If you plan to visit the Housing Fair 2011 to get listings of acquired assets from participating Key Shelter Agencies (KSAs) and Government Financial Institutions (GFIs), this post might help you save some of your time because I already found some of the listings for you.

This post includes updated listings of acquired assets from the Banko Sentral ng Pilipinas (BSP), Government Service Insurance System (GSIS), Home Guaranty Corporation (HGC), Home Development Mutual Fund (HDMF) or Pag-IBIG, National Home Mortgage and Finance Corporation (NHMFC), and the Social Security System (SSS).

You will have to get the listings of the other KSAs and GFIs during the Housing Fair 2011 at the SM Mega Mall in Mandaluyong which started last September 30 and runs until October 2.

*More information about the Housing Fair 2011 can be found here and the Program of Activities can be found here.

Vacant /unoccupied acquired assets

For some of the listings, it is indicated that the acquired assets for sale are vacant/unoccupied, which is very welcome. I have said it before and I will say it again, if a foreclosed property is occupied, just walk away, especially if it is your first time to buy a foreclosed property. This will save you time, money,  and help you avoid a lot of sleepless nights.

You still have to do your due diligence

However, even if a listing says a foreclosed property is vacant/unoccupied, you still have to do your due diligence and confirm the physical and legal condition of the property. After all, all of these properties are for sale on an “AS IS WHERE IS” basis.

Acquired assets listings

Here are the acquired assets listings which you can click to view or right-click then save as to download.

• BSP REVISED ACQUIRED ASSETS
• GSIS ACQUIRED ASSETS as of August 31, 2011 (Unoccupied-Past Due Term-With GSIS Title)
• HGC Acquired Assets as of September 2 2011 (vacant)
• NHMFC Acquired Assets
• HDMF or Pag-IBIG FINAL LIST OF ACQUIRED ASSETS as of August 31 2011 (unoccupied)
• NHMFC Acquired Assets
• SSS Acquired Assets as of September 2011

Terms and conditions and other important information

The terms and conditions, interest rates, payment terms, applicable discounts, minimum down payment, requirements to buy any of the acquired assets, how to buy the acquired assets, and other important reminders for prospective buyers can be found in the Housing Fair 2011 fact sheet from the HUDCC which can be found below.

Housing Fair 2011 Fact Sheet - PDF

Source: HUDCC Website

Share a listing of acquired assets

If you want to share a listing of acquired assets from the Housing Fair 2011 in addition to those featured above, just leave a comment below. Thanks!

Happy hunting!

~~~

To our success and financial freedom!

Jay Castillo

Real Estate Investor
PRC Real Estate Broker Registration No. 3194
Blog: http://www.foreclosurephilippines.com
Follow me in Twitter: http://twitter.com/jay_castillo
Find us in Facebook: Foreclosure Investing Philippines Facebook Page

Text by Jay Castillo and Cherry Castillo. Copyright © 2011 All rights reserved.

Full disclosure: Nothing to disclose.

P.S. I am helping a fellow real estate investor market a  Quezon City Townhouse for sale located in Kamuning. This is also available through a rent-to-own scheme.  Please call/txt 09157603090/5059259 for more details. A video of the townhouse can be seen below.

Housing Fair 2011 acquired assets listings for download is a post from: Foreclosure Investing Philippines

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The Housing Fair 2011  kicks off today at the SM Megamall Mega Trade Hall 1 in Mandaluyong City. Aside from showcasing the acquired assets of participating Key Shelter Agencies (KSAs) and Government Financial Institutions (GFIs), other interesting activities await visitors of the 3-day event.

Please refer to the Housing Fair 2011 Program of Activities below.

Housing Fair 2011 Program of Activities

September 30 2011, (Friday)

Part 1

Part II

October 1, 2011, (Saturday)

Part I

Part II

October 2, 2011, (Sunday)

Part I

Part II

Happy hunting!

~~~

To our success and financial freedom!

Jay Castillo

Real Estate Investor
PRC Real Estate Broker Registration No. 3194
Blog: http://www.foreclosurephilippines.com
Follow me in Twitter: http://twitter.com/jay_castillo
Find us in Facebook: Foreclosure Investing Philippines Facebook Page

Text by Jay Castillo and Cherry Castillo. Copyright © 2011 All rights reserved.

Full disclosure: Nothing to disclose.

P.S. I am helping a fellow real estate investor market a  Quezon City Townhouse for sale located in Kamuning. This is also available through a rent-to-own scheme.  Please call/txt 09157603090/5059259 for more details. A video of the townhouse can be seen below.

Housing Fair 2011 Program of Activities is a post from: Foreclosure Investing Philippines

Incoming search terms:

Vice President and Housing and Urban Development Coordinating Council (HUDCC) Chairperson Jejomar C. Binay announces the  holding of the 6th Housing Fair from September 30 to October 2, 2011. The annual housing fair will be held at Mega Trade Hall 1 of the SM Megamall in Mandaluyong City, Philippines. I really look forward to attending the Philippine Housing Fair 2011, just like the previous housing fairs I have also attended.

The 2011 Housing Fair is a joint project of HUDCC, its member Key Shelter Agencies (KSAs) and Government Financial Institutions (GFIs), namely the Pag-IBIG Fund, SSS, GSIS, Home Guaranty Corporation (HGC), Housing and Land Use Regulatory Board (HLURB), National Home Mortgage Finance Corporation (NHMFC), National Housing Authority (NHA), Social Housing Finance Corporation (SHFC), and Bangko Sentral ng Pilipinas (BSP).

These participating government agencies will showcase their acquired assets inventory of thousands of foreclosed house and lots for sale located in different areas in Metro Manila and its environs.

Guided by the theme, “Gaganda ang Buhay sa Sariling Bahay”, Housing Fair 2011 aims to enable the Filipino public, particularly government and private employees, as well as families of OFWs, to lead better lives by acquiring their own housing units at affordable prices.

This year’s fair further puts emphasis on housing ventures being eco-friendly and conscious of the environmental issues the world currently faces.

HUDCC and its members will also be joined by their partners from the private sector – Chamber of Real Estate and Builders’ Associations (CREBA), National Real Estate Association, Inc. (NREA), Organization  of Socialized Housing Developers of the Philippines (OSHDP), Subdivision  and Housing Developers Association (SHDA) – and other partners from banks and allied industries.

If you are interested in participating in the exhibit, please accomplish the attached Exhibitor Confirmation form or you may contact Ms. Gilda Torres of the HUDCC at telephone number 817-6995.

Thanks again to Ms. Gilda for allowing me to share the press release above to all readers and subscribers of www.foreclosurephilippines.com.

Don’t forget to share this to your friends or relatives who might be looking for affordable homes.

