FAQs
Posted By adminbfs on Dec 10, 2013 | 0 comments
PAST DUE BALIKATAN LOANS
Why do I need to resolve with BFS? The LMA contract I signed was for 25 years; why do I have to resolve now?
The LMA contract states that the payments were to be made in regular monthly installments over 25 years. The payments were not made regularly and the loan is now delinquent. It is in your interest that the loan be resolved now in order to own your home and avoid foreclosure. Delaying resolution also increases the settlement amount due to increased foreclosure costs.
Can I have my account returned to NHMFC? I have payments with NHMFC, where are they? Can I just continue the monthly amortizations I paid with NHMFC?
Your account cannot be returned to the NHMFC.
Your payments with the NHMFC were applied to your settlement amount. If you believe there are payments which you made and were not credited, please reconcile with the NHMFC. Until proven otherwise, BFS will use the NHMFC records.
If you made payments regularly according to the original LMA with the NHMFC, you would have been able to continue your monthly amortizations. Your account was transferred to Balikatan because the payments were not made regularly and the loan is now in default. Balikatan is giving you a chance to save the property, but the loan must be paid according to an agreed resolution package between you and BFS.
Can I use Pag-ibig to pay off the loan?
Yes. Just submit a Letter of Guaranty from Pag-ibig which states they have approved your loan application with the committed amount.
What are your terms of payment? How much discount can you give me?
Terms and discounts are affordable and customized depending on the amount owed, your payment history, your capacity to pay, and other circumstances surrounding your account. Contact your account specialist for your customized resolution package.
What is an appraisal? The house is dilapidated, where did you get the appraisal value?
An appraisal is a professional estimate of the value of the property, including the data and reasoning for the value.
The appraisal value of a property is based on several factors such as valuation of land and improvements. A piece of land with a dilapidated house may have a high market value if the prevailing market value of neighboring lots is high.
Why do I need to submit documents if I am going to make a one-time payment in cash?
The documents are required by the Anti-Money Laundering Act of 2001 (AMLA).
What is an Authority to Transact?
An Authority to Transact (ATT) is given by BFS only to persons who have a valid interest in the property, such as the original borrower or assumer. This is done to protect BFS’ borrowers.
What is foreclosure? A Redemption Period? Eviction?
Foreclosure is a legal process in which a lender recovers the balance of a loan from a borrower who has stopped making payments by forcing the sale of the property used as the collateral for the loan.
A Redemption Period is the one-year period from the annotation of the Certificate of Sale (COS) of the foreclosed property within which the original borrower may pay the purchase price for the property at the auction sale plus other taxes, fees, or charges.
Eviction happens by virtue of a Writ of Possession issued by a court as a result of foreclosure. It commands the Sheriff to enter the land and give the property to Balikatan. The Sheriff serves the Notice to Vacate (NTV) to the occupants of the subject property. Occupants are then given three to five days to totally vacate it. They may still settle with BFS within this period in order to avoid eviction.
I am already talking to your Account Specialist. Can foreclosure be stopped, or eviction suspended?
A borrower has to reach a financial settlement with BFS to suspend foreclosure or eviction.
Can I still negotiate even if my account is already foreclosed? Or I am evicted?
Yes. Even if the accounts are going through foreclosure or eviction, BFS has an open door policy which allows borrowers to continue negotiating with us for financial resolution of their accounts.
I can no longer locate the Original Borrower (OB) but I am willing to pay the loan? What should I do?
To formalize ownership over the property, you will need to present documents such as proof of billing and a certification from the barangay. Please talk to your account specialist.
I do not have time to visit your office; can we just negotiate and close via phone or e-mail?
We are open to negotiations through telephone or email. You may also contact us real-time online, Mondays to Fridays.
Trunk Lines: 756-6230 / 750-3888 Davao Direct Line: (082) 221-0809 PLDT toll-free outside of Metro Manila and Davao: 1-800-10-2255-BFS (237) Text us at 0922-9999-BFS Through the web at www.bfs.com.ph Contact us real-time online at www.bfs.com.ph and click on B-Online
If I cannot personally attend to my loan, can I ask somebody to represent me? What are the requirements?
Yes. You must provide a notarized Special Power of Attorney (SPA) appointing your representative as Attorney-In-Fact.
I will ask help from my children/relatives so that I can resolve. Can the title be transferred to their names?
Yes. We will release the TCT in the name of the original buyer upon full payment, after which you may transfer it to whoever you wish.
My spouse/parent is dead, can we still resolve? Isn’t it when my spouse/parent died, the mortgage is considered paid because of MRI (insurance)?
Yes, you must still resolve with BFS. The MRI pays the mortgages only if the account were not delinquent.
I am already separated from my spouse, can I still resolve?
Yes, you may resolve but you have to present an affidavit of abandonment, marriage contract and other documents. Please talk to your account specialist.
I am an assumer. What are your requirements?
