BFS helps those in need
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 resources, his available funds were still below principal and BFS’ pricing guidelines. Despite this, BFS accepted his offer.
BFS took over more than 52 thousand highly-defaulted loans from the National Home Mortgage Finance Corporation, of which it resolved almost 40 thousand through programs that seek to resolve overdue loans so that Filipinos have places to call home. Situated in Bonifacio Global City and Davao City, BFS opens its doors to its borrowers with the goal of reaching settlement amounts depending on payment histories and capacities to pay.