Happy hunting!

~~~

To our success and financial freedom!

Jay Castillo

Real Estate Investor
PRC Real Estate Broker Registration No. 3194
Blog: http://www.foreclosurephilippines.com
Follow me in Twitter: http://twitter.com/jay_castillo
Find us in Facebook: Foreclosure Investing Philippines Facebook Page

Text by Jay Castillo and Cherry Castillo. Copyright © 2011 All rights reserved.

Full disclosure: Nothing to disclose.

HUDCC to hold Housing Fair 2011 on September 30 to October 2 is a post from: Foreclosure Investing Philippines

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The Philippine Housing Fair 2010 will be held on October 1-3, 2010, 10:00am to 9:00pm, at the SM Mega Trade Hall 2, 5th level, Mega B, SM Megamall, Ortigas Center, Mandaluyong City, Philippines. I learned about the housing fair through a poster which I saw at Pag-IBIG yesterday, and also through a heads-up from my wife Cherry.

I was a bit surprised when I saw the poster about the housing fair because it turns out that the 5th Philippine housing fair is just a few days away, and yet it seems no information about it can be found online or even on the popular newspapers I regularly read.

I have also been searching for information about the housing fair using Google for over an hour while writing this but I always ended up finding my own articles about last year’s housing fair. Except for this pop-up notice from Pag-IBIG’s website below, and the event schedule at SM Megatrade Hall’s website, I was not able to find any more information about the housing fair.

Housing Fair 2010: Gaganda ang Buhay sa Sariling Bahay (Life will be better at your own home)

This makes me wonder if the housing fair was promoted or marketed at all. I just hope they did, otherwise not too many people would probably show up, except for people who chance upon it while they are malling. Who knows, maybe they promoted this over the radio, like they did before.

A picture of a poster for the Philippine Housing Fair 2010 which will be held at SM Megamall on October 1 -3, 2010. Sorry if the poster looks dull, It seems I forgot to use my camera's flash. Click to enlarge.

I’m just glad I visited Pag-IBIG’s head office at the Atrium in Makati to get info for my tenant-buyer yesterday, where I noticed the poster above, hence I can at least inform all of you here who are looking forward the 5th housing fair.

Based on the logos near the bottom of the poster, participating key shelter agencies and government institutions in the fifth Philippine housing fair include the HUDCC, Pag-IBIG, HGC, BSP, HLURB, NHA, NHMFC, SHFC, GSIS, SSS, CREBA, SHDC, and OSHDP. Sorry I can’t decipher and don’t recognize the logo second from the left at the bottom. If you do recognize it, please leave a comment below.

Does anyone recognize the logo on the right? If you do, please leave a comment below. Thanks!

Anyway, I’ll just post more information that I will find about the housing fair in the coming days, if any. I believe that the information in my post about the Housing Fair 2009 still holds true and just needs a little update. You may read the article here: Philippine Housing Fair 2009

I’ll definitely drop by the housing fair to check things out myself, and I will report here what I will find. I’d also appreciate any info anyone out there might be able to share, just let us all know through the comments section below. Thanks!

Happy hunting!

To our success and financial freedom!

Jay Castillo
Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Follow me in Twitter:http://twitter.com/jay_castillo
Find us in Facebook:Foreclosure Philippines facebook page

Text by Jay Castillo and Cherry Castillo. Copyright © 2010 All rights reserved.

PS. Don’t be the last to know, subscribe to e-mail alerts and get notified of new listings of bank foreclosed properties, public auction schedules, and real estate investing tips. Inbox getting full? Subscribe through my RSS Feed instead!

Philippine Housing Fair 2010 slated on October 1-3, 2010 at SM Megamall is a post from: Foreclosure Investing Philippines

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Another frequently asked question I often receive is “Can I buy bank foreclosed properties with financing through a Pag-IBIG housing loan?” and the quick answer I give is “It depends…”. Obviously, if you buy a foreclosed property from Pag-IBIG, you can finance it through a Pag-IBIG housing loan.

But how about foreclosed properties from banks,  can they be purchased and financed through a Pag-IBIG housing loan? Please continue reading below to find out.

Financing for bank foreclosed properties

If you happen to be interested in either bidding for a bank foreclosed property that is to be sold through public auction or through negotiated sale, try asking if you can have financing through a Pag-IBIG housing loan. I’d bet the answer you’d get won’t be a positive response. This was the answer I always got when I asked the same question to several banks many years ago.

Nowadays I don’t even bother to check if a housing loan from Pag-IBIG is an acceptable form of financing as I know what response I would get. Banks will not let you buy foreclosed properties with financing from Pag-IBIG.

Does this mean I will never be able to use a housing loan from Pag-IBIG for bank foreclosed properties? The answer again is “It depends.” According to my research, you can still use your Pag-IBIG housing loan for a bank foreclosed property once you already have it under contract. In a nutshell, refinancing an existing loan for a bank foreclosed property is possible.

Refinancing through a Pag-IBIG housing loan

I learned about these details recently when I visited the Pag-IBIG headquarters at the Atrium in Makati City and asked about this at their information counter at the ground floor. It turns out that I can get refinancing for a bank foreclosed property through Pag-IBIG under the following scenarios:

1. If you bought a bank foreclosed property and it is  currently under a Contract-To-Sell (CTS)
2. If you bought a bank foreclosed property and it is mortgaged with the bank

The staff from Pag-IBIG mentioned that if I bought a bank foreclosed property and it is under a CTS, Pag-IBIG will treat it as a retail purchase and I can already apply for a housing loan for it immediately.

In contrast, if I had bought a foreclosed property from a bank and it was mortgaged, I can still transfer it to Pag-IBIG but they will consider this as refinancing. Furthermore, the loan should be in good standing for the past twelve months prior to date of application for refinancing and mortgage payments should have been made for at least 2 years.

I did some more research to confirm this and found more information in section 2.5 of HDMF Circular No.247 as follows:

2.5. Refinancing of an existing mortgage with an institution acceptable to the Fund, provided that:

2.5.1. The loan is not in default within twelve months prior to date of application;

2.5.2. Said loan has a repayment history of at least two (2) years with the original mortgagee

Remember, in either case above, the bank where one either has a CTS or mortgage contract should be willing to have the loan transferred to Pag-IBIG and one would also have to qualify for a housing loan by satisfying the Pag-IBIG housing loan requirements under section 3 of HDMF Circular No. 247 which I have reprinted below in its entirety:

HOME DEVELOPMENT MUTUAL FUND
Corporate Headquarters
The Atrium of Makati
Makati Avenue, Makati City

HDMF Circular No. 247

TO : ALL CONCERNED

SUBJECT : GUIDELINES ON THE PAG-IBIG FUND END-USER HOME FINANCING PROGRAM

____________________________________________

Pursuant to the approval of the HDMF Fund Board of Trustees in its 255th Board Meeting held last 30 March 2009, the Pag-IBIG Fund End-User Home Financing Program are hereby issued:

1. COVERAGE

These guidelines shall apply to the following:

1.1. All accounts taken out beginning 1 April 2009 and onwards. Take out date shall refer to the date of the payee’s actual receipt of the DV/check.

1.2. All accounts with proceeds not yet fully released (staggered releases) as of 1 April 2009, except for accounts with retention due to lacking requirements (i.e. uncompleted units/development, etc.)

2. LOAN PURPOSE

The Pag-IBIG housing loan may be used to finance any one or a combination of the following:

2.1. Purchase of a fully developed lot not exceeding one thousand square meters (1,000 sq. m.), which should be within a residential area;

2.2. Purchase of a residential house and lot, townhouse or condominium unit, inclusive of a parking slot, which may be:

2.2.1. Old or brand new;

2.2.2. A property mortgaged with the Fund; or

2.2.3. An acquired asset, which is disposed of through sealed public bidding, negotiated sale, or Rent-to-Own Program.

2.3. Construction or completion of a residential unit on a lot owned by the member;

2.4. Home improvement, i.e. any alteration in an existing residential unit intended by a homeowner to be a permanent integral part thereof, which will enhance its durability and material value;

2.5. Refinancing of an existing mortgage with an institution acceptable to the Fund, provided that:

2.5.1. The loan is not in default within twelve months prior to date of application;

2.5.2. Said loan has a repayment history of at least two (2) years with the original mortgagee

2.6. Combination of loan purposes shall be limited to the following:

2.6.1. Purchase of a fully developed lot not exceeding one thousand square meters (1,000 sq. m.) and construction of a residential unit thereon;

2.6.2. Purchase of a residential unit, whether old or new, with home improvement;

2.6.3. Refinancing of an existing mortgage with home improvement;

2.6.4. Refinancing of an existing mortgage, specifically a lot loan, with construction of a residential unit thereon.

3. BORROWER’S ELIGIBILITY

To qualify for a Pag-IBIG housing loan, a member shall satisfy the following requirements:

3.1. On Pag-IBIG Membership

3.1.1. Must be a member under the Pag-IBIG I, Pag-IBIG II or Pag-IBIG Overseas Program (POP) for at least twenty-four (24) months, as evidenced by the remittance of at least 24 monthly contributions at the time of loan application.

3.1.2. A member, whether new or with existing monthly contributions that are still short of the 24-month membership requirement, shall be allowed to make lump sum payment based on the mandatory monthly membership contribution rates (both EE and ER share) to meet said requirement at point of loan application. Lump sum payment of membership contributions shall be considered a single contribution for the applicable month as of the payment date.

