Saturday, December 20, 2008 Homeowners propose payment scheme option By Grace L. Plata
HOMEOWNERS facing foreclosure from Balikatan Housing Finance Inc. (BHFI) are proposing an alternative payment scheme, saying the Balikatan terms are too heavy for their finances.
In a letter sent to the Offices of the Ombudsman, Mayor and Vice Mayor of Davao City, lawyer Alberto Yap, the homeowners counsel, said the proposal is a "win-win" solution to the invalid transfer of 55,000 accounts worth P5.12 billion or P90,000 per account to BHFI by National Home Mortgage Finance Corporation.
Yap said that given the present economic crisis and the manner with which the transfer was made, it is but just fair that the borrowers be allowed to amortize the transfer price based on a fixed monthly amortization of P500 for the first three years and P1,000 for the succeeding years.
For those who can pay in cash the transfer price of P90,000, the homeowners need to be assured that the title is clean and available immediately.
Yap cited the case of Elominia Roluna who paid P100,000 as deposit but was still served with a foreclosure notice.
The homeowners earlier claimed that the terms of BHFI, which is a one-time discounted payment or a six-month staggered payment of the full amount with interest, is much too heavy, thus pushing for an alternative affordable scheme.
