Since having lost her husband to acute respiratory failure in March 2018, an accountholder’s widow wanted only to grant the dying wish of her husband to settle the outstanding mortgage from BFS. He wanted her to have the security of owning the property where they had brought up their three children. BFS, through many communication channels, were in consistent contact with the widow, working out a manageable resolution package so that she could bring her husband’s wish to fruition. She had wanted to settle the loan for a many years, but tight finances and limited funds were too daunting. BFS then presented her with the Home Saver Offer which provides deep discounts and waivers versus the outstanding principal balance, interest, penalties, and surcharges. She grabbed the opportunity to settle as soon as she could, and consolidated all her funds to settle with BFS. Seeing her fervor and sincerity, BFS agreed to the settlement amount she offered even if it was less than what the program provided. Due to this generosity, she was able to pay off her outstanding loan in cash and finally own their family home. Her husband must be smiling. BFS did another good turn in providing...
Owning a home is probably the largest dream each family has. A place to rest their weary limbs after a long day’s work, a sanctuary as the children grow up, a safe place to create memories. This was the dream of a single-parent nurse who brought up four children on her own. While two of her children are likewise nurses, she still has two children in school. Having assumed tenancy over the property for a number of years, she was aware of the need to settle the loan obligation in order to obtain the security that true homeownership has to offer. It was fortunate that they received the Home Saver Offer which provided for a large discount if they settled the mortgage in cash. Together with her two working children, the three nurses raised the funds for the property’s settlement, and made an offer to BFS. To their delight, even if they were not able to reach the amount given by the Home Saver Offer, BFS accepted their tender. For this family, homeownership was a dream fulfilled. Finally, a place to relax, a sanctuary for peace, and a safe place that the family can call their own. The Home...
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...