A member whose loan exceeds Five Hundred Thousand Pesos (P500,000.00) shall be required to pay the upgraded membership contribution rates upon housing loan approval and onwards.

3.1.3. A member who has contributed for at least two (2) years shall be required to pay the upgraded contribution rates upon housing loan approval and onwards.

3.1.4. For purposes of satisfying the residency requirement, the period corresponding to the Total Accumulated Value (TAV) applied earlier to a member’s outstanding loan (offsetting) shall be considered when counting the total number of monthly contributions, provided that the remaining TAV after offsetting does not fall below the equivalent amount of 24 monthly contributions.

3.2. Not more than sixty-five (65) years old at the date of loan application and must be insurable; provided further that he is not more than seventy (70) years old at loan maturity;

3.3. Has the legal capacity to acquire and encumber real property;

3.4. Has passed satisfactory background/credit and employment/ business checks of the developer and Pag-IBIG Fund;

3.5. Has no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower;

However, should a co-borrower in a tacked loan signify an intention to avail of a Pag-IBIG housing loan for himself, he shall be allowed to do so provided the tacked loan is updated and the amount proportionate to his loan entitlement has been fully paid. Hence, the co-borrower shall be released from the original obligation and shall be allowed to avail of his own Pag-IBIG housing loan, subject to standard evaluation procedures.

3.6. Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago, which shall include cases where the borrower is no longer interested to pursue the loan and surrenders the property;

3.7. Has no outstanding Pag-IBIG multi-purpose loan in arrears at the time of loan application. A member whose multi-purpose loan is in arrears shall be required to pay his arrearages over the counter to update his account.

4. LOAN AMOUNT

A qualified Pag-IBIG member shall be allowed to borrow an amount up to a maximum of Three Million Pesos (P3,000,000.00), which shall be based on the lowest of the following: the member’s actual need, his loan entitlement and the loan-to-collateral ratio.

4.1. Loan Entitlement based on Pag-IBIG Contributions

A member’s loan entitlement shall be proportionate to his Pag-IBIG contributions (inclusive of the employer counterpart contributions), which shall be based on the following schedule:

POP contributions made in foreign currency shall be converted to its peso equivalent on the date when payment was made, rounded off to the nearest peso. POP members may also opt to pay the required/upgraded contributions in its local currency (peso) equivalent.

For loans up to Seven Hundred and Fifty Thousand Pesos (P750,000.00) which shall either be secured by a First Real Estate Mortgage or a Deed of Assignment of Contract to Sell on the property, which is bought from a developer and is covered by a buyback guaranty, the member’s loan entitlement shall be based solely on his Pag-IBIG contributions.

4.2. Loan Entitlement based on Capacity to Pay

A member’s loan entitlement based on his capacity to pay shall be evaluated in the following cases:

a. The loan amount applied for is less than or equal to Seven Hundred and Fifty Thousand Pesos (P750,000.00), and the account is not covered by a buyback guaranty;

b. The loan amount applied for is over Seven Hundred and Fifty Thousand Pesos (P750,000.00).

A member’s loan entitlement shall be limited to an amount for which the monthly repayment on principal and interest shall not exceed forty percent (40%) of the member’s or family’s net disposable income, whichever is applicable; provided further that the member’s net take home pay does not fall below the minimum requirement as prescribed by the GAA or company policy, whichever is applicable, after deducting the statutory deductions, computed monthly repayment and other obligations.

These conditions shall be supported by the following documents:

4.2.1. For Locally Employed, any of the following:

a. Notarized Certificate of Employment and Compensation (Pag-IBIG format)

b. Notarized Certificate of Employment and Compensation (Employer’s format) and latest 1-month pay slip

c. Income Tax Return/Certificate of Tax Withheld (BIR Form No. 2316) and latest 1-month pay slip

The following, however, are not qualified for substituted filing and therefore still required to file BIR form 1700:

c.1. individuals with two (2) or more employers, whose taxes during the year did not result to tax withheld = tax due.

c.2. individuals whose income tax has not been withheld correctly.

c.3. individuals whose spouses fall under a.1 and a.2.

c.4. individuals deriving other non-business, non-professional-related income in addition to compensation income not otherwise subject to final tax.

4.2.2. For Self-Employed:

Income Tax Return and Audited Financial Statements and Official Receipt of tax payment from bank, DTI Registration, Mayor’s Permit

4.2.3. For POP Members

a. Employment Contract (EC), which shall be supported by an English translation if written in a foreign language other than the English language;

b. Other proofs of income duly validated and certified/initialed by the assigned Pag-IBIG Information Officer shall be accepted for evaluation.

The gross family income shall pertain to the income of the member, his parents, legitimate spouse and unmarried children, provided they are living with the borrower. On the other hand, the income of a relative within the second civil degree of consanguinity shall only be considered as part of the gross family income if he shall act as co-borrower to a tacked loan.

The net disposable income shall be the gross family income less statutory deductions and monthly amortizations on outstanding obligations.

4.3. Loan-to-Collateral Ratio

The ratio of the loan amount to the appraised value of the collateral shall not exceed the following rates:

4.4. A maximum of three (3) qualified Pag-IBIG members may be tacked into a single loan which is secured by the same collateral, provided they are related within the second civil degree of consanguinity or affinity.

5. INTEREST RATE

5.1. The Pag-IBIG Fund End-User Home Financing Program shall bear interest at the following rates per annum:

5.2. Prior releases for retail accounts with staggered release of takeout proceeds shall be subject to an interim interest rate based on HDMF Circular No. 243. Subsequent releases of takeout proceeds beginning 1 April 2009 onwards for said accounts shall be subject to the rates provided for in these guidelines.

5.3. Repricing

5.3.1. For loans up to Four Hundred Thousand Pesos (P400,000), Pag-IBIG Fund may reprice the interest rate every three years provided that it shall not exceed the original rate.

5.3.2. For loans over Four Hundred Thousand Pesos (P400,000.00) up to Three Million Pesos (P3,000,000.00), Pag-IBIG Fund shall reprice the interest rate of the loans every three years at rates based on prevailing market rates at point of repricing, which shall not be lower than the original rates provided under section 5.1 and shall not exceed the following:

6. LOAN TERM

6.1. The loan shall be repaid at a maximum term of thirty (30) years and shall, in no case, exceed the difference between the present age and age seventy (70) of the principal borrower.

6.2. The borrower shall be allowed to lengthen or shorten the loan term only once during the life of the loan.

6.3. Acquired assets disposed of through Pag-IBIG housing loans shall have a maximum loan term of thirty (30) years.

7. LOAN PAYMENT

7.1. The loan shall be paid in equal monthly amortizations in such amounts as may fully cover the principal and interest, as well as insurance premiums, over the loan period, and shall be made, whenever feasible, through salary deduction.

7.1.1. The borrower shall execute the Authority to Deduct the monthly loan amortization from his salary, and shall secure the conforme of his employer for the purpose.

7.1.2. Pag-IBIG Fund and the employer shall enter into a Collection Agreement stipulating, among others, that the deduction for the employee’s Pag-IBIG housing loan shall have priority over other obligations of the same nature after all statutory deductions have been effected.

7.2. The monthly amortizations may also be paid to Pag-IBIG Fund through any of the following modes:

7.2.1. Accounts covered by buyback guaranty

a. Post-dated checks issued by the borrower, co-borrower or relatives up to the first civil degree of affinity or consanguinity, initially to cover the first twelve (12) monthly amortizations. Developers with Collection Servicing Agreement (CSA) with Pag-IBIG Fund shall have custody of the PDCs. Meanwhile, PDCs for accounts of developers not covered by CSAs shall be kept in the Fund’s possession.

PDCs must be dated on the date that coincides with the date of loan takeout/final loan release.

b. if the developer has a Collection Servicing Agreement (CSA) with Pag-IBIG Fund, payments shall be remitted to the developer.

c. over-the-counter

d. auto debit arrangement with banks

e. any other collection system which the Fund may implement in the future

7.2.2. Accounts not covered by buyback guaranty

a. Post-dated checks issued by the borrower, co-borrower or relatives up to the first civil degree of affinity or consanguinity, initially to cover the first twelve (12) monthly amortizations.

PDCs must be dated on the date that coincides with the date of loan takeout/final loan release.

b. auto debit arrangement with banks

c. any other collection system which the Fund may implement in the future

7.3. The first monthly installment/amortization shall commence on the month immediately following loan takeout/final loan release. The monthly payments shall be paid on the date that coincides with the date of loan takeout/final loan release, e.g., every 17th.

7.4. For accounts affected by the issuance of these guidelines, the difference of the first amortization that was deducted from loan proceeds, which was based on HDMF Circular No. 243 rates, and the revised amortization based on the rates provided herein shall be automatically applied to the principal.

7.5. Should the due date fall on a non-working day, the monthly payments shall be paid on the first working day after the due date.

7.6. Staggered payments for an amortization/installment period shall be allowed provided the amortization is paid in full on or before the due date.

