuals from being able to procure the properties. Such a circumstance was that experienced by a family in San Mateo, Rizal. An accountholder’s parents took over the property many years back, while she and her siblings grew up in a place they believed was their true family home. Their father passed away in 2017 from end stage renal disease, leaving his wife and 6 children with the possibility of losing this property. His dying wish was to settle the obligation. With family members either unemployed mother, working low-paying jobs, or...
Very few circumstances can be more terrifying than facing unexpected medical emergencies. This is further compounded when those affected live on limited incomes, and the unanticipated expenses lead to the loss of a home. BFS, the pioneering mortgage servicer in the Philippines, has a program for its borrowers who face such life-altering conditions. With the Social Case Window, BFS is able to grant additional waivers on outstanding loans after processing applications by eligible borrowers. Due to this program, an accountholder in Panabo City is now the proud owner of the house he has lived in for the last 20 years or so. Due to a disability, he fell into unemployment; and as a senior citizen with an unemployed spouse, he can only depend on his monthly pension which barely covers their basic needs. Even his four children cannot help as only one is employed and needs to supplement the family income. The accountholder did not expect BFS to fully forgive his loan. With dignity, he sought out help from relatives in order to pay off his obligation. Unfortunately, it was not enough to settle his loan. At this point, he applied for the Social Case Window. After exhausting his...
Two BFS accountholders have a lot in common. Other than being single career women, they are incessant savers, and both occupied properties with long outstanding mortgages. Managed by BFS, these mortgages dated back to the 1990s and were severely delinquent for over 20 years. They were constantly contacted by BFS to settle their obligations as the company assured both ladies that legal homeownership was the way to go. They were delighted when they received the Home Saver Offer. Armed with savings and the will to settle, they each discussed their offers with BFS and reached agreements to finally pay off their loans. Despite the final amounts being lower than what was provided in the Home Saver Offer, BFS granted their settlements. BFS’ Home Saver Offer is only one of the many programs the Philippines’ pioneering mortgage servicer has to offer. Situated in Bonifacio Global City and Davao City, the company designs innovative ways to settle outstanding mortgages from its portfolio of over 52 thousand loans from the National Home Mortgage Finance...
BFS’ Home Saver Offer has been assisting the mortgage servicing company’s clients for a number of years. BFS owes its success to programs such as these which provide various settlement options to borrowers of highly-delinquent loans. Most of their clients have been living in properties for more than 25 years without having settled their loan obligations. BFS exhausts all efforts with their clients to find alternatives to settle these loans, resulting in the resolution of more than 75% of the 52 thousand mortgages the company took over from the National Home Mortgage Finance Corporation in 2006. Families of OFWs are just some of BFS’ clients. With the breadwinner living and working overseas, the remaining family members have to manage their funds in order to save to settle their mortgages. One accountholder is unemployed with a husband working away in Europe to support her and her high school aged daughter. Savings after their daily household expenses were not enough to settle their loan; fortunately, they were able to raise an additional amount to make a better offer which BFS accepted even though the offer was lower than what was offered under the program. Thanks to BFS, this accountholder and her...
