BFS grants homeownership to a House Occupant
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 still in school, only the 26 year old accountholder could make a go at obtaining legal homeownership over the property. As a restaurant crew member of a fastfood chain, she is the sole breadwinner of the family. Yet, she knew she only had access to limited funds.
She approached her Account Specialist as BFS. Explaining her family’s circumstances and their facing extreme poverty, she was advised to apply for the Social Case Window, which is offered only to clients whose extreme conditions prevent them from settling their loans. Upon submission of her requirements, BFS studied her application. Fortunately for her, BFS granted her a highly-discounted settlement amount in order to settle the obligation.
Her family now has legal ownership of the house in which they grew up. Thanks to BFS, they can finally continue their uphill climb to self-sufficiency with dignity.
BFS has offices in Bonifacio Global City and Davao City, servicing clients who are willing to face their obligations and settle their outstanding loans.