7.7. In case of tacked loans where a co-borrower is released from the original loan obligation, the principal borrower may request for the adjustment of his monthly amortization based on the outstanding balance of the loan, original interest rate and repayment period corresponding to the remaining term of the loan.

7.8. The borrower who fails to pay the full monthly amortization and/or other loan obligations when due shall pay a penalty of 1/20 of 1% of the amount due for every day of delay.

7.9. The upgraded membership contributions for loans exceeding Five Hundred Thousand Pesos (P500,000.00), net of the mandatory contributions (except in the case of individual payors / self-employed / POP who shall be shouldering both the EE and ER share) shall be paid together with the borrower’s monthly amortization and shall be considered as contributions for the applicable month.

7.10. A borrower’s monthly payments shall thus be applied according to the following order of priority:

a. Penalties

b. upgraded membership contributions

c. insurance premiums

d. interest, and

e. principal

8. COLLATERAL

The loan shall be secured by collateral consisting of the same residential properties to which the loan proceeds are applied.

8.1. For Developers’ Accounts

8.1.1. For loans that are covered by buyback guaranty and are secured by properties which are bought from developers, the security shall consist of a First Real Estate Mortgage or a Contract to Sell (CTS) on the subject properties, fully covering the payment of the obligation, as stipulated in the corresponding Promissory Note and Loan Agreement of the borrower (for REM), or the Deed of Assignment (for CTS).

8.1.2. For loans which are not covered by buyback guaranty and are secured by properties which are bought from developers, the security shall consist of a Contract-to-Sell on the aforesaid properties, fully covering the payment of the obligation, which shall likewise be stipulated in the Promissory Note and Deed of Assignment.

8.1.3. Instead of a CTS, the loan may be secured by a First REM and exempted from the buyback provision, provided any of the following conditions are complied with:

a. The borrower pays the advance amortizations for twenty-four (24) months; or

b. The loan-to-collateral ratio does not exceed seventy percent (70%).

8.1.4. For developer accounts, the properties subject of the loans shall be appraised by Pag-IBIG Fund in two stages:

a. A preliminary appraisal (PA) which may be undertaken prior to actual development and house construction upon the request of the developer, and payment of the corresponding appraisal fees; and

b. A collateral inspection/validation to be undertaken upon completion of the house construction and land development servicing the houses constructed, for which a Collateral Appraisal Report (CAR) shall be issued

8.1.5. The housing unit and the facilities fronting the unit for takeout must be 100% complete, and an occupancy permit presented by the borrower at the time of loan takeout, if the purpose of the loan is to purchase a residential unit (PRU)

8.1.6. Appraisal of developers’ accounts conducted by the Home Guaranty Corporation (HGC) shall be validated by the Fund

8.2. For Retail Accounts

8.2.1. For retail accounts, the security shall consist of a First Real Estate Mortgage on the subject properties fully covering the payment of the obligation as stipulated in the corresponding loan agreement and promissory note of the borrower.

8.2.2. Accommodation mortgages shall be allowed only for borrowers who are related up to the second civil degree of consanguinity or up to first civil degree of affinity, subject to the following requirements:

a. The owner shall constitute the first mortgage as accommodation mortgagor, to secure the borrower’s loan obligation or give the latter the special power to do so; and

b. The borrower shall undertake and sign as co-mortgagor, to fully cover the residential unit and improvements thereon

8.2.3. The real estate taxes on the property must be updated as of the quarter immediately preceding the date of loan application, and yearly thereafter during the term of the loan.

To ensure that the real estate taxes on the mortgaged property are updated, Pag-IBIG Fund shall require the borrower to submit a copy of the official receipt of the real estate taxes paid for the preceding year not later than April 30 of the succeeding year. Failure of the borrower to submit proof of payment of the real estate taxes for the year shall render the outstanding loan due and demandable.

8.2.4. The property subject of the loan shall be appraised by Pag-IBIG Fund.

8.3. The property must be covered by an Original Certificate of Title (OCT), Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT) issued by the Register of Deeds, free from all liens and encumbrances; and must be registered in the name of:

8.3.1. Any one or more of the borrowers, (except in the case of accommodation mortgages), in the case of a real estate mortgage (REM)

8.3.2. The developer, in the case of a Contract to Sell (CTS), provided that the Deed of Assignment of the CTS is annotated in the title in favor of Pag-IBIG Fund.

8.3.3. In case of a joint venture where the land is owned by a third party, the developer must be authorized under a Joint Venture Agreement to execute a Deed of Assignment of CTS covering the property in favor of the Pag-IBIG Fund.

9. PARI-PASSU

A Pari-Passu arrangement with any institution acceptable to Pag-IBIG Fund, such as but not limited to provident funds, shall be allowed wherein said institution can extend its own loan (not for Pag-IBIG Fund takeout), in addition to the Pag-IBIG member housing loan, secured by the same collateral, on a pro-rata sharing of the mortgage lien, subject to the following conditions:

9.1. Pag-IBIG Fund shall have physical possession of the mortgages, regardless of the loan amount extended by the other institution

9.2. In computing the credit capacity of the borrower, the income already considered in determining the Pag-IBIG housing loan entitlement of the borrower shall be excluded.

9.3. In case of default, the following shall apply:

a. Cross-default – Default in the monthly payments for either amortization shall constitute default in both.

b. Foreclosure – When foreclosure becomes necessary or advisable, proceedings may be initiated either by the Fund or the originating institution upon mutual agreement by both parties.

c. Proceeds – Foreclosure proceeds shall be divided according to the ratio of loan exposure of the Fund and the originating institution after deducting all the legal and incidental expenses.

10. INSURANCE

The borrower shall be compulsorily covered by mortgage/sales redemption insurance and fire insurance:

10.1. Mortgage/Sales Redemption Insurance (MRI/SRI) – A borrower who is not beyond sixty-five (65) years old at the date of housing loan application shall be covered by the MRI/SRI, provided, that he shall not be over seventy (70) years old on his birthday nearest the date the original housing loan expires.

The MRI/SRI coverage of the borrower shall be subject to the schedule of insurance in the Pag-IBIG Fund Master Policy. In the case of borrowers who are tacked into a single loan, only the principal borrower shall be covered by the MRI/SRI to the full extent of the loan. Thus, the entire loan shall be extinguished by the MRI/SRI, should the principal borrower die. On the other hand, the principal borrower shall continue to amortize the entire loan, should one or both of his co-borrowers die.

10.1.1. Interim Coverage

The interim MRI/SRI coverage on the principal borrower under the automatic coverage system shall take effect on the date of the issuance of the Notice of Approval (NOA) or Letter of Guaranty (LOG) by Pag-IBIG Fund.

10.1.2. Regular Coverage

a. The regular coverage shall be a non-medical yearly renewable term insurance (YRT) for which Pag-IBIG housing loan borrowers shall pay a uniform premium rate effective on the date of loan-takeout.

b. The amount of coverage shall be the original amount of the loan.

10.2. Fire and Allied Perils Insurance – The borrower shall obtain fire and other allied perils insurance on the property mortgaged or subject of the Contract to Sell for an amount equivalent to the appraised value of the residential unit or the loan amount, whichever is lower.

10.3. Premium Payments – The annual premium for the first year of coverage shall be prepaid and shall be deducted from the loan proceeds upon loan takeout.

Premiums due for the second year, and every year thereafter that the insurance coverage is in force shall be prepaid on a monthly basis and shall be collected together with the monthly loan amortization.

10.4. All housing loan applicants registered under the Pag-IBIG Overseas Program and working overseas shall be charged an additional two pesos per thousand of coverage per year (P2.00/P1,000/annum).

10.5. No Evidence Limit (NEL) – The NEL shall be P2,000,000. As such, all borrowers up to 60 years old with loans of up to P2,000,000 shall no longer be subjected to underwriting approval.

10.6. Borrowers over 60 years old shall be required to submit a Health Statement Form (filled out by the applicant in his own handwriting, duly signed and dated, and witnessed by two persons) for underwriting approval.

10.7. FME for POP members over sixty (60) years old – The full medical examination (FME) report may be dispensed with for loan applicants under the Pag-IBIG Overseas Program who are over 60 years old. In its place, the Health Statement Form shall be submitted, filled out by the applicant in his own handwriting, and witnessed by two persons. The applicant shall also be required to submit a copy of the result of his medical examination conducted prior to his assignment overseas as required by his employment agency.

Should the applicant’s health be found “sub-standard”, the corresponding sub-standard rating shall be applied, and the applicant shall also be charged the additional extra premium.

11. PREPAYMENT

11.1. A borrower shall be allowed to prepay his loan in full or in part without prepayment penalty, pursuant to Republic Act 7394.

11.2. Accelerated payments – any amount paid in excess of the required monthly amortization shall be applied automatically to principal, unless otherwise expressly requested by the borrower upon payment.

The treatment of excess payment the borrower prefers must be noted on/properly disclosed in the Pag-IBIG Fund Receipt (PFR).

12. DEFAULT

12.1. The borrower shall be considered in default when he or any of his co- borrowers fails to pay any three (3) consecutive monthly amortizations and/or monthly membership contributions and other obligations on the loan.

