Foreclosure Philippines

Pacquiao versus Clottey post fight lessons learned: How not to win by trying not to lose!

Jay Castillo — Tue, 16 Mar 2010 08:15:25 +0000

The recently concluded fight between our very own Manny Pacquiao and Ghana’s Joshua Clottey was a perfect example of how not to win a fight by focusing too much on trying not to lose. What does this got to do with real estate investing? A lot! Read more below and find out.

Before anything else, I would like to make it clear that I am not a boxing expert, I just want to highlight some lessons learned from the fight which are applicable to real estate investing.

Wasted opportunity

Clottey’s tactic of trying to survive and focusing too much on defending himself simply cannot win fights. Of course every boxer needs to have a defensive strategy but a good offensive strategy should not be left out. Freddie roach said it best when he said “If I was his trainer, I would have told him to engage a lot more because that’s the only way to win fights”. In my opinion, Clottey wasted his once in a lifetime opportunity.

Play to win!

In real estate investing, the same principles apply. To succeed in real estate investing, one needs to play to win and we do this by being on the offensive and “engage a lot more”. Just like how Manny threw so many punches (about 30 punches per minute… wow!) in his fight versus Clottey, we as real estate investors need to get out there and analyze hundreds of properties so that we can actually find more potentially good deals. The more potentially good deals we find, the greater the chance we will get to submit offers or participate in auctions for those good deals. The more offers we submit or the more bids we make, the greater the chance that we will actually end up closing that particular deal and win a worthy investment.

Of course it goes without saying that we still need to have a defensive strategy that will help ensure we don’t lose money on any of our real estate deals. We still need to do your due diligence and do the numbers. But unless we actually go out there and take action to pursue those deals, waiting for things to become perfect and the “planets to align” so to speak, opportunities in the form of good real estate deals will just pass us by.

I believe the easiest way to lose is by not trying to win!

Here is a video of the Pacquiao vs Clottey post fight interview. Enjoy!

Happy investing!

To our 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
Become a Fan in Facebook:Foreclosure Philippines fan page
Text by Jay Castillo. Copyright © 2010 All rights reserved.

PS. If you are an OFW who is lucky enough to be here in Manila, Philippines on March 28, 2010, reserve your seats NOW for the free Secrets of Wealth seminar for OFW’s by calling Joy: +63927-5707599, or Will: +63917-8580064/(632) 9645512. Remember, this is a free seminar so seats will definitely run out fast, and there are only 100 seats available. Act now and learn the secrets of wealth from Trace Trajano! Click here for more information about the free Secrets of Wealth seminar for OFW’s.

PPS. If you have a friend or loved one who is an OFW or who knows an OFW, please do them a favor and invite them to the free Secrets of Wealth seminar for OFW’s by Trace Trajano. The first 5 who refer at least 3 OFW’s that confirm and attend the seminar will get a free 1-hour consultation from me where you can ask me anything about investing in foreclosed properties (more about this in a later post). Just leave a comment below if you are interested or have any questions. Thanks!

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Updated listings of bank repossessed cars for sale

Jay Castillo — Wed, 10 Mar 2010 02:15:27 +0000

I know a lot of readers and subscribers of Foreclosure Philippines have been waiting for updated listings of repossessed cars for sale. I must admit that there have been a number of listings of repossessed cars that I missed posting during the past recent weeks, sorry about that.

Ever since my “early retirement” from being an employee started last February 1, 2010, one of the things I have been looking forward to was posting more listings of repossessed cars. However, all of my plans got waylaid for a number of reasons which I will be happy to share in another post, especially since it appears things are now going back to normal and can proceed as planned.

Anyway, to make up for my missing to post updated repossessed car listings, I’m sharing 2 listings of foreclosed cars in this post. These are of Unionbank repossessed cars and AMA Bank repo cars.

Just refer to the respective images below for the complete listings of repossessed cars, along with pertinent details. For any inquiries, don’t forget to call Unionbank or AMA Bank directly. Remember, I am just posting these listings of repossessed and second hand cars as a free service for my dear readers and subscribers.

Source: Manila Bulletin, March 7, 2010 issue, page G-14

Happy Hunting!

To our financial freedom!

Jay Castillo

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There is a better way to make a living!

Jay Castillo — Mon, 08 Mar 2010 03:24:04 +0000

Have you ever endured being away from your family just to make a living? Have you ever found yourself asking if all the money you make in exchange for the freedom to be with your loved ones was worth it? Do you find yourself asking if there was a better way to make a living?

I used to be an employee and although I was based here in the Philippines, I remember that I still found myself asking the very same questions above, even though I still get to come home to my family everyday. What more if you were an Overseas Filipino Worker (OFW) and had to live in a foreign land away from your family and loved ones just to make a living, with the belief that this is for their own good?

I had a taste of how OFW’s feel because in a way I became one when I was tasked to be part of a team that deployed an ERP system in Moscow, Russia. During the first few days it was okay but as the days became weeks, feelings of doubt, homesickness, and anguish began to creep in. I stayed there for just about 2 months and I never went abroad for such assignments again, swearing I would never leave the Philippines just to make a living.

I would rather stay here in the Philippines and actually be with my loved ones. I guess deep inside I knew there is a better way.

There is a better way: The story of Bobet

If you have been reading the blog of Trace Trajano, best selling author of Think Rich Quick, you will recall the story of Bobet, just one of the countless Filipino nurses working abroad. Bobet worked overseas, was making good money, but really did not know much about managing his money.

While he was yet to receive his first paycheck, Bobet used borrowed money to buy doodads like a new cellphone. It was obvious that if Bobet did not change his ways in managing money, he would be doomed to working for money for the rest of his life.

Fortunately, Trace’s and Bobet’s paths crossed in the United States and Trace was able to explain to Bobet the secrets of wealth. Bobet was able to learn about passive income, the kind of income that comes in even if you didn’t work for it anymore as it is more like money working for you.

After Trace taught Bobet the concept of passive income, Bobet started a lending company, and then an internet café business in the Philippines. In a year, he became a millionaire. Soon afterwards, he opened his fifth internet café branch at SM in Bulacan. His lending business has also expanded and already operates both in the Philippines in the United States.

Yes, there is a better way! Trace mentored Bobet about the secrets of wealth and a year later he has become a millionaire. He no longer needs to work as a nurse in the U.S. He no longer misses his wife and kids. He can now kiss and hug them everyday. He has achieved in 1 year what most OFWs will never achieve in their lifetimes, unless they also learn the secrets of wealth.

Do you want to become the next Bobet?