Requirements include a valid Deed of Sale with Assumption of Mortgage (DOSAM) and other documents. Please talk to your account specialist.
I promise to pay, but I am just waiting for the availability of funds. Can foreclosure be suspended or stopped until I am able to pay?
No, the foreclosure process does not stop until the borrower enters into a financial settlement with Balikatan. Foreclosure costs continue to increase until resolution is reached. You may however, at whatever stage of foreclosure, still enter into a settlement or resolution with BFS.
What happens if I become delinquent again after conditional settlement?
If you become delinquent again, you will be liable for penalties. Continued non-payment may lead to foreclosure or forfeiture of previous payments made.
I have a buyer for my property, can I still sell it?
A sale is possible, but please consult our Account Specialist first to determine the current status of your account and to know the best option for you.
I am no longer interested in the property, what can I do?
You may voluntarily surrender the property (dacion) to settle your account.
Will I be fully cleared with SSS/GSIS after I pay the loan?
Resolving a long standing loan is an opportunity to reinstate good credit standing with the SSS/GSIS and to avail of benefits from these government institutions.
Why is counseling done upon closing?
Counseling will help you understand your rights and responsibilities under the settlement agreement you entered with BFS. This is especially true if you opted for a termed settlement.
What are the closing fees for?
Closing fees represent processing fees and expenses that BFS has advanced to pay to the government agencies and the courts as a result of the delinquency of your account. The amount will depend on the status or stage of foreclosure of your property.
RESTRUCTURED BALIKATAN LOANS
Where do I make payments on my loan?
Does BFS have branches that I can visit to speak to someone if I have a query about my loan?
Yes, you can visit any of our offices in Makati, Alabang, and Davao.
Do you have an Auto Debit facility?
Yes, visit or call your Loan Servicing Specialist for assistance.
Can I pay more than my monthly amortization?
Yes, you can pay more than your monthly amortization and the excess will be applied to your next amortization.
Can I make payments on a loan even if I am not the borrower?
Yes, such payments shall be credited to the loan account.
If I pay off my account earlier, will there be a discount?
Yes, since the pay-off amount will be computed to exclude interest for the unexpired term. More importantly, unlike banks, BFS does not impose a pre-termination penalty.
Is my monthly amortization inclusive of insurance?
No. Your insurance will be paid separately and annually.
If I pay through BPI, where can I get my official receipt?
You can get your official receipt at our head office in Makati.
Do you provide a grace period?
Yes, we have a seven-day grace period starting from the due date.
What happens if I can't pay on my due date?
We impose a late payment charge equivalent to 3% of the unpaid amount.
What happens if I can no longer make payments on my loan?
Your account will be endorsed for foreclosure.
How do I contact the Loan Servicing Department?
You can call our trunkline at 750-3888 and ask for the Loan Servicing Department or key in extension 565.
Who do I call if I have a query about my loan?
Call your assigned Loan Servicing Specialist to assist you.
How do I update my contact details like my email address and mailing address?
Call to your assigned Loan Servicing Specialist to update your contact details.
PROPERTY SALES LOANS
Where do I make payments on my loan?
Does BFS have branches that I can visit to speak to someone if I have a query about my loan?
Yes, you can visit any of our offices in Makati, Alabang, and Davao.
Do you have an Auto Debit facility?
Yes, visit or call your Loan Servicing Specialist for assistance.
Can I pay more than my monthly amortization?
Yes, you can pay more than your monthly amortization and the excess will be applied to your next amortization.
Can I make payments on a loan even if I am not the borrower?
Yes, such payments shall be credited to the loan account.
If I pay off my account earlier, will there be a discount?
Yes, since the pay-off amount will be computed to exclude interest for the unexpired term. More importantly, unlike banks, BFS does not impose a pre-termination penalty.
Is my monthly amortization inclusive of insurance?
No. Your insurance will be paid separately and annually.
If I pay through BPI, where can I get my official receipt?
You can get your official receipt at our head office in Makati.
Do you provide a grace period?
Yes, we have a seven-day grace period starting from the due date.
What happens if I can't pay on my due date?
We impose a late payment charge equivalent to 3% of the unpaid amount.
How do I contact the Loan Servicing Department?
You can call our trunkline at 750-3888 and ask for the Loan Servicing Department or key in extension 565.
Who do I call if I have a query about my loan?
Call your assigned Loan Servicing Specialist to assist you.
How do I update my contact details like my email address and mailing address?
Call to your assigned Loan Servicing Specialist to update your contact details.
What happens if I fail to make payments on my loan?
Your NOAS will be cancelled and your payments will be forfeited.
Upon full payment, when can we get our title?
The property you bought was highly discounted as it was under foreclosure. Title consolidation has to be managed through four government agencies (Bureau of Internal Revenue, Registry of Deeds, Assessors’ Office, Treasurer’s Office) until the title is released in your name. BFS works closely with these agencies in order to get your title released at the soonest possible time. BFS will send you regular notices as the process progresses towards the final release of your title.