12.2. At point of default, the outstanding loan, together with accrued interest, penalties, fees and other charges, shall become immediately due and demandable. The said amount shall likewise be subject to the following:

12.2.1. The unpaid monthly payments shall continue to be charged with a penalty equivalent to 1/20 of 1% of the amount due for every day of delay.

12.2.2. It shall continue to bear interest at the stipulated rate from the time the outstanding loan become due and demandable.

12.3. Pag-IBIG Fund may adopt the following remedies:

12.3.1. For Loans Secured By Contract to Sell (CTS)

a. Cancellation of the CTS;

b. Call against the warranty of the developer to buy back the defaulting account.

12.3.2. For Loans Secured By Real Estate Mortgage (REM)

a. The account shall be endorsed for foreclosure.

b. Default shall also constitute a lien on the Total Accumulated Value (TAV) of the member’s savings with Pag-IBIG Fund

13. LOAN CHARGES

The borrower shall pay a Processing Fee of Three Thousand Pesos (P3,000.00), which shall be paid as follows:

13.1. One Thousand Pesos (P1,000.00) upon filing of the loan application, which shall be non-refundable if the loan is disapproved;

13.2. Two Thousand Pesos (P2,000.00) upon loan takeout.

14. SECOND AVAILMENT

A Pag-IBIG member may avail himself of a second Pag-IBIG housing loan provided he has fully paid his first housing loan, whether as a principal borrower or as a co-borrower.

15. ADDITIONAL LOANS

15.1. Additional loan shall be herein defined as a housing loan availed while there is still an existing housing loan.

15.2. A member who is updated with his monthly contributions as well as his monthly housing loan amortizations as of date of application for additional loan shall be eligible for the said loan.

15.3. A qualified Pag-IBIG member who has an existing housing loan may avail himself of an additional housing loan for the following purposes:

15.3.1. House construction on a lot purchased/refinanced through a Pag-IBIG housing loan

15.3.2. Home improvement.

15.4. An eligible member shall be entitled to borrow an amount that will not exceed the difference between the member’s loan entitlement upon his application for an additional loan and his original loan availment.

15.4.1. If the original loan was taken out prior to 23 November 2006 and the additional loan was availed under these guidelines, the additional loan shall be treated as separate and distinct from the original loan.

Hence, the original loan shall be subject to the interest rates prevailing at the time said loan was taken out while the additional loan shall be charged with the interest rates provided in these guidelines.

15.4.2. The additional loan shall be consolidated with the original loan for the following accounts:

a. If the original loan was taken out under HDMF Circular No. 219 or any of the succeeding issuances; or

b. if the original loan was taken out under the “Magaang Pabahay” Program

Thus, the consolidated loan shall consist of the additional loan and the outstanding balance of the original loan as of the date of the additional loan’s final release. It shall be charged the corresponding interest rate provided in these guidelines.

The resulting monthly amortization, whether the original and additional loans are consolidated or treated separately, shall not exceed forty percent (40%) of the member-borrower’s net disposable income.

15.5. For consolidated loans, the borrower shall continue paying the original amortization until such time that the additional loan is completely released. However, upon full release of the additional loan, the new amortization shall be based on the consolidated loan as provided for in Section 15.4 hereof.

15.6. Inclusive of the value of improvements to be introduced, the loan-to- collateral ratio shall not exceed the corresponding rate stipulated in Section 4.3 hereof.

15.7. The consolidated loan shall be charged with the corresponding interest rate provided for in Section 5 of these guidelines.

15.8. The additional/consolidated loan shall have a loan term in accordance with the provisions stipulated in Section 6 hereof.

15.9. The additional loan shall be secured by the same collateral as that of the original housing loan. The borrower shall execute an Addendum to the First Real Estate Mortgage on the subject property to fully cover the payment of the additional/consolidated loan as stipulated in the corresponding loan agreement and promissory note of the borrower.

For a CTS account originally taken out under the “Magaang Pabahay” Program, the consolidated loan shall be secured by a First Real Estate Mortgage on the subject property to fully cover the payment of the obligation as stipulated in the corresponding promissory note of the borrower. In connection thereto, the borrower shall pay for the unpaid monthly payments that would cover the expenses to be incurred in the conversion of the CTS to REM. The consideration of the Deed of Absolute Sale shall be the contract price appearing in the CTS, while that of the Loan and Mortgage Agreement shall be the consolidated loan amount.

15.10. The member shall be charged with fees as provided for in Section 13 hereof.

16. EFFECTS OF MEMBERSHIP TERMINATION ON AN OUTSTANDING HOUSING LOAN

16.1. Application of Member’s TAV

A member whose housing loan is taken out under this Circular shall not be allowed to withdraw his TAV if he has an outstanding housing loan with Pag-IBIG Fund as of the date of membership/savings withdrawal, he shall be given the following options:

16.1.1. Pay off the outstanding housing loan balance and withdraw his accumulated savings;

16.1.2. Continue amortizing the loan until it is fully paid, provided that the account is updated. The member can withdraw his accumulated savings only upon full settlement of the loan; or

16.1.3. Apply the accumulated savings to the outstanding loan balance.

Meanwhile, withdrawal of TAV for a member whose account was taken out under earlier Pag-IBIG Fund housing programs shall be governed by the guidelines prevailing at the time of loan takeout.

16.1.4 For Accounts released from 1 March 1999 up to 8 November 2001 (taken out under HDMF Fund Circular Nos. 171 and 178)

In case of membership termination due to membership maturity, permanent departure from the country, retirement, total disability or insanity, Pag-IBIG Fund shall effect automatic application of the member’s TAV to the outstanding housing loan balance, regardless if the account is updated or in arrears.

16.1.5 For Accounts released from 9 November 2001 to 19 July 2004 (taken out under HDMF Circular Nos. 189, 189-A, and 189-B)

Upon membership termination on the grounds of membership maturity, permanent departure from the country, retirement, total disability or insanity, Pag-IBIG Fund shall automatically apply the member’s total accumulated savings to his outstanding housing loan, only if the account is in arrears.

In all cases, should there be any unpaid loan balance after the member’s total savings have been offset against the loan, Pag-IBIG Fund shall require the borrower to pay the balance either in full, or under a revised amortization scheme, for a period not longer than the remaining term of the loan. Should the borrower opt for the latter, he shall be required to pay his monthly membership contributions until the loan obligation is fully settled, in accordance with the terms and conditions of the loan agreement.

16.2. Application of Insurance Proceeds

In the event of death, Pag-IBIG Fund shall apply the proceeds of the member’s mortgage/sales redemption insurance (MR/SRI) to his outstanding housing loan balance, and the excess, if any, shall be paid to the member’s designated beneficiaries.

In case the insurance proceeds shall not be sufficient to pay the member’s housing loan balance fully, the Fund shall offset the remaining amount against the member’s TAV. Should the member’s TAV still not suffice, the Fund shall require the member’s heirs/beneficiaries to settle any remaining balance in full or under a revised amortization scheme for a period not longer than the remaining term of the loan.

17. OTHER PROVISIONS

17.1. Alignment of Pag-IBIG Fund Special Housing Loan Facilities with these guidelines

Provisions on the eligible borrower’s age, membership contributions, loan term and interest rate of Special Housing Loan Facilities shall be aligned with these guidelines. All other provisions as stated in the respective guidelines and Memorandum of Agreement of the Pag-IBIG Fund Special Housing Loan Facilities that are not inconsistent with these guidelines shall continue to be in effect.

17.2. Alignment of HDMF Circular No. 200 with these guidelines

With exception to the loan-to-collateral ratio, which is provided for in Section F.1 of HDMF Circular No. 200, all other provisions under these guidelines shall be used in processing housing loans to purchase Pag-IBIG Fund’s Real and Other Properties Owned or Acquired (ROPOA).

18. AMENDMENTS

These guidelines may be amended, revised or modified by the Pag-IBIG Fund Senior Management Committee in furtherance of the objectives of the program, provided that the amendments, revisions or modifications herein adopted are consistent with the mandate of the Fund under its charter and existing laws.

19. REPEALING CLAUSE

All memoranda, rules, regulations, and other issuances inconsistent herewith are hereby repealed, amended or modified accordingly.

20. PROGRAM ALLOCATION

The Management is hereby authorized to allocate P3 Billion Pesos for 2009 to finance the housing loan package of over P2,000,000 to P3,000,000.

21. EFFECTIVITY

These guidelines shall take effect beginning 1 April 2009.

JAIME A. FABIAÑA

Officer-in-Charge

Makati City

________________ 2009

Source: PAG-IBIG FUND END-USER HOME FINANCING PROGRAM (Pag-IBIG Cir. 247, Guidelines) (April 23, 2009)

Now why would one want to consider transferring an existing loan for a bank foreclosed property to Pag-IBIG?

In my opinion, financing through a Pag-IBIG housing loan comes with a lot of advantages and I’ll tackle these in an upcoming post.

To our financial freedom!

Jay Castillo
Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Click here to contact me via E-mail
Mobile phone (Call/SMS): +639178843882
Follow me in twitter:http://twitter.com/jay_castillo
Become a Fan in Facebook:Foreclosure Philippines fan page

Text by Jay Castillo. Copyright © 2010 All rights reserved.

PS. Are you a new visitor? Click here NOW to start learning more about foreclosure investing in the Philippines.