If you want to learn about the secrets of wealth from Trace and become the next Bobet, then you have to grab this once in a lifetime chance to see Trace Trajano in person as he shares the same secrets he taught Bobet in a free mini-seminar on March 28, 2010 at the Garden Plaza Hotel, the same venue for the Think Rich Quick seminar that happens the day before.

You read that right, this is a FREE mini-seminar for all OFW’s. Why OFW’s? It’s obvious that Trace has a soft spot for OFW’s as his father was also an OFW but due to lack of financial literacy, he ended up broke and with nothing to show for thirty years of hard work and sacrifice. Trace does not want any OFW to encounter what his Dad encountered and he wants to help through this free mini-seminar.

The choice is yours to make

If you are an OFW, you just got to attend this seminar and learn:

The secrets of Wealth
How to generate passive income
How to generate active income in real estate

There are limited slots so register early. Early registrants also get the following surprise gifts

First 10 to register – “Think Rich Quick” book by Trace Trajano
Next 12 to register – Play Robert Kiyosaki’s Cashflow 101 boardgame for free!
Plus a chance to win one of 3 tickets to Enchanted kingdom

What more can you ask for?! Register now for this free mini seminar by calling the following:

Joy: +63927-5707599
Will: +63917-8580064 or (632) 9645512

Important things to remember

Don’t forget to bring your spouse and your kids (becoming a millionaire is a team effort and your family has to be ONE team). The only thing you need to pay for is for your own LUNCH (at the hotel).

Here are a few words from Trace Trajano:

“Don’t forget to bring your passport (to prove you’re an OFW) and my book “Think Rich Quick” (I will even autograph it for you! You can buy it at a National Bookstore). Your passport and the book will serve as your ticket for this seminar.” – Trace Trajano

Who is Trace Trajano?

Trace Trajano is a real estate investor, author of the best selling book “Think Rich – Quick” and a wealth coach to students around the world. His vision is to create directly or indirectly 1 Million Pinoy Millionaires worldwide by the year 2020. Trace himself is an OFW living in the Mason Ohio with his wife and 2 kids. You can learn more about Trace by clicking on the play button for the slides below.

To our financial freedom!

Jay Castillo

PS. If you are an OFW who is lucky enough to be here in Manila, Philippines on March 28, 2010, REGISTER NOW and reserve your seat. Contact Joy or Will through the contact numbers above for seat reservation. Remember, this is a free seminar so seats will definitely run out fast, and there are only 100 seats available. Act now and learn the secrets of wealth!

PPS. If you have a friend or loved one who is an OFW or who knows an OFW, please do them a favor and forward this to them. This just might be help they are looking for!

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Think Rich Quick Seminar updates

Jay Castillo — Fri, 05 Mar 2010 02:15:27 +0000

This will be a quick one. The first ever Think Rich Quick Seminar pushes through on March 27, 2010 and I would like to share some updates with regards to the seminar like seat availability, seminar venue, and other payment options. To learn more about the Think Rick Quick Seminar, please visit my previous post: You are invited to the first ever Think Rich Quick seminar on March 27, 2010.

Seats are running out

As per March 1, 2010, there are less than 20 seats available. If you want to attend the Think Rich Quick Seminar, I advice you to reserve your seats now!

Think Rich Quick Seminar venue

The venue has been finalized. It will be at the Garden Plaza Hotel and Suites. Here’s the link to their website for more information:
http://www.gardenplazamanila.com

I also have here a copy of the Garden Plaza Hotel vicinity map which I got from Gladis who is a member of buyfirstdeal.com

More Payment Options

1) For Paypal and Credit Card holders, Sign UP and click here HERE!

The credit card option is near the bottom of the screen.

2) Pay through Western Union – Please see details below:

Send $55 to TRACE through Western Union.
complete name: Trace Trajano
address: 9647 Cedar Knoll Dr., Mason OH 45040, USA

Email him here – moneyyoda@gmail.com and send him the Western Union tracking ID or number.

3) Bank Deposit – If you don’t have a paypal or credit card, you can also deposit your payment ($55 or peso equivalent) in this BPI account:

Account Name: Kristine Ann E. Aganon
Bank: Bank of the Philippine Islands, Tandang Sora Branch
Account Type: Current
Account No: 2385-0616-28

I am a guest speaker

I hope to see all of you there as I will be one of the speakers in the Think Rich Quick Seminar.

Happy learning!

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

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

PPS. If you know someone who might be interested in this post, please do share this to them. 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. Inbox getting full? Subscribe through my RSS Feed instead!

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Makati Properties for sale – Buena Mano 2010 Q2 Green Tag

Jay Castillo — Wed, 03 Mar 2010 02:45:37 +0000

I recently got a copy of the Buena Mano Greater Metro Manila Area (GMMA) catalogue of properties for sale. Due to the very large number of properties in the catalogue, I decided to post them here according to area and classification. Let me start with the Green Tag Properties in the Makati Area.

What are Green Tag Properties?

Green Tag properties are real estate properties with Titles and Tax declarations duly consolidated / transferred under the name of the bank which foreclosed the property/ies.

The bank holds possession of the foreclosed properties with its authorized caretakers, particularly those with improvements and can be visited / inspected anytime.

Makati Condo units for sale

Unit 901-L & 901-U Praise Condominium, M. Santillan St., Makati City
FA: 190.043 sqm
Residential condo; 2-story 2BR & 2TB
Selling Price: Php 4,700,000

Unit 902 Praise Condominium, M. Santillan St., Makati City
FA: 72.081 sqm
Residential condo; 2BR & 2TB
Selling Price: Php1,650,000

Unit 903 Praise Condominium, M. Santillan St., Makati City
FA: 76.671 sqm
Residential condo; 2BR & 2TB
Selling Price: Php1,750,000

Unit BGH-A-401, 4/F Bldg. B Benaventure Garden Homes, Osmena St., Rizal Village, Makati City
FA: 76.74 sqm
Selling Price: Php1,900,000

Unit P-1114 Penthouse 1 Southstar Plaza, Cityland Condominum V, South Superhighway, Bangkal, Makati City
FA: 37.06 sqm
Selling Price: Php 927,000

28/F Burgundy Corporate Tower, Sen. Gil Puyat Ave. Makati City (Office Condo, no parking slot)

Unit H
FA:69.05 sqm
Selling Price: Php3,452,500

Unit IJ-01
FA: 42.25 sqm
Selling Price: Php2,262,500

Unit IJ-02
FA: 46.87 sqm
Selling Price: Php2,343,500

Unit IJ-03
FA: 45.25 sqm
Selling Price: Php2,262,500

Unit K
FA: 68.14 sqm
Selling Price: Php3,407,000

Unit 17B Ponte Salcedo Condo No. 120, Valero St. Salcedo Village, Makati City
FA: 285 sqm
Residential condominium with 3BR & 4TB and with an assigned parking space
Selling Price: Php15,000.000

Makati Building for sale

Lots 1A & 2 Santillan cor. Victor cor Javier Sts., Bgy. Pio del Pilar, Makati City
LA: 679 sqm
FA: 1448 sqm
Commercial lot with a 3 storey office/showroom building and warehouse
Selling Price: Php 38,500.000

Makati Vacant Lot for sale

Sen. Gil Puyat Ave. cor. Malugay St., Salcedo Village, Makati City
LA: 5,202 sqm
Type: Commercial Lot
Selling Price: 780,000,000

I am a duly accredited broker for this listing and you may contact me if you are seriously interested in any of the properties above.

