Press Release May 11, 2008 Zubiri: Millions of low-income families to benefit from loan restructuring nationwide "It is all about helping people stay in their homes. They have undergone hard times making ends meet and losing their homes should not be an additional burden on the millions who have delinquent loans with government financial institutions (GFIs) and housing agencies." "Others may want GFIs to repossess the housing units to sell these later to others who are better placed. However, the committee chose not to drive them out of these houses and instead provide a new loan restructuring program." "Through these loan restructuring program, the residents are saved and the GFIs don't hit red bottomlines." Subject: Loan restructuring of delinquent socialized and low-cost housing accounts Coverage:
Benefits of Committee Report No. 30:
- all accrued interests shall be treated as non-interest bearing principal to be equally repaid
- extension shall not exceed the difference between the borrower's age and 65 years; and
Delinquent loan disqualified from availment of CR 30: - Account without a single payment since take out; - Account wherein housing units had been abandoned for 2 years from the date of delinquency; - Account wherein the housing unit is occupied by a 3rd party; and - Foreclosed account, the title of which had already been consolidated/transferred in the name of the GFI and housing agency. 000 PLEASE OPEN ATTACHMENT FOR TABLE OF DELINQUENT ACCOUNTS. Maraming salamat po. |
Wednesday, March 27
Tuesday, March 26
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