PPS. If you know anyone else who might benefit from this post, please do share this to them and don’t forget to subscribe to e-mail alerts and get notified of new listings of bank foreclosed properties, public auction schedules, and real estate investing tips. If your inbox is getting full, you may also subscribe through my RSS Feed.

Can I buy bank foreclosed properties with financing through a Pag-IBIG housing loan? is a post from: Foreclosure Investing Philippines

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I attended the first day of Philippine Housing Fair yesterday and I’m glad I did. Aside from updated listings of acquired assets and foreclosed properties, I was also looking for any free seminars or talks about topics that can be of help to anyone who wants to get involved in real estate. For my purpose, I’m glad I was able to attend but should you also attend? It really depends. Please continue reading to learn more.

Acquired assets and foreclosed property listings
For banks and other private lending institutions, I was able to get a copy of foreclosed property listings from Land Bank, and the Star Accounts Management Services, Inc.( A member of the STAR Group of Companies). I also registered in Chinatrust’s booth so that I can get updated listings through e-mail (thanks to the friendly people from Chinatrust). I was also looking forward to visiting the BPI Buena Mano booth but it was still empty when I left at around 1:30pm. Maybe I’ll get to see them on the second or third day of the housing fair.

Don’t worry, I’ll be sharing all of these listings of acquired assets and foreclosed properties in my upcoming posts.

With regard to acquired assets and foreclosed property listings from key shelter agencies and government financial institutions, at first I was a bit disappointed when majority of them just had limited copies of their listings and people had to line up to look at the listings of foreclosed properties and then they had to copy the details pertaining to the properties they were interested in.

People line up to look at the list of foreclosed properties from Pag-IBIG

Not really the most efficient setup if you ask me. Even a speaker from Pag-IBIG mentioned during one of the talks that people really had no need to line-up to look for properties because they can just visit their updated listings online. I can’t help but think that if your only purpose was just to look for updated listings of properties, you can do the same by just visiting their websites without the hassles of lining up and manually copying property details.

Anyway, to help provide easy access to their online listings, please refer to the direct links below to the listing of acquired assets/foreclosed properties of each individual key shelter agencies and government financial institutions:

• Home Guaranty Corporation (HGC)

http://www.hgc.gov.ph/downloadable/December_14_2009.pdf

• National Home Mortgage Finance Corporation (NHMFC)

http://www.nhmfc.gov.ph/index.php?option=com_content&view=article&id=44&Itemid=56

• Home Development Mutual Fund (Pag-Ibig Fund)

http://www.pagibigfund.gov.ph/hf/aa.aspx

• Bangko Sentral ng Pilipinas (BSP)

http://www.bsp.gov.ph/loans/asset_properties.asp

• Government Service Insurance System (GSIS)

http://www.gsis.gov.ph/content.asp?ContentId=598

• Social Security System (SSS)

http://www.sss.gov.ph/sss/index2.jsp?secid=1&cat=9&pg=null

Free talks and seminars
I was able to get a copy of the program of activities from the HUDCC booth and was happy to find out that there will be a talk on How to detect a fake title which should come in handy when we do our due diligence and this will be held on the second day which is on Monday, December 28, 2009, from 4:15pm to 5:00pm. This means I will be attending day 2 of the event and I also look forward to the other topics. Please see below the complete program of activities and see if any of the topics interest you.

4th Housing Fair 2009 Program of Activities

December 27, 2009 (Sunday)

10:00 a.m. – 10:45 a.m.

NHMFC Programs
Ms.Tita R. Puzon
Manager
Asset Management Department (NHMFC)

10:45 a.m. – 11:30 a.m.

How to avail of Housing Loan from Pag-IBIG?
Ms. Caressa Pascua
Acquired Assets Officer II
Acquired Assets Department (Pag-IBIG Fund)

11:30 a.m. – 12:30 p.m.

Raffle/Lunch Break

12:30 p.m. – 1:15 p.m.

BSP Housing Program
Ms. Louella Veloro
Acting Deputy Director
Assets Management Department (BSP)

1:15 p.m. – 2:00 p.m.

HGC Programs
Ms. Ma. Caridad Calingo
Manager
Sales and Marketing Department (HGC)

2:00 p.m. – 3:00 p.m.

Ribbon Cutting to be led by His Excellency Vice President Noli De Castro
Tour of Exhibits
(Pag-IBIG Fund Chorale to render Christmas carols during the tour)

3:00 p.m. – 5:00 p.m.

Song number by Apple Chiu of Singing Bee

5:00 p.m. – 6:00 p.m.

Raffle

December 28, 2009 (Monday)

10:00 a.m. – 12:00 p.m.

Participating Exhibitors Product Presentation

12:00 p.m. – 1:00 p.m.

Raffle/lunch Break

1:00 p.m. – 2:00 p.m.

SSS Dance Troupe

2:00 p.m. – 2:45 p.m.

SSS Housing Program
Mr. Tomas Ramirez
Section Head
Real Estate Department (SSS)

2:45 p.m. – 3:30 p.m.

How to avail of Housing Loan from Pag-IBIG?
Ms. Mayette Donato
Senior Accounts Management Specialist
Acquired Assets Department (Pag-IBIG Fund)

3:30 p.m.  – 4:15 p.m.

How to identify Professional Squatters and Squatting Syndicates and their Modus Operandi?
Police Sr. Inspector Arnulfo Celestial
National Police Task Force Against Professional Squatters & Squatting Syndicate

4:15 p.m. – 5:00 p.m.

How to detect a fake title?
Mr. Emil Pugongan
Manager, One-Stop-Shop
Land Registration Authority

5:00 p.m. – 6:00 p.m.

Raffle

December 29, 2009 (Tuesday)

10:00 a.m.  – 11:00 a.m.

Participating Exhibitors Product Presentation

11:00 a.m. – 12:00 p.m.

SSS Chorale

12:00 p.m. – 12:30 p.m.

Raffle/Lunch Break

12:30 p.m. – 1:15 p.m.

Community Mortgage program (CMP) orientation
Ms. Elvira Inton
Division Chief
Public Affairs Department (SHFC)

1:15 p.m. – 2:00 p.m.

GSIS Housing Program
Mr. Jose Antonio Bayoneta
Vice President
Marketing and Housing-NCR (GSIS)

2:00 p.m. – 2:45 p.m.

How to avail of Housing Loan from Pag-IBIG?
Mr. Herminio Ruiz
Account Officer III
Acquired Assets Department (Pag-IBIG Fund)

2:45 p.m. – 3:30 p.m.

Why Deal with Licensed Brokers?
Ms. Edith Barrameda
Regional Officer
NCR (Expanded) – Field Office (HLURB)

3:30 p.m. –  4:15 p.m.

NHA programs: North and South Rail Project
Arch. Susan Nonato
Deputy Area Management Officer
Southern Bicol Region (NHA)

4:15 p.m. -5:00 p.m.

Socialized and Low-Cost Housing Condonation and Loan Restructuring Program
Mr. Zacarias Abanes
Director, Policies and Program Development
Housing and Urban Development Coordinating Council (HUDCC)

5:00 p.m. onwards

Raffle and Closing Program
Asec. Pamela Felizarta (Closing Remarks)

Happy Hunting and I hope to see you there!

—

To our financial freedom!

Jay Castillo
Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Click here to contact me via E-mail
Mobile phone (Call/SMS): +639178843882
Follow me in twitter:http://twitter.com/jay_castillo
Become a Fan in Facebook:Foreclosure Philippines fan page

Text by Jay Castillo. Copyright © 2009 All rights reserved.

PS. If you are a new visitor, please start here to learn more about foreclosure investing in the Philippines.

PPS. If you feel that anyone else you know might benefit from this post, please do share this to them and don’t forget to subscribe to e-mail alerts and get notified of new listings of bank foreclosed properties, public auction schedules, and real estate investing tips. If your inbox is getting full, you may subscribe through my RSS Feed instead.

I attended the 4th Housing Fair 2009 at SM Megamall is a post from: Foreclosure Investing Philippines

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This is just a reminder for interested parties to get ready for the 2009 Philippine Housing Fair which pushes through on December 27-29, 2009 at the SM Megamall Megatrade Halls 1 and 2. Originally scheduled on October 27-29, 2009, the 4th Philippine Housing fair was postponed, most probably due to the complications caused by Typhoon Ondoy’s visit. I’m just glad that the housing fair will finally push through. This was also mentioned in a recently published news article in Pag-IBIG’s website, a copy of which can be seen below.

HUDCC holds 4th housing fair on Dec. 27-29

December 4, 2009

For the fourth time in a row since 2006, the Housing and Urban Development Coordinating Council (HUDCC) chaired by Vice President Noli “Kabayan” De Castro, will spearhead the conduct of a three-day Housing Fair from December 27 to 29 at the SM Megamall Megatrade Halls 1 and 2 in Mandaluyong City.

The Fair will be participated in by the Home Development Mutual Fund (Pag-IBIG Fund), the Home Guaranty Corporation (HGC), the National Home Mortgage Finance Corporation (NHMFC), together with the Bangko Sentral ng Pilipinas (BSP), the Social Security System (SSS), and the Government Service Insurance System (GSIS).

These agencies will sell their acquired properties with interest rate as low as 6 percent payable up to 30 years. Housing developers will also showcase their latest projects while suppliers of home interiors and furnishing will feature their products in the fair.

De Castro said the housing fair is part of government’s continuing effort to provide decent and affordable homes to low-income workers.

“We understand their aspiration to have decent homes they can call their own. This is one way of helping them realize that dream,” De Castro stressed.

Close to 75,000 properties all over the country will be offered for sale to government and private employees and overseas Filipino workers.

The Pag-IBIG Fund comprises the bulk of the total with 31,476 properties, followed by the BSP – 21,673; the GSIS – 20,206; the NHMFC – 711, the SSS – 357 and the HGC – 356.

Under the program, Pag-IBIG has disposed acquired properties valued at P5.6 billion.

According to De Castro, the Fair benefits both homebuyers through the availability of affordable homes, and the government financial institutions through the sale of their idle assets. (end)

Source: http://www.pagibigfund.gov.ph/nr_deca.htm

For more details about the 4th Philippine Housing Fair (2009), you may also visit my earlier post:  Philippine Housing Fair 2009 which contains a tabulation of the terms and conditions, direct links to the listings of acquired assets/foreclosed properties of each of the  key shelter agencies and government financial institutions, and other useful information.

Lastly, if you are attending the housing fair to buy your first home, why not treat it as your first real estate investment?!