Other areas in Metro Manila along with other classifications like Yellow Tag properties and Red Tag properties are to follow.

Happy Hunting!

To our financial freedom!

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

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El Subastajero’s Choice Auction of foreclosed properties

Jay Castillo — Tue, 02 Mar 2010 02:15:56 +0000

The Property Forum Philippines will be having another auction of foreclosed properties entitled “El Subastajero’s Choice Auction”. One odd thing I noticed however is that there was neither any date nor time indicated in the auction announcement. I believe these details are too important to be left out so I was thinking they might have done this on purpose. Now why would they do such a thing?

Based on the print ad, all acquired assets on the list are on 1.00 peso knockout. Maybe their strategy is to sell all the foreclosed properties through the knockout option where one just had to add Php1.00 on top of the minimum bid price to knockout a foreclosed property from the list of properties included in the auction. Don’t take my word for it though as I’m just guessing.

Initially, I thought this was another round of the PNB “New Moon” auctions but the property codes don’t indicate any PNB properties. I also noticed that some of the properties on the list from other banks are the same properties from previous auctions.

Anyway, I’ll update this post once I am able to confirm the exact schedule and venue of the auction, if any.

Locations of foreclosed properties for sale

Mega Manila

Antipolo
Las Pinas
Makati
Mandaluyong
Manila
Muntinlupa
Paranaque
Pasay City
Quezon City
Paranaque
Pasig
Tanay, Rizal
Valenzuela

Luzon

Batangas
Bulacan
Cavite
Laguna
Pangasinan
Quezon Province
Rizal

Visayas

Bacolod
Cebu City
Cotabato
Negros Occidental

Mindanao

Agusan Del Norte
Zamboanga

Click here to download the complete foreclosed properties listing for El Subastajero’s Choice Auction or on the thumbnail on the left.

Source: Manila Bulletin, February 28, 2010 issue, page G3

For more details on any of the foreclosed properties and/or property inspections, please contact Property Forum Philippines directly through the following numbers: (02) 534-9536 / (02) 534-6954 / 0921-6722888

Show money is Php25,000 per property, in the form of cash or manager’s check.

The fine print

All properties are offered on an “As-is, Where-is” basis. Titles of properties are either under seller’s name or under various stages of title consolidation to seller’s name, thus protective buyers are advised to conduct their due diligence prior to entering into any contract with the seller. Property details, prices, and terms are subject to change without prior notice. The seller reserves the right to pull-out any property from the auction at any time. Changes in prices are subject to the sole discretion of the seller.

Happy Hunting!

To our financial freedom!

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

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Sealed bidding of Prime Properties from PNB slated on March 5, 2010

Jay Castillo — Mon, 01 Mar 2010 02:15:34 +0000

The Philippine National Bank Special Assets Management Sector (PNB-SAMS) invites everyone to a public sealed bidding of Prime Properties on March 5, 2010, Friday, at the 9th floor of the PNB Financial Center, President Diosdado Macapagal Blvd., Pasay City Philippines. The bidding will start promptly at 9:00AM.

A total of 13 bank owned properties with a combined total minimum bid price of more than Php600M are up for sale during the sealed bidding. Prime properties are properties with a minimum bid price of Php10M and higher.

Item 1 on the list can be seen below. Just click on the image to enlarge.

Click here to view the complete list of PNB Prime Properties or on the image below.

They also invite interested parties to attend the Pre-Bidding Conference on March 2, 2010, Tuesday, 2:00PM at the PNB-SAMS Head Office.

For more details, please call the Special Assets Management Sector Head Office directly through the following:

SAMS CUSTOMER SERVICE

Hotline:(02) 573-4115
Email: amscustomerservice@pnb.com.ph
Trunkline: (02) 526-3131 and (02) 891-6040 to 70, local 4115, 4539, or 4713

Obviously, this listing is not for everyone as this caters more to big companies and developers. If you are looking for more affordable PNB foreclosed properties for sale, these will be up next. Subscribe NOW and get notified through e-mail once the foreclosed property listing becomes available.

Happy Hunting!

To our financial freedom!

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

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Before you go to a bank foreclosed auction…

Jay Castillo — Thu, 25 Feb 2010 03:22:34 +0000

Read Eden Alemania’s Story. It’s a short story of what you can expect to feel when you win your FIRST property in an auction. Eden will be present in the Think Rich Pinoy Seminar on Feb. 27, 2010.

Grab a seat in the Think Rich Pinoy Seminar

SOLD to the lady with paddle 16

My heart was pounding, my hands were trembling. I didn’t know whether to shout for joy or to pound my head with the auctioneer’s gavel.

You see, I just won the property in Quezon City in my very first auction and based on the rules, I have to give the downpayment in a week. YES! IN A WEEK!

In my mind, “Eden, are you crazy? You don’t have the money. How will you get the money to fund this deal. What are you getting into?”

That was when Larry Gamboa’s words in the Think Rich Pinoy Seminar I recently attended resounded in my head arguing with my worrisome thoughts

“Find the deal, and the money will follow.”

Grab a seat in the Think Rich Pinoy Seminar

True enough, when I marketed the deal for investors in my own circle of network, there were people interested who funded the downpayment and as they say, the rest is history (read my blog for the actual deal)

It has been exactly 2 years ago since this experience changed my life entirely.

And it all started with a strong desire to walk out of the rat race.

– Eden April Alemania-Dayrit

You’ll get to meet Eden at the Think Rich Pinoy Seminar on Feb. 27, 2010.

She’s a nice girl who takes time to answer questions and give tips. If you have actual deals already, you may even get her as a partner or investor. You never know.

To meet Eden, grab a seat in the Think Rich Pinoy Seminar NOW!

PS. For your sanity, do not do what Eden did. At least secure the funds first with the investor before joining the auction. If you like to meet and talk to Eden, grab a seat in the Think Rich Pinoy Seminar

PPS. You can also pay through Bank Deposit: BPI Account Name: ESTI-TRP(Think Rich Pinoy); Account# 8291-0083-57(Checking). Please contact the event organizers first through 0926-999-9999 or thinkrichpinoyseminar@gmail.com for seat availability. Once you have confirmed there are still slots available and you have paid thru bank deposit, just email thinkrichpinoyseminar@gmail.com with the scanned deposit slip with following data: Name, Address, Email Address, Cell # and Landline # AFTER you have paid via bank deposit to confirm your attendance.

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Can I buy bank foreclosed properties with financing through a Pag-IBIG housing loan?

Jay Castillo — Tue, 23 Feb 2010 02:15:12 +0000

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:

If you bought a bank foreclosed property and it is currently under a Contract-To-Sell (CTS)
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!

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

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Mega auction of RCBC foreclosed properties slated on February 27, 2010

Jay Castillo — Fri, 19 Feb 2010 02:30:21 +0000

More than a hundred foreclosed properties are set to be sold through public auction in the upcoming Mega Property Auction of RCBC and RCBC Savings Bank. This auction of foreclosed condos, house and lots, townhouses, and other types of real estate will happen on February 27, 2010, Saturday, 9:00AM, at the Podium 4 Lobby, RCBC Plaza, Ayala Avenue corner Buendia Avenue, Makati City, Philippines.

Up for grabs are foreclosed properties from Metro Manila, North and South Luzon. The properties can be purchased for as little as 10% downpayment, with the balance payable up to 10 years, and at fixed interest rates. To attend this foreclosed properties auction, only Php25,000 show money is required per property in the form of cash or manager’s check.

Location of foreclosed properties

RCBC Foreclosed Properties (Amazing Buys)

Metro Manila

Makati City
Marikina City
Pasay City
Pasig City
Quezon City

South Luzon

Albay
Bacacay
Legaspi City
Polangui

Camarines Sur
Pili

Cavite
Alfonso
Cavite City

Laguna
Binan
Sta. Cruz
Sta. Rosa
San Pablo City

Masbate
Aroroy
Masbate City

Palawan
Puerto Princesa

Rizal
Antipolo City

Central Luzon

Bataan
Mariveles

Bulacan
Bustos
Norzagaray
San Ildefonso
San Rafael
San Jose Del Monte
Sta. Maria

Nueva Ecija
Cabanatuan City

Nueva Vizcaya
Bayombong

Pampanga
Arayat

Tarlac
Tarlac City

North Luzon

Ilocos Norte
Laoag City

Isabela
Benito Soliven
Cauayan City

Pangasinan
Tayug

RCBC Savings Bank Foreclosed Properties (Dream Buys Auction)

Metro Manila

Caloocan
Las Pinas
Marikina
Paranaque City
Quezon City
Valenzuela City

South Luzon

Batangas
Talisay
Lipa City

Cavite City
Bacoor
Dasmarinas
GMA

Cavite
Gen. Trias
Imus
Silang
Trece Martires City

Laguna
Bay
Cabuyao
Calamba City
San Pedro
Sta. Rosa

Quezon Province
Candelaria

Rizal
Antipolo
Cainta

Central Luzon

Bataan

Bulacan
Balagtas
Malolos
Plaridel
San Jose Del Monte

Cabanatuan

Tarlac

Pangasinan

*Why do I list down a summary of all the locations? I do this so that this post is searchable using the locations as keywords in the Google Custom search function which can be found at the right sidebar. If you are searching for foreclosed properties in foreclosurephilippines.com, go ahead and try it out!

Click here to download the complete listing of foreclosed properties in RCBC’s Mega Property Auction on February 27, 2010

Source: Manila Bulletin, February 14, 2010 issue, page G5

For more details, please contact RCBC or RCBC Savings Bank directly using the contact information included in the listing of foreclosed properties above.

You may also visit their websites which can be found in The Ultimate List of Philippine bank websites although I have already checked and both websites of RCBC and RCBC Savings Bank are not updated and don’t contain this auction announcement.

Happy Hunting!

To our financial freedom!

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

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Asiatrust foreclosed properties for sale

Jay Castillo — Thu, 18 Feb 2010 02:45:53 +0000

Asiatrust recently came out with this listing of foreclosed properties for sale. Only 20% Downpayment is required with the balance payable through financing at fixed interest rates, and up to 10 years to pay. As far as I know, these properties are for negotiated sale.

The foreclosed properties for sale are from the Metro Manila, CALABARZON, Central and Northern Luzon, and Mindanao areas.

Just click on the image below to enlarge/download the listing of foreclosed properties for sale from Asiatrust.

Source: Manila Bulletin, February 14, 2010 issue, page G4.

For inquiries, please call ASIATRUST directly through the following numbers:

9245730
9245769
09104350528
09054265639

You may also visit their website which can be found here: The Ultimate List of Philippine bank websites

To our financial freedom!

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

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Larry Gamboa invites you to the Think Rich Pinoy Seminar on February 27, 2010

Jay Castillo — Tue, 16 Feb 2010 22:45:44 +0000

Larry Gamboa, bestselling author of the book “Think Rich Pinoy“, is someone who I consider to be a great mentor and inspiration. I remember it was already more than a year after I read the book “Rich Dad Poor Dad” by Robert Kiyosaki when I began to feel that the real estate investing concepts described by Robert Kiyosaki were hard to apply in the Philippine setting.

I realized I was wrong when I stumbled upon the book “Think Rich Pinoy” by chance.

Thanks to Larry’s book, I realized that it really is possible to apply Rich Dad’s real estate investing principles in the Philippines, which is exactly what I am doing right now.

Recently, Larry sent an invitation to his mailing list for the upcoming Think Rich Pinoy Seminar which happens on February 27, 2010, Saturday, 8AM to 5PM, at the PhilAm Life Building, UN Avenue, Manila, Philippines. I would like to share his invitation to all of you below…

Hi Jay,

A few days ago, I asked you to give me your two burning questions in real estate investing. The response I got was phenomenal, 186 questions from 93 people. I could spend the whole year just answering your questions.

But I noticed that most of the questions were all about “How do I Start in Real Estate Investing?”

That brought me back to how I started myself.

I knew nothing about real estate. I couldn’t identify a good deal even if it was staring me in the face. I didn’t know how to buy much less sell properties. I did not know how to compute ROI.

But as I started doing it, things became clearer, bit by bit, one deal after another. As I learned from people and from experience, I started to develop my own system of buying and selling real estate ‘rent-to-own’.

Through the years, I refined the system until I could write a book about it. I enjoyed it so much, I wrote 2 more books about it. But apparently the books were not enough because I would get question after question on how do I do it.

Finally, I called up Bo Sanchez (or he called me) and we decided to do a seminar on Financial Literacy and Real Estate Investing. Thus the Think Rich Pinoy Wealth Seminar was born.

Click here to enroll for the Think Rich Pinoy Seminar!

This is where the journey of a lot Pinoy Real Estate Investors started. You’ve heard the story of Eden and how she started with reading books and attending this seminar.(If you haven’t, just watch the video below)

She’s not the only one who started through the seminar. There’s Jessie who’s a seafarer and his wife Apple who used to work in a multinational bank. There’s also Kristine a former HR practitioner. And so many others. . .

If you’ve been wanting to ask me PERSONALLY about your burning questions on Real Estate Investing, here’s your chance. On February 27, 2010, I will be holding the next Think Rich Pinoy Wealth Seminar. This is my personal invitation to meet you.

Let’s talk about how you can start, how you can raise capital and how you can identify good deals. Let’s talk about what’s stopping you from starting. Or if you’ve already started, like Eden, let’s talk about your challenges.

The great thing about this is, it won’t be just me. We have a number of speakers lined up. Bo Sanchez, my life mentor, a preacher, entrepreneur and investor himself will be speaking. Our sponsor, Philamlife, will be sending a speaker on wealth management. A good friend of mine, who’s much bigger than I am in real estate and owns apartment buildings in Makati, will be speaking and sharing (mystery speaker).

Plus, you have young Think Rich Pinoy Franchisees who despite their youth and lack of capital, started to invest and make money in real estate.

So if you’ve been wanting to personally ask me a question, let’s meet at the Seminar. Meet me on February 27, 2010 at the Philamlife Training Pavilion, UN Avenue, Manila. Click here to reserve a seat. We have limited seats (120 at the most). So we will have to close down reservations Feb. 22, 2010.

Warmest Regards,

Larry Gamboa

P.S. I’m serious about meeting you and answering your questions personally. Every seminar is unique in that way because each batch brings out questions unique to their situation. If you want a definite answer to your burning question, click here and reserve your seat now!

P.P.S. Seat reservation/orders ENDS Feb. 22, 2010. After Feb. 22, 2010 you will be put in a priority list for the next Think Rich Pinoy Wealth Seminar.

By the way, If you are not yet part of Larry’s mailing list, what are you waiting for?! Click here to join and claim your free Silver membership NOW! Remember, Silver membership is absolutely free!

To our financial freedom!

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.

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How to keep the passion burning for real estate investing

Jay Castillo — Tue, 16 Feb 2010 03:16:43 +0000

When friends and people I meet learn about what I do and see my passion for real estate investing, I am often asked how I was able to get into it and sustain the passion for it. Just how did I end up having this burning desire to get out of the rat race through real estate investing? Read on to find out.

Let us first define what passion is. Wikipedia defines passion as “…an emotion applied to a very strong feeling about a person or thing. Passion is an intense emotion compelling feeling, enthusiasm, or desire for something. The term is also often applied to a lively or eager interest in or admiration for a proposal, cause, or activity or love.”

Robert Kiyosaki also often mentions in his books that passion is a combination of love and anger.

I agree with both definitions and I use these emotions to sustain my burning desire to have a better life. Let me try to explain further by citing the following examples.

What I love that fuels my passion for real estate investing…

These compel me to just keep moving forward.

I love having more time to live life to the fullest and not just for earning a living.
I love having time to be with my loved ones and friends and this is not confined to brief moments away from my job.
I love my family and I love having more quality time with them.
I love having more quality time with my loving wife.
I love being able to actually be with my son and be there for him as he grows up.
I love being able to help more people and make a difference in this world.

This list goes on and on…

What causes my anger which also feeds my burning desire…

Having to miss all of the above just because you have no choice because you are stuck in a 9 to 5 job. In reality, a 7AM to 9PM existence is more accurate and this usually gets worse as one climbs up the corporate ladder.
Having to be an employee until you are in your sixties and beyond. Yes, even if you become the president of a company, unless you own that company, you are just an employee working for someone else. That’s the bottom line.
Realizing that life passes you by as you do your best to earn a living while working yourself to death.
The empty feeling after a job well done where you realize that all the sacrifices, time, effort, frustrations, rewards(or lack of it) are not really worth all the trouble. The keyword here is “job”. Don’t get me wrong, I know there are people out there who really love their jobs and also get a fair and just reward for doing their jobs well; I congratulate all of you who are lucky to find such jobs. I don’t know, maybe in my field (I’m an Information Technology professional), things develop at such a fast pace that the system is unable to cope and somethings got to give, somewhere, at some point, and usually it’s our health(due to stress) or our relationships(due to lack of time freedom), etc.

Again, the list goes on and on…

The key is to focus your emotions

Instead of letting the emotions get the best of me which I believe is a total waste of time, I would rather focus them on productive thoughts and actions. I let my emotions of love and anger fuel my passion and dictate the choices I make in each precious day that God has given me.

It really is just a matter of having the proper mindset where I combine these emotions to sustain my burning desire to have a better life and guide me with each task that I shall accomplish which shall in turn lead to my objective which is to get out of the rat race through real estate investing.

In each new day I face, I have already programmed myself with this mindset so that I will continue doing what needs to be done to have a better life… and that my friend is how I keep my passion burning for real estate investing!

“Stay hungry and foolish”

Lastly, I want to share Steve Jobs’ Stanford commencement speech which he gave way back in 2005 which I believe hits the nail on the head.

Let me quote a portion below which has also fueled my passion:

“… for the past 33 years, I have looked in the mirror every morning and asked myself: “If today were the last day of my life, would I want to do what I am about to do today?” And whenever the answer has been “No” for too many days in a row, I know I need to change something “

How about you? What fuels your passion for real estate investing?

—

To our financial freedom!

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

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You are invited to the first ever Think Rich Quick seminar on March 27, 2010

Jay Castillo — Fri, 12 Feb 2010 16:45:01 +0000

Are you broke, with no rich friends…

and no banks will lend you money?

You… yes, even you can invest in real estate!

I am very excited to announce that my dear friend and real estate coach, Trace Trajano is coming to Manila and will give the first ever Think Rich Quick Seminar on March 27, 2010. If you have not read his book “Think Rich Quick”, you should. It has changed thousands of people’s lives and it can change yours.

What is the Think Rich Quick Seminar and book about?

People have the misconception that you need a lot of capital to get started in real estate (up to a certain extent, that includes me because I advocate being financially literate enough to be able to at least raise the 10% or 20% for the downpayment). “NOT true”, Trace says and he has a right to say this after having acquired and sold over $13 Million worth of investment properties, mostly with no money down. That’s P1 Billion worth of properties acquired without any money down.

Trace continues, “You can also get started investing in real estate without borrowing money from banks.” For example, in his book, he mentioned a deal he did by taking over the mortgage payments and then he turned around and sold that property via rent to own. It’s an amazing strategy and I believe you should learn about it.

Lastly, Trace dispels the misconception you have to wait years before you can make money in real estate. Trace says, “You can make money in real estate in a few months, a few weeks, sometimes, even in a few days.”

Trace says, “But rather than boast about what I have done, I’ll just show you what my students have done…specially my students in the Philippines. I want to show you that this can be done anywhere, even in the Philippines.” Here are some of Trace’s students and what they have done (NOTE: they are all based in the Philippines!):

Thea Santos – made P260,000 selling a house in just 2 weeks using a strategy called Wholesaling. She sold the property quickly using one of Trace’s marketing strategy.

Gia Garcia – she bought a condo using other people’s money, she fixed it, then sold it. This is a strategy called Retailing. Gia said, “Trace’s advice on how to rehab the property saved me a lot of money!”

Julius Bernard Lopez – made over P300,000 by “syndicating” a deal. He found an investor who managed the renovation…he found another investor to put up the money and the only thing he did is find the deal. Here’s the thing… Julius did this AFTER reading the book “Think Rich – Quick”. Julius is not even officially Trace’s student or franchisee!

Eden April Alemania – she became a millionaire at age 26 (she’s now 27). This is after just 9 months after hearing Trace speak. Watch her video below:

Jessie Raquel and Apple Raquel – Jessie is an OFW struggling with a 10-door apartment he bought as it was only 30% occupied. At a seminar that Trace gave to the franchisees of the Think Rich Pinoy Millionaire Network, he gave Jessie a marketing plan. He implemented this plan and in just 2 weeks, he got his 10-door apartment 100% occupied. As a result of this, Jessie and Apple are now real estate millionaires. Trace even helped them raise capital from private lenders (not from banks!). Here’s the proof:

Ronald Cagape and Weng Cagape – also a husband-and-wife real estate team and now millionaires said, “Trace’s negotiation advice on one deal we were working on saved us P400,000!”

The list goes on and on.

What about you? Do you want your name to be included amongst Trace’s success stories? Then click “I want to be Trace’s next success story” to register for the seminar…

Yes, I want to be Trace’s next success story!

You might be asking, “SO how much will this seminar cost me?” Let me you ask you this…

“What amount of money will you pay to learn how to make millions in real estate?”

I don’t know the tuition fee you need to pay to become a good doctor or nurse or have a high paying job. Say the tuition fee is P50,000 per semester – so we have 2 semesters per year and then multiply that by 4 years…or P400,000. That’s a lot of money but it’s worth it because you can recover that money in just 1 year working as a nurse abroad. Right?

Here’s the good news: once you learn what Trace will reveal during this seminar, you can literally know how to develop a million-peso per year real estate business right here in the Philippines. Jessie Raquel for instance made P500,000 on just one deal. Eden April Alemania routinely makes P200,000 to P400,000 per deal.

The even better news is that you will not spend P400,000…not even P40,000…or even P4,000 for your tuition fee. Trace though can easily charge that amount or more. In fact, one student paid Trace P11,500 to have lunch with him for one hour. That’s right: one hour with Trace can easily set you back by more than P10,000. But at this seminar, you get to spend the entire day with him for less than half that amount.

Alright – I want to make millions…so sign me UP NOW.

In fact, it gets even better. Trace told me that he wants to give people a lot more value than what they’re paying. Trace is giving you not just one seminar but a series of online seminars (one every month – January, February, March and a follow up online seminar in May) as well.

In fact, the January webinar (online seminar) is already over and you might miss out on the February webinar as well (Trace told me though that if you register on or before February 14, he will give you the recording of the February webinar absolutely free!). The February seminar is about having “Millionaire Systems”.

I want the February webinar so let me in!

One more thing… this seminar is more of a workshop. You will learn how to talk to banks (and learn how to buy foreclosed properties from them), sellers, buyers, renters and lenders (or potential money partners) using scripts that Trace and his students used successfully in negotiating a lot of deals.

I want to attend the workshop!

Lastly, Trace told me he wants to limit the attendance to this seminar. Why? He wants to interact with the audience more and he wants to get to know you. He told me “I really don’t make money when you buy my book or even attend my seminar. I make the real money when I get the student to partner with me.” Shhhh….don’t let Trace know that I told you that. It’s supposed to be a secret. At the end of the seminar, he will announce a way for you to apprentice under him and even become his business partner as he puts up a real estate company in the Philippines.

I want to become Trace’s apprentice!

Sorry I digressed… Trace wants to limit attendance to only 100 people – 43 have already registered so there are only 57 slots left. The Think Rich Quick Seminar is being promoted by seminar promoters, wealth coaches, and Trace’s students and franchisees. Literally, this sales letter is going to be read by over 100,000 people and so you don’t want to be left out.

Let me in! I don’t want to be left out.

Just realize the price of admission (which is only $55 or its peso equivalent) is a small fee to pay to know powerful real estate techniques that will put money in your pocket. The seminar is also a good way to become Trace’s apprentice and partner. Take advantage of this opportunity NOW by clicking HERE!

—

Personally I look forward to learning more about wholesaling and how to invest in real estate without borrowing money from banks. I hope to see you at the seminar!

—

To our financial freedom!

P.S. You need to sign up before February 14 in order to get access to the online seminar (webinar) for February.

P.P.S. Right now there are 43 registered attendees so there are only 57 slots left. Register NOW to get IN. Once all the slots are filled, Trace will close this and you might need to wait 1 year to attend the next one! I don’t want to wait a year so SIGN me up NOW.

*Update – Other payment options:

1) Pay through Western Union. Here are the details:

Send $55 to TRACE through Western Union.
complete name: Trace Trajano
address: 9647 Cedar Knoll Dr., Mason OH 45040, USA

Email him here – moneyyoda@gmail.com and send him the Western Union tracking ID or number.

2) If you don’t have a paypal or credit card, you can also deposit your payment ($55 or peso equivalent) in this BPI account:
Account Name: Kristine Ann E. Aganon
Bank: Bank of the Philippine Islands, Tandang Sora Branch
Account Type: Current
Account No: 2385-0616-28

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Foreclosed properties auction slated on February 27, 2010 by Star Properties Inc.

Jay Castillo — Thu, 11 Feb 2010 03:24:01 +0000

Star Properties Inc. shall be having an auction of foreclosed properties as they hold The Star Auction 2010 on February 27, 2010, 9:00AM, at Max’s Restaurant, Jupiter Street, Makati City, Philippines. Registration of bidders start at 8:00AM. The foreclosed properties for sale in this auction include properties from the Greater Manila Area, Luzon, Visayas, and Mindanao.

Foreclosed properties can be acquired for as little as 10% downpayment with the balance payable in 5 years and at 15% per annum fixed interest rates. Not exactly the most attractive terms if you ask me considering other foreclosed property auctions normally give up to 15 years to pay.

Interested bidders have the option to knock out foreclosed properties by simply adding Php1.00 on top of the list price to reserve a property before the auction.

Types and location of the foreclosed properties for sale

Here is a summary of the types and locations of the foreclosed properties for sale included in the auction on February 27.

Residential – Greater Manila Area

Caloocan
Las Pinas
Malabon
Makati
Manila
Marikina
Paranaque
Pasay
Pasig
Quezon City
Rizal
San Juan
Taguig
Valenzuela

Commercial – Luzon

Batangas
Bicol
Nueva Ecija
Pampanga
Quezon Province
Tarlac

Industrial – Greater Manila Area

Paranaque
Quezon City
Valenzuela

Industrial – Luzon

Isabela

Industrial – Visayas

Negros Occidental
Davao
General Santos
Maguindanao
Tagum

Mixed use – Mindanao

Bukidnon
General Santos

Click here to download the complete listing of foreclosed properties in The Star Auction 2010 on February 27, 2010

Source: Bulgar, February 8, 2010 issue, Page 3

Interested?

To get more details for any of the foreclosed properties on the list, please contact Star Properties, Inc. directly using the contact information on the list above. Remember, I am posting this listing of foreclosed properties as a free service to subscribers of foreclosurephilippines.com. As of writing this, I am neither connected nor accredited with Star Properties, Inc.

To attend the auction, show money is only Php10,000 cash or manager’s check per property payable to STAR ASSET MANAGEMENT ROPOAS, INC.

The fine print

All properties are offerred on an “As-is, Where-is” basis. Titles of properties are either under the seller’s name or under various stages of consolidation in the seller’s name. Interested parties are therefore advised to check the title, the physical and legal condition of the property prior to the scheduled auction. Property details, prices, and terms are subject to change without prior notice. The seller reserves the right to pull-out any property anytime. Changes in prices are subject to the sole discretion of the seller.

Happy hunting!

—

To our financial freedom!

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

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PRC and DTI joint announcement for real estate service practitioners’ renewal of licenses

Jay Castillo — Tue, 09 Feb 2010 02:43:16 +0000

Recently, the PRC and DTI issued a joint announcement on the filing of application for registration without examination with the PRC, for those whose licenses issued by the DTI have expired on December 2008 and onwards. This is good news for affected real estate service practitioners that include real estate appraisers, real estate brokers, and consultants. Please see below a copy of the announcement.

MEMORANDUM

For : ALL REGIONAL AND PROVINCIAL DIRECTORS/CARETAKERS

From : VICTORIO MARIO A. DIMAGIBA - Director

Date : 14 January 2010

Re : Announcement to Real Estate Developers and Real Estate Practitioners

_________________________________________________________

In reference to the attached self-explanatory announcement issued by PRC Chairman Nicolas P. Lapena and the above-signed, please disseminate the same for the information and guidance of all concerned.

Thank you very much.

ANNOUNCEMENT

TO ALL REAL ESTATE DEVELOPERS

& REAL ESTATE SERVICE PRACTITIONERS

“Pending the appointment of the Chairman and Members of the Professional Regulatory Board of Real Estate Service (PRBRES), pursuant to Republic Act No. 9646, all Real Estate Brokers, Real Estate Appraisers and Real Estate Consultants, whose licenses issued by the Department of Trade and Industry (DTI) expired on December 31, 2008 and onwards, are required to file their application for registration without examination under Section 20, Article III of R.A. No. 9644 [sic? 9646] from January 12, 2010 to July 30, 2011, stamped received by the Professional Regulation Commission and/or the PRBRES. Such application shall be deemed proof of authority for the lawful exercise of their profession until such time that the PRC and the PRBRES shall have approved it.

For the guidance of all concerned, the contact address of the PRC is P. Paredes St., Sampaloc, Manila,

Attention : Office of the PRB Secretary

________________________________

________________________________

Manila, 12 January 2010

(Sgd. ) NICOLAS P. LAPE?A, JR. (Sgd.)VICTORIO MARIO A. DIMAGIBA
Chairman Director
Professional Regulation Commission Bureau of Trade Regulation
- & Consumer Protection
- Department of Trade and Industry

I am quoting below Section 20, Article III of R.A. No. 9646

SEC. 20. Registration Without Examination, - Upon application and payment of the required fees, the following shall be registered, and shall be issued by the Board and the Commission a certificate of registration and a professional identification card without taking the prescribed examination:

(a) Those who, on the date of the effectivity of this Act, are already licensed as real estate brokers, real estate appraisers or real estate consultants by the Department of Trade and Industry (DTI) by virtue of Ministry Order No. 39, as amended: Provided, That they are in active practice as real estate brokers, real estate appraisers and real estate consultants, and have undertaken relevant CPE to the satisfaction of the Board;

(b) Assessors and appraisers who, on the date of the effectivity of this Act, hold permanent appointments and are performing actual appraisal and assessment functions for the last five (5) years, have passed the Real Property Assessing Officer (RPAO) examination conducted and administered by the Civil Service Commission (CSC) in coordination with the Department of Finance (DOF), and have undertaken relevant CPE to the satisfaction of the Board; and

(c) Assessors and appraisers who, on the date of the effectivity of this Act, hold permanent appointments and have at least ten (10) years actual experience in real property appraisal or assessment and have completed at least one hundred twenty (120) hours of accredited training on real property appraisal conducted by national or international appraisal organizations or institutions/entities recognized by the Board and relevant CPE to the satisfaction of the Board.

Those falling under categories (b) and (c) shall register with the Board after they shall have complied with the requirements for registration as real estate appraisers: Provided, That those seeking to be licensed to a new credential level shall be required to take the pertinent licensure examination.

Those so exempt under the aforementioned categories shall file their application within two (2) years from the effectivity of this Act: Provided, That the renewal of the professional identification card is subject to the provisions of Section 17 hereof.

While the announcement above is indeed very welcome news to those whose licenses have expired December 31, 2008 onwards, we still have a lot of questions left unanswered.

How about those who passed the most recent licensure exams but were unable to secure their licenses on time? How about those who want to get their new licenses as real estate service practitioners?

Your guess is as good as mine. I suppose we just have to patiently wait for the release of the implementing rules and regulations or IRR of RA 9646 which should be soon.

—

To our financial freedom!

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

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Real Estate Service Act of the Philippines (RESA) Signed Into Law, Real Estate Brokers’ Licensure Exam Postponed

Foreclosed properties for sale in Unionbank’s 149th Special Public Auction

Jay Castillo — Mon, 08 Feb 2010 02:54:46 +0000

I’m really glad to report here that Unionbank has already posted their list of foreclosed properties for sale for their 149th Special Public Auction online through their website. Not only did they finally finish updating their website, they also included pictures of the various foreclosed properties for sale. Please continue reading below for more details.

Actually, I already had a listing of Unionbank foreclosed properties which I got through a print ad but I decided to checkout their website expecting to find a downloadable list, I always prefer having a softcopy of listings.

As mentioned earlier, I was pleasantly surprised that their webpage was updated. Please see below the auction announcement:

149th Special Public Auction
UNIONBANK’S SPECIAL PUBLIC AUCTION !!!

UnionBank of the Philippines will conduct another half-day Public Auction of real estate properties onSaturday, February 20, 2010 at Delas Alas Room 2nd Floor Philippine Columbian Sports Club, Plaza Dilao, Paco, Manila at 9:00 AM.

Just bring PhP 20,000 show money (cash or manager’s check) to qualify to bid for each property. The sale is on “as is where is” basis.

The properties for bidding consist of residential lots, house and lots, townhouses, condominium units, residential buildings, commercial lots, industrial lots, agricultural lots, commercial space, and industrial / commercial warehouses. These properties are available for sale at reasonable prices. We offer 5% discount on cash sales and affordable credit terms, as follows;

Downpayment: 10%

Interest: 13% p.a. fixed for the first 3 years and
15% p.a. fixed for the next 12 years

Term: 15 yrs. (maximum) thru in-house
guaranteed financing

View the list of properties here! Should you wish to know more about these properties, please contact

Kim Unidad D.L. 637-1445 T.L. 667-6388 LOCAL 8372
Doris Padlan D.L. 638-0125 T.L. 667-6388 LOCAL 8358/8359
Junie Jamero D.L. 638-0114 T.L. 667-6388 LOCAL 8352
Dong Quinsay D.L. 638-0092 T.L. 667-6388 LOCAL 8349
Romel De Borja T.L. 667-6388 LOCAL 8348
Eriq Villaverde T.L. 667-6388 LOCAL 8373

E-mail address: krvunidad@unionbankph.com

Yahoo Groups: http://finance.groups.yahoo.com/group/UBP_ARG_Friends/

We look forward in seeing you at the auction.

Thank you.
Mr. Kim Richard V. Unidad
Asset Recovery Officer
Asset Recovery Group

Source: Unionbank Website

Happy hunting!

—

To our financial freedom!

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

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Tax foreclosure sale of delinquent real properties in Laguna slated on February 10, 2010

Jay Castillo — Wed, 03 Feb 2010 10:41:44 +0000

The Office of the Provincial Treasurer of the Province of Laguna is set to sell through public auction a number of tax delinquent real properties on February 10, 2010, 10:00AM, at the FAITH Training Center, Provincial Capitol Compound, Santa Cruz, Laguna. All of the tax delinquent real properties are located at Lewin, Lumban.

The tax foreclosure sale of the said delinquent real properties shall be conducted by virtue of Sections 260 and 263 of RA 7160 otherwise known as the Local Government Code of 1991. I have quoted below Sections 260 and 263 of RA 7160 for everyone’s reference:

SECTION 260. Advertisement and Sale. — Within thirty (30) days after service of the warrant of levy, the local treasurer shall proceed to publicly advertise for sale or auction the property or a usable portion thereof as may be necessary to satisfy the tax delinquency and expenses of sale. The advertisement shall be effected by posting a notice at the main entrance of the provincial, city or municipal building, and in a publicly accessible and conspicuous place in the barangay where the real property is located, and by publication once a week for two (2) weeks in a newspaper of general circulation in the province, city or municipality where the property is located. The advertisement shall specify the amount of the delinquent tax, the interest due thereon and expenses of sale, the date and place of sale, the name of the owner of the real property or person having legal interest therein, and a description of the property to be sold. At any time before the date fixed for the sale, the owner of the real property or person having legal interest therein may stay the proceedings by paying the delinquent tax, the interest due thereon and the expenses of sale. The sale shall be held either at the main entrance of the provincial, city or municipal building, or on the property to be sold, or at any other place as specified in the notice of the sale. acd

Within thirty (30) days after the sale, the local treasurer or his deputy shall make a report of the sale to the sanggunian concerned, and which shall form part of his records. The local treasurer shall likewise prepare and deliver to the purchaser a certificate of sale which shall contain the name of the purchaser, a description of the property sold, the amount of the delinquent tax, the interest due thereon, the expenses of sale and a brief description of the proceedings: Provided, however, That proceeds of the sale in excess of the delinquent tax, the interest due thereon, and the expenses of sale shall be remitted to the owner of the real property or person having legal interest therein.

The local treasurer may, by ordinance duly approved, advance an amount sufficient to defray the costs of collection thru the remedies provided for in this Title, including the expenses of advertisement and sale.

SECTION 263. Purchase of Property By the Local Government Units for Want of Bidder. – In case there is no bidder for the real property advertised for sale as provided herein, or if the highest bid is for an amount insufficient to pay the real property tax and the related interest and costs of sale the local treasurer conducting the sale shall purchase the property in behalf of the local government unit concerned to satisfy the claim and within two (2) days thereafter shall make a report of his proceedings which shall be reflected upon the records of his office. It shall be the duty of the Registrar of Deeds concerned upon registration with his office of any such declaration of forfeiture to transfer the title of the forfeited property to the local government unit concerned without the necessity of an order from a competent court.

Within one (1) year from the date of such forfeiture, the taxpayer or any of his representative, may redeem the property by paying to the local treasurer the full amount of the real property tax and the related interest and the costs of sale. If the property is not redeemed as provided herein, the ownership thereof shall be fully vested on the local government unit concerned.

The list of real properties certified to be delinquent in payment of real property taxes can be found below (just click on the image below to enlarge and download)

Tax delinquent properties included in the tax foreclosure sale. Source: Philippine Star, January 30, 2010 issue, page B9

As indicated in the notice, all prospective bidders should register in the Office of the Provincial Treasurer on Public Auction at least one (1) day before the scheduled auction.

Happy hunting!

To our financial freedom!

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

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New Moon Auction of foreclosed