In one of the past articles posted on this website, I warned first time Pag-IBIG Home buyers to avoid buying foreclosure properties or even those which are for assume. I reasoned that many of these properties are so problematic to the point of being useless.
Well, they are not really useless if you know what you are doing and you want to take on a little challenge in the hope of reaping the rewards that lie ahead.
Caution:The above paragraph is only for savvy real estate investors. If you are a first time buyer, I still maintain that you should avoid it altogether. When buying your first home, you should treat the whole process as though you have limited financial resources and that you have to make sure you won’t regret doing so later on. As I’ve said many of these properties are inherently problematic that they’re not even worth checking.
This article is an attempt to elaborate on that point a little further.
Recently, we received a letter from one of the website visitors stating her problem with the foreclosure property she bought at Pag-IBIG. I want to share with the readers of this website a portion of that letter to illustrate the most common problem encountered by buyers who have bought Pag-IBIG foreclosed units. Please take note that I have intentionally removed the name and places mentioned in the original letter to keep her privacy protected.
Here goes…
…I’ve been a member of the Fund for almost 16 years now. In 2007, I purchased a foreclosed property in [place not mentioned]. We paid it in cash. To my aghast, the previous occupant refuses to leave the property despite several notices from your office [Pag-IBIG Branch not mentioned] to vacate the property. Your office here advises us to file a case against the previous occupant which we eagerly do so believing it will only be a couple of months and the property will be turn over to us. But until this day, we haven’t taken a hold of the house we legally bought at your office. We knew before paying the unit that Pag-Ibig will not participate in “driving out” whoever is occupying the house. Only that, justice is so slow paced. The counsel of the previous occupant believes that house conflicts of this kind should be settled first with the HLURB and that whatever is the decision of the RTC is immaterial. He cited the MAgna Carta for Homeowners. Natatakot po kami ng husband baka po matalo kami paano na po ung binayad namin sa pag-ibig. Malaki na po ang nagastos namin sa kasong ito. Sobra pa sa binayad namin sa pag-ibig.
The title is already transferred in our name as well as the tax declaration.
What is our chance of winning the case? May case ba na gaya sa amin na nanalo ang buyer ng foreclosed property nyo? …Thank you.
I don’t how you feel after reading that one, but the first time I read it, I already felt sorry for the buyer. Of course, I read it for several times more making sure that I understood the real problem the letter sender is facing.
It is very unfortunate that cases such as these are not readily available in the mainstream media. It maybe because it’s very shameful being victimized this way. Adding insult to the injury, the Pag-IBIG Fund can’t even assist buyers in successfully handling the case.
This is the first part of the series of articles on Pag-IBIG Foreclosure Properties. In the next article, I’ll show you some tips and traps of buying foreclosure properties from the Pag-IBIG Fund.
Update: Part 2 is now ready. Please read it here.
~~~
Foreclosure Properties — To Buy Or Not To Buy? is written by Carlos Velasco
File a law suit pag ibig for fraud and the
original tenant for forceable entry to your
property.
for the first time buyer who read this article. this is a lesson so if you buy a forclose house and lot make sure lahat ng bagay ay dapat siguraduhin. its a hard to earn money s panahon ito. tsaka bago bumili dapat po ay puntahan nyo ang site and you should investigate personaly that property.malaking saving kung mkabili k ng foreclose property. goodluck to all filipino. buddy from k.s.a
caveat emptor..nice article carl.
To Carlos Velasco, first, I think you have a good command of the American English which makes your article easy to read.
I think that before the Title was transferred, the eviction of the occupants should have followed within days of the foreclosure.
I think that it is PagIbig’s responsibility to remove the occupants in accordance to the foreclosure.
No loan or Selling Agreement should take place until PagIbig has reclaimed the property.
Or better yet, the Title Company shouldn’t have issued the Title to the new owner unless the property’s been vacated.
I say, the Title Company is also negligent.
sir/mam,
kumuha po ako ng pabahay sa pag-ibig, meron na po ako ng NOA pero hindi po naprubahan ang kinuha kung bahay, nagtataka po ako kasi 7years and 6months na akong member, may trabaho naman po ako at regular, ano po ang pwede kung gawin.
Ask ko lang po how long would it take to recieve the NOA since May 23,2011 pa kasi na i forward ng developer yung mga papers namin sa pag ibig sabi ng developer baka by June ok na kaso July na po wala pa ring feedback.
@gilbert:
Please follow-up at the branch where you applied for the housing loan.
@Rosemarie:
Thanks for your inputs. I wish someone up there at the Pag-IBIG is reading your comments. Maybe that’s the case in other countries. Unfortunately here, that is not so. That’s why they put the phrase “As Is, Where Is” in those units.
we recently received a Notice of Endorsement for Foreclosure from pagibig. the notice mentioned that pagibig is currently implementing a Dacion En Pago program and that we should get in touch with them within 15days if we want to avail of the program. my question is – we want to keep the property but we cannot put up the amount they previously required to have the loan updated which was about 700,000 – what can we do? we can only afford to pay upfront about 100,000. any suggestions on what we can do? thank you for your help.
@mari:
You may want to ask them to re-structure your loan. That could be your last chance. If you really like to keep the property, please consider this an urgent matter and proceed to the Pag-IBIG Office immediately.
Please let us know how it goes.
I have an existing housing loan with Pag-Ibig which is in good standing. I purchased a 63.sq.m house and lot in Montalban, Rizal more than 3 years ago through PAG-IBIG. However the house is just a bare unit, 36 sq.m, and needs a lot of improvement and extension before we can comfortably live in it. There’s no ceiling, interior paint, tiles, partition, etc, yet. My family and I would like to have it remodeled to a two-story house with 2-3 bedrooms. I’d like to ask your advice if I should apply for a Home Improvement Loan or House Construction Loan? Or am i even qualified for the Home CONTSTRUCTION LOAN since the lot has a “house” built on it already? I’m worried that if I apply for a HOME IMPROVEMENT Loan, they might only approve a small amount compared to having a HOME CONSTRUCTION LOAN? I’m looking at around 500-600K pesos for the cost of the home improvement/extension. My Net Disposable income is around 38K/month. My existing loan is priced at around 550K. How much do you think can PAG-IBIG approve for the HOME IMPROVEMENT/CONSTRUCTION LOAN. Thanks for your time.
@deanne:
Good question. I think that already belongs to the Home Improvement Loan, which is really another loan on top of your existing housing loan. (The Construction Loan is for a vacant lot.) As to the amount, please refer that to the Pag-IBIG Office where you got the loan. As usual, you will be evaluated still.
tanong lang po kung pwede i consolidate yung hulog ko from 1996 to 2005 at nitong nakaraang nov. 2010 up to present. kasi nag skip ako ng hulog from sept 2005 hanggang oct 2010? at kung qualified na ba ako sa housing loan? at magkano maximum loan na allowable sa akin? salamat po.
tanong lang po kung pwede i consolidate yung hulog ko from 1996 to 2005 at nitong nakaraang nov. 2010 up to present. kasi nag skip ako ng hulog from sept 2005 hanggang oct 2010? at kung qualified na ba ako sa housing loan? at magkano maximum loan na allowable sa akin? salamat po.
pakisagot naman po!
admin pakisagot naman po itong tanong ko,noong aug 6 pa po ito!
(tanong lang po kung pwede i consolidate yung hulog ko from 1996 to 2005 at nitong nakaraang nov. 2010 up to present. kasi nag skip ako ng hulog from sept 2005 hanggang oct 2010? at kung qualified na ba ako sa housing loan? at magkano maximum loan na allowable sa akin? salamat po.)
hi, i am inquiring in behalf of my husband who is a PAGIBIG member for 20 years now. we are planning to purchase a house and lot from my sister but we intend to renovate it because it is already a 15year old house. how much will he be able to avail for a 15 year term.he is already 45 years old with a monthly salary of p 40k..thanks and more power
@wilichado:
Sorry for the delayed reply… been very busy. 🙂
Anyway, the answer to your first question is yes. In fact, you are encouraged to consolidate your contributions especially if you are moving from one company to another.
As to the question of how much loan you will be granted, basically it depends on your capacity to pay. Please check the article on Income and Loan Entitlement by following the link below.
https://www.pagibigfinancing.com/articles/2011/how-your-income-and-contributions-affect-your-housing-loan-entitlement/
@marie:
Basically, that will fall under Housing Loan for House and Lot purchase. And if you intended to renovate it, you will be needing an additional loan for Home Renovation Purpose, but this will be after a few years of your first loan. As to the Loan Amount you will be getting, it will depend on the following:
1. The Appraised value of the property.
2. The borrower’s capacity to pay.
Hallo Admin,
ako po ay member ng pag-ibig since year 2007. Hindi kuna nhulugan ng 4 years ang pag-ibig ko. Ngayon andito ako sa Germany, married a german guy and having son.My balak po akong ipagpatuloy ang paghulog buwan-buwan sa tulong ng asawa ko. Siya ang magtulong sa akin para maipagpatuloy, dahil maliit pa yong bata, kaya hindi pa ako mkapagrabho. At of course hulugan ko ang apat na taon, ng saganon ma active pag-ibig ko. Sa nabasa ko sa pag-ibig informations, 2 or 3 years pwd na po mkavail ng bahay.Gusto ko po magkabahay kami, dhil nagrent lang po mama ko. Im already 4 years at kung bayad po ang taon na yan..possible po ba na mka avail ng bahay ng madalian..ktulad ng housing loan.At kung possible man ano kaya ang kakailanganing papeles?
Hanggang dito po muna at umaasa ako na sana maging positibo ang maging sagot.
MARAMING SALAMAT PO AND MORE POWER!
Lorna Himmel
Siya nga po pala. My nkalimutan po akong sabihin. About for a housing loan, ang asawa ko po ang tutulong sa akin. Possible po ba kaya akong mka avail ng bahay? with 400 thousand sell price ng bahay, new or old.
SALAMAT PO!
Hallo Admin,
i have another ques. Once my bahay na po at hihulugan exactly everymonth sa pag-ibig. Possible po bang mag avail ulit ng possible pong mangyari ang 2nd house pag bayad na ang first house?
Kung ptuloy po ang pagbayad everymnth sa house..at balang araw balak plano naming bayaran ang natirang amount ng bahay, possible po ba yon? wl no interest?
At kung bayad na po ang bahay, is the time na ma mkuha ang house permit ba tawag non? Matagalan? or madalian? ang pagtanggap ng house permit/liscence.
Hoping to have a positive answer!
Thank you so much!
Friend Greetings,
Lorna Himmel
Hallo Admin,
ps…missing tx from my 3rd letter.
here is the ques.
Possible po bang mag avail for 2nd house, khit hindi pa kumpletong bayad ang first house. Or possible lang po mangyari ang 2nd house, pagbayad na ang first house?
Sana po naintindihan nyo ang aking pahabol na mensahe.
Thank you!
Lorna Himmel
Hello Admin,
I’m working abroad and I want apply for housing loan but I don’t have any checking account. How can I pay the monthly amortization. Is there any possible way instead of issuing PDC’s.
Thanks,
Rene Verdadero
tanong ko lang po, sa makati office lang po ba ung housing loan counselling o seminar niyo. malapit ksi ung trabaho ko sa pasig branch.
hello po.. kapag n foreclose n po yung land purchased availed thru pag-ibig.. possible p rin po bang maka pag avail ulit ng housing loan sa pag-ibig..
ask ko po halimbawa po interesed ako sa isang forclosed property yong occupant willing syang e vacate ang unit.ask ko po kung pwd ko na po bang lagyan ng temporary na bakod?may pakialam pa po ba ang developer ng isang subd. kung ang isang property ay forclosed na ng pagibig?thanks po.God Bless po.
ask ko lang po ano ang magandang gawin para ma clear ang name ko di na ako ang owner ng house and lot na nabili ko forclosed property ipinabent ko ulit sa agent ng developer at alam nila yon may deed of sale na pinirmahan ang problem name ko pa rin ang nakaregister sa assessors ofc. thanks
@teresita:
I’m not sure how we can be of help in that area. That issue is out of Pag-IBIG’s concern anymore.
@gemma:
Sometimes you have to follow also the restrictions and rules implemented in that subidivision.
@Michael:
Sorry, but in that case, you are lot allowed anymore to get another housing loan.
Hi Admin, nag-acquire po ako ng “Foreclosed Asset” nung 2008 it was approved on March 2009. We moved in even before it was approved. I got pregnant on 2009 and 2011 which made it difficult for us to have our mortgage updated with payments. We’ve missed 20 months payment. We paid half of it on February 21, 2012 and they made me sign a Promissory note only good for 2 months, so I need to pay P16k++ for each month (March 27 and April 27) to keep my account updated, but yesterday (03/14/2012) I received a letter from Pag-Ibig about loan condonation program that I could take advantage of. Paano po ang process nito? kelangan ko pa rin po bang mag-comply sa promissory note which I’m having difficulties to do dahil sa laki ng amount or should I apply for the loan condonation instead? Naguguluhan na po ako dahil I’m worried that my Contract to sell might be cancelled since I really can’t afford to pay the amount stated on the promissory note. 🙁
ask ko lng po kung open ung bahay sa cabuyao Mabuhay phase-1 block.32 lot.46 na kay Anselmo Mansanilla ang may-ari…kung hnd na po nahuhulugan ng my-ari baka po ung naupa,baka po pwd nmin kami ang magtuloy para maging amin …
thanks po godblessed
good day.
i have aquired pag-ibig housing loan last 2009. it is a DECA HOMES located at cebu city. we have made some renovation to improved the unit. but for now we migrated here in US for good and of course continue the monthly mortgage without anyone living at the unit. we just let a friend to visit sometime and send some money to pay the bills. now this friend is interested to assume the unit because her husband likes it and i am willing to do so. my question is (1st)what should i do to make this happen sense im not in the philippines right now (2nd)what should my friend do to close this deal. thank you.
Good Day po! Magtatanong lang po ako. Nag work po ako dati sa isang private company for almost 10 years, pero nagsara na po ang company namin 3 years ago na po. Wala n po ako work now. nkakaisip po ako mag avail now ng housing loan sa PAG IBIG dahil gusto ko magkaron ng sariling house mga parents. May chance po b ako mkapag avail ng housing loan?
@regie:
What is your source of income if you are not currently employed? YOu have to answer that question yourself because when you apply for a housing loan, it will definitely be brought up.
@roche:
First, you need to have a representative working on your behalf and who can sign some documents here in the Philippines. I would suggest
that you let your representative and your friend (who is the buyer) visit the Pag-IBIG branch where you got the loan for the details. It would also help if you can use the services of a lawyer for this transaction.
@grace:
Please visit the branch immediately to avail of the condonation program. To know more, please read this article:
https://www.pagibigfinancing.com/articles/2012/home-loan-restructuring-program/
HI, HELLO GUYS
AKO PO AY MAY KATANUNGAN TONGKOL SA HOUSING LOAN KOPO DAHIL SA NANGYARI SA PAGHUHULOG AY HINDI PO PALA NAIHULOG SA MAGALING KUNG ASAWA
KASALUKUYAN PO AY MAY MGA NOTICE NA RAW SA PAG IBIG, REGARDING FINALTY AT NALAMAN KULANG NONG HULI KO BAKASYUN SA PINAS AY HINDI PALA HINULUGAN ANG AKING HOUSING LOAN SA MAMATID, ITO PO ANG HOUSING NO-315016464812 AT GOSTO K MALAMAN ANG STATUS BAKA MA FORECLOSED PO SAYANG MGA HULOG KO JAN, SALAMAT PAKI REPLY PO AGAD, GOD BLESS
@jesse:
You need to check it at the branch. You may also want to take advantage of the home loan restructuring program if you are already facing a foreclosure. Here’s a good article to read:
https://www.pagibigfinancing.com/articles/2012/home-loan-restructuring-program/
Hi I am Concepcion (Connie) Diaz. I am interested for housing loan (house construction), may I know what is the requirements? & how much is my loanable amount? How much is the interest rate for a 2,000,000.00 loan? I have a vacant lot in New Town Estate – Pardo, Cebu City for 150 sq. meter. How can we apply for a housing loan?
Hi is there any available unit as of now for a rent to own unit here in cebu? Do you have somewhere in north area or in the south area?
Gud Am po..ask ko lang po..kc yun bahay ng uncle ko d2 sa palmera homes,,eh na forclosure na,dati nasa nhmfc..then,napasa na sa B.F.S;;(bahay financing services)kame po ang occupant dun sa house ng tito nmin,,kc po at early 90’s na nabili ng mama ko yun rights fr. my uncle,yun property,,kaso kinamatayan ng mother ko at hindi nmin naipalam sa nhmfc or b.f.s,, na kme na po ang bumili ng rights nun bhay at ngbabayad nun ng monthly nun dati,,kaya still padin sa pangalan ng uncle ko ang nkapangalan sa property,,ang isa sa pinayo ng b.f.s….na bilhin nlang namin as a forclosure para mahabol padin nmin yun property,,NAIISIP KO PA SANA,, NA IPASOK PO NLANG NMIN SA PAG IBIG HOUSING LOAN,, KASIE MEMBER NMAN PO ANG KAPATID KO, PARA TULUYAN PO NA MA SETTLE NA NMIN YUN PROPErTY AT MGING AMIN NARIN..PEDE PO BA YUN?na mg housing loan ang brother ko,,then yun forclosure property nalng ng uncle ko,kasie,nabili narin naman nmin yun rights nun dati,.my uncle is in iloilo,he just gave us S.P.A,for,what ever we may want his property to settle..
It’s possible to use Pag-IBIG Housing Loan, but you need to coordinate that one with BFS.