Happy investing!

—

My vision – financial freedom for all!

Jay Castillo
Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Click here to contact me via E-mail
Mobile phone (Call/SMS): +639178843882
Follow me in twitter: http://twitter.com/jay_castillo
Become a Fan in Facebook: Foreclosure Philippines fan page

Text by Jay Castillo. Copyright © 2009 All rights reserved.

PS. If you are a new visitor, please start here to learn more about foreclosure investing in the Philippines.

PPS. If you feel that anyone else you know might benefit from this post, please do share this to them and don’t forget to subscribe to e-mail alerts and get notified of new listings of bank foreclosed properties, public auction schedules, and real estate investing tips. If your inbox is getting full, you may subscribe through my RSS Feed instead.

Get ready as the 4th Philippine Housing Fair pushes through on December 27-29, 2009! is a post from: Foreclosure Investing Philippines

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October has been declared as the National Shelter Month under Proclamation No. 662, signed by then President Ramos on September 27, 1995. By virtue of Memorandum Circular No. 160 dated 04 August 2009 issued in support of this Proclamation, the Housing Fair is conducted annually by the Housing and Urban Development Coordinating Council (HUDCC).

For those who are looking for good investments from the acquired assets of various lending institutions, or like us, are looking for homes, the following are the schedules of the Housing Fairs for 2009, based on internet articles and information from Mr. Joy Pinto of the HUDCC (Thank you sir!):

1. Manila – December 27-29, 2009 at Megamall Megatrade Hall (Rescheduled!!!)
2. Davao – October 28 to 30, 2009 at NCCC Mall, Matina, Davao City.
3. Cebu – October 23 to 30 at SM City Cebu
4. Iloilo – October 24 to 31 at Robinson’s Mall

Take note that the Cebu Housing Fair starts TODAY! [October 23, 2009]

The 4th Philippine Housing Fair that is supposed to be held on October 27 to 29, 2009 at the Megamall Megatrade Hall has been postponed to December 27-29, 2009. My wife has confirmed this with the Megatrade Hall office. Also per Mr. Pinto, there’s also a Housing Fair supposed to be held in Legazpi City this October but it has been postponed as well because of the floods. We’ll let you know as soon as we know the final schedule. We just learned also that the Housing Fair in Cagayan de Oro has just recently been held. Next time, we will coordinate with HUDCC earlier so we can get the complete Housing Fair schedules.

Here’s a sneak peek at what to expect in the Iloilo, Davao, and Cebu housing fairs from internet articles:

Iloilo Housing Fair 2009

Western Visayas housing fair to showcase public-private initiatives on housing

ILOILO CITY, Oct. 22 (PNA) – The Western Visayas Housing Fair that will kick off here Saturday is a showcase of a public-private partnership working together to raise the awareness of the public on various housing programs and projects in the region.

National Housing Authority (NHA) regional manager, Engr. Isagani Jalbuena said this is the first time that a local government unit (LGU), national housing agencies (NHAs), non-government organizations (NGOs) and people’s organization (POs) have joined forces for the event.

The week-long activity will kick off with an exhibit of developers on Saturday and Sunday at the Robinson’s Mall, a formal opening program on Monday morning and a cultural presentation in the afternoon.

Jalbuena said that there will also be technical sessions to discuss the responsibilities and functions of various NHAs likewise learn of the basic laws relative to the availment of housing programs.

There will also be a housing seminar for borrowers; talks on institutional loan program and community program and socialized housing compliance salient provisions.

He added that there will also be posting of foreclosed properties that can be bought by interested clients.

Further, for the first time, the fair will be highlighted by the “House Design Contest” to showcase the different technologies on low-cost socialized housing.

There will also be site visit to Iloilo City’s relocation site in San Isidro, Jaro and the sharing of best practices related to the activity. (PNA)

Source: Positive News Media

Davao Housing Fair 2009

HUDCC Davao prepares for nationwide housing fair slated in October

September 7, 2009 11:06 pm

DAVAO CITY, Sept. 8 – The Housing and Urban Development Coordinating Council (HUDCC) here is now preparing for the housing fair that will be held both by government and private sector throughout the country during the Shelter Month in October.

HUDCC assistant secretary Pamela Felizarta said this activity would allow the acquired assets of government financial institutions be sold to prospective homebuyers at better price.

“It will be a nationwide activity with 45,000 to 50,000 acquired housing units offered for sale in the different sites during the Housing Fair,” she said.

Felizarta said the Housing Fair in Davao City will be held on October 28 to 30 at NCCC Mall, Matina.

This year’s activity will be held in coordination with the Construction and Real Estate Builders Association of the Philippines with the support of the Shelter Agencies of the government, namely: Pag-IBIG Fund, National Home Mortgage Finance Corporation, Bangko Sentral ng Pilipinas, Government Service Insurance System, Social Security System and other related agencies.

Felizarta said it has already been an event that homeseekers look forward each year knowing that housing fairs are held every celebration of the Shelter Month.

“I think, the public are already aware of this event and also with the aspect on their responsibility as housing borrowers,” she said.

But Felizarta said they hope that the number of foreclosed units be lowered this time because that figure had been consistent since the past years.

“With the new condonation law, we hope that the figure of acquired assets be lowered,” she said.

She said if there are accounts that become active, there are also others that met arrearages.

But with the Housing Fairs that they had conducted, they were able to achieve their two objectives of selling the acquired properties and to sell it at affordable prices.

She said a study they conducted found that with the holding of the fairs, they were able to meet high disposition of acquired properties and not as much as when fairs were not held.

The holding of housing fairs started in 1995 but it was institutionalized in 2006 by Vice President De Castro as he directed all shelter agencies to sell their acquired assets first to government employees.

But in the succeeding years, these assets were also offered to other employees and overseas Filipino workers (OFWs).

During the Housing Fairs, there will also be exhibits of new housing sites by real estate developers not only on the selling of housing packages but also commercial lots.

There will be requirements of the housing agencies with regards disposition of properties for Pag-IBIG Fund. Interest rates is at six percent for any amount up to P2 million payable in 30 years with an offering of discounts of 20 percent for cash buyers and 15 percent upfront discount for housing loans plus five percent additional occupancy discount for litigation if occupied.

It requires 15 percent downpayment and P1,000 reservation fee.

Felizarta said these acquired properties can also be checked in offices of concerned government agencies. (PNA) LDV/DDB/lvp

Source: Balita-dot-ph

Cebu Housing Fair 2009

Housing fair, one-stop deal highlight Shelter Month fete

By Nancy R. Cudis

Ii celebration of October as Shelter Month, the Subdivision and Housing Developers Association-Central Visayas (SHDA-CV) decided to organize a series of activities aimed at empowering its 18 member-firms and addressing the region’s housing needs.

One is the formal signing of an agreement between SHDA-CV and regional heads of government agencies to demonstrate their commitment for the implementation of the One-Stop Shop (OSS) for developers.

The OSS, mandated by the government under Executive Order 45, is supposed to house satellite offices of the Housing and Land Use Regulatory Board, Land Management Bureau, Environmental Management Bureau, Department of Agrarian Reform, Department of Agriculture and Mines and Geosciences Bureau.

This is intended to speed up regulatory processes for housing projects and assist developers.

In Cebu, the OSS is located in the SHDA-CV’s office in the Cebu Business Park, Cebu City. It was launched last Sept. 11.

“Subdivision and housing developers will now have an easier time to process permits and licenses for their housing projects, (consequently) boosting the housing industry,” said SHDA-CV president Rey Ralota.

SHDA-CV opened the Shelter Month activities with a three-day seminar-workshop on processing and approval of subdivision and condominium papers last Oct. 5 to 7 in Bohol, as part of the group’s membership development program.

SHDA-CV members will attend an economic forum that focuses on housing on Friday. They will also participate in the Housing Fair and Trade Exhibit on Oct. 23 to 30 at SM City Cebu.

Source: Sun Star Cebu

—–

To our financial freedom!

Jay Castillo
Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Social Network: http://foreclosurephilippines.ning.com
Mobile: +639178843882
E-mail: ph.investor [at] gmail [dot] com

Text by Jay Castillo. Copyright © 2009 All rights reserved.

P.S. – If you are a new visitor, please start here to learn more about foreclosure investing in the Philippines.

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Philippine Housing Fair 2009 moved to December, housing fairs to be held in Davao, Cebu, and Iloilo is a post from: Foreclosure Investing Philippines

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Update: The 4th Philippine Housing Fair that is supposed to be held on October 27 to 29, 2009 at the Megamall Megatrade Hall has been postponed to December 27-29, 2009. My wife has confirmed this with the Megatrade Hall office. Please be guided accordingly.

My very first post in Foreclosure Philippines (formerly Foreclosed Real Estate Philippines) was about the 3rd Philippine Housing Fair (2008).  I can’t believe almost a year has passed since then! Now, the 4th Philippine Housing Fair (2009) is almost here, and Foreclosure Philippines is nearing its first anniversary.

Around this time of the year, people normally spend most of their money on Christmas gifts. This time, why not invest it on a place you can call your own? The Philippine Housing Fair 2009 can be looked at as a tiangge or bazaar featuring acquired assets for sale.

I haven’t found any official announcement yet about the 4th Philippine Housing Fair but based on the SM Megatrade Hall website, it shall be held on October 27-29, 2009 at Halls 1 and 2 of the SM Megatrade Hall:

*Update as of October 23, 2009 - The Philippine Housing Fair 2009 has been moved to OctoberDecember 27-29, 2009 at Halls 1 and 2 of the SM Megatrade Hall.

Source: http://www.megatrade.com.ph/events.php#

The Philippine Housing Fair 2008 was also held at the SM Megatrade Hall and I was fortunate enough to have been able to attend it. I’m sure a lot of  home buyers and investors have benefited from it. This year, hopefully more people will be able to attend.

When I attended the Philippine Real Estate Festival 2009 last July, I received a copy of the Housing Fair Fact Sheet at the booth of  the National Home Mortgage Finance Corporation (NHMFC).  At that time, they couldn’t tell me the exact dates for the event. I called them up recently and the person I spoke to told me that the tentative schedule for the 2009 Housing Fair is on OctobereDecember 27 – 29, 2009 at SM Megamall because the venue has already been booked for the event. He also said that this is most probably the final schedule as he believes they probably can’t change the schedule anymore.

Anyway, let me share below the contents of the Housing Fair Fact Sheet which I got from NHMFC’s booth at the 3rd Philippine Real Estate Festival.

Housing Fair Fact Sheet

Bakit ka Mangungupahan pa? Kaya mo namang magkabahay na! (Why rent? You can buy a home now!)

Objectives

The Housing Fair aims to:

• Assist and provide non-wage benefits to the government and private sector employees, including Overseas Filipino Workers to acquire housing units at affordable cost.
• Fast track the disposition of acquired assets of key shelter agencies and government financial institutions

Participating Agencies:

The Housing and Urban Development Coordinating Council (HUDCC) spearheaded the conduct of the Housing Fair in coordination with the key shelter agencies and government financial institutions.

The selling key shelter agencies and government financial institutions that will dispose their acquired assets are the following:

• Home Guaranty Corporation (HGC)

Contact Person: Ms. Ma. Caridad L. Calingo
Tel. No. 896-0425
www.hgc.gov.ph

• National Home Mortgage Finance Corporation (NHMFC)

Contact Person: Ms. Mercedita Lorenzana
Tel. No. 892-5191
www.nhmfc.gov.ph

• Home Development Mutual Fund (Pag-Ibig Fund)

Contact Person: Mr. Oscar Empensando
Tel. No. 811-4141
www.pagibigfund.gov.ph

• Bangko Sentral ng Pilipinas (BSP)

Contact Person: Ms. Geraldine Alag
Tel. No. 524-8587
www.bsp.gov.ph

• Government Service Insurance System (GSIS)

Contact Person: Ms. Normita Pascua
Tel. No. 551-4830/891-6161 loc. 4695
www.gsis.gov.ph

• Social Security System (SSS)

Contact Person: Ms. Luz Generoso
Tel. No. 922-1061
www.sss.gov.ph

Housing Clinics will also be provided by the following shelter agencies:

• Housing and Land Use Regulatory Board (HLURB)

Contact Person: Ms. Mila Mendoza
Tel. No. 927-2723
www.hlurb.gov.ph

• National Housing Authority (NHA)

Contact Person: Engr. Jovita Panopio
Tel. No. 922-3318
www.nha.gov.ph

• Social Housing Finance Corporation (SHFC)

Contact Person: Ms. Elvira Inton
Tel. No. 812-6978; 750-6337 to 50 loc. 821
www.shfcph.com

Qualified Borrowers/Buyers

All government and private sector employees including the Overseas Filipino Workers are qualified to avail acquired assets in any of the participating selling agencies.

Income Requirement

Applying the provision in the General Appropriations Act (GAA), the net take-home pay of a government employee should not be lower than P3,000.00. Deduction for the program will be prioritized next to the statutory deduction.

To improve the borrowing capacity, the GSIS, SSS, and Pag-Ibig Fund will allow additional proof of income, e.g., income from sari-sari store, etc. These agencies also allow tacking in of co-borrowers. Pag-Ibig Fund allows co-borrowers up to 3^rd degree of consanguinity or affinity, provided that they are Pag-Ibig members.

The inventories of the acquired assets can be found at the respective booths and the websites of the participating selling agencies.

Status/ Conditions of the Acquired Assets

• The properties shall be sold on an “as is, where is” basis.
• The buyer acknowledges that he has been given the opportunity to investigate, inspect, and verify the assets offered to ascertain the actual conditions as well as the status of the titles.
• For occupied units, the buyer shall be responsible for the ejectment of squatters and/or occupants on the property subject of sale.

Steps on How to Apply for an Acquired Asset

• Scan for properties from the list provided by selling agencies;
• Once you have selected the property, go to the concerned selling agency to inquire about the property;
• Fill up the reservation form provided by the agency. (For Pag-Ibig Fund, attend first the Pag-Ibig speak-up portion and get the Certificate of Attendance afterwards);
• Conduct inspection of the property before paying the reservation fee or downpayment; and
• Pay the reservation fee/downpayment and submit the necessary documents at the office of the selling agency.

Documentary Requirements

The prospective buyer shall submit the following documentary requirements to the selling agency that owns the property:

• Community Tax Certificate or cedula
• Proof of income (latest income tax return, certificate of employment and compensation, latest payslip)
• Marriage Certificate (if married)

Additional Requirements

HGC, Pag-Ibig Fund, and BSP

• 2”x2” I.D. picture

BSP

• Tax identification number (TIN)
• Copy of any government-issued I.D. (e.g., SSS, Voter’s I.D.)

NHMFC and GSIS

• Two (2) valid identification cards

TERMS AND CONDITIONS

The following are the terms and conditions for the disposition of the acquired assets

 

 

Agency	Interest Rate	Amount of Loan	Repayment Period	Discounts	Down Payment
HGC*	6%	Up to P300,000	25 Years	15% discount for cash buyers  10% discount for successful ejectment	10% down payment
	9%	Above P300,000 to P2M
	12%	Above P2M
NHMFC	6%, 7%, & 8% Depending on the repayment period	Any amount	15 years – 6%  20 years – 7% 25 years – 8% or up to 65 years old	None	10% down payment but not lower than P10,000
PAG-IBIG FUND	6%	Any amount up to P2M	30 Years	20% for cash buyers  15% upfront discount for housing loans, plus 5% additional discount for litigation if occupied	5% down payment  P1,000 Reservation fee
BANGKO SENTRAL	6%	Up to P400,000	25 Years	Case to case basis	At least 10% down payment
	10%	Over P400,000	15 Years
GSIS*	6%	Any Amount	30 years or up to 70 years old	10% discount  for cash payment	10% proposal deposit
SSS	6%  9%	Up to P500,000  Above P500,000	10 years or up to 70 years old	10% discount for cash buyers  10% discount for successful ejectment	5% down payment

Note: The down payment/reservation fee/proposal deposit shall be deducted from the purchase price upon consummation/perfection of sale

*Subject to changes

 

 

Modes of Payment

HGC, Pag-Ibig Fund, and GSIS

• Salary deduction
• Cash through over-the-counter payment
• Post-dated checks (GSIS)

NHMFC

• Cash through over-the-counter payment

SSS

• Post-dated checks

BSP

• Cash through over-the-counter payment
• Post-dated checks

For more information or inquiry:
Please text HUDCC Hotline Number at 0917-815-5369
Or call telephone numbers 812-6495/811-4112
Or visit our website:
www.hudcc.gov.ph

You may also download a PDF copy of the Housing Fair Fact Sheet here.

In addition, I would like to post here direct links to the listing of acquired assets/foreclosed properties of each individual key shelter agencies and government financial institutions:

• Home Guaranty Corporation (HGC)

http://www.hgc.gov.ph/property.html

• National Home Mortgage Finance Corporation (NHMFC)

http://www.nhmfc.gov.ph/index.php?option=com_content&view=article&id=44&Itemid=56

• Home Development Mutual Fund (Pag-Ibig Fund)

http://www.pagibigfund.gov.ph/hf/aa.aspx

• Bangko Sentral ng Pilipinas (BSP)

http://www.bsp.gov.ph/loans/asset_properties.asp

• Government Service Insurance System (GSIS)

http://www.gsis.gov.ph/housing/default.php?type=root&id=128

• Social Security System (SSS)

http://www.sss.gov.ph/sss/index2.jsp?secid=1&cat=9&pg=null

I’ll be posting more information about the upcoming Philippine Housing Fair 2009 as they become available. If you know someone who is still renting, please share this to them and help them buy their own home, they will surely be thankful to you for doing so!

Happy home buying!

—–

To our financial freedom!

Jay Castillo
Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Social Network: http://foreclosurephilippines.ning.com
Mobile: +639178843882
E-mail: ph.investor@gmail.com

Text by Jay Castillo. Copyright © 2009 All rights reserved.

P.S. – If you are a new visitor, please start here to learn more about foreclosure investing in the Philippines.

P.P.S – If you liked this post, don’t forget to subscribe to e-mail alerts and get notified of new listings of bank foreclosed properties, public auction schedules, and real estate investing tips. If your inbox is getting full, you may subscribe instead to my RSS Feed.

Philippine Housing Fair 2009 is a post from: Foreclosure Investing Philippines

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If you missed the 2008 Housing Fair held at the SM Megamall Megatrade Hall 1 and 2 in

Image via Wikipedia

Mandaluyong City last October 29-31 2008, I have here information where you can download the respective foreclosed property listings of each of the participating government financing institutions and shelter agencies. Please see list below along with links to the listings.

Home Guaranty Corp. (HGC) Foreclosed Properties For Sale

Pag-IBIG Fund Foreclosed Properties For Sale

National Home Mortgage Finance Corp. (NHMFC) Foreclosed Properties For Sale

Banko Sentral ng Pilipinas (BSP) Foreclosed Properties For Sale

I couldn’t find any direct link to property listings on the SSS website but you can find them by clicking here and then do a search for “acquired assets” on the upper right corner of the SSS website. You should then see their assets for sale at the bottom of the center row.

*Update – February 7, 2009: you may download the GSIS foreclosed properties for sale listing here

Happy searching!

Philippine Housing Fair 2008 is a post from: Foreclosure Investing Philippines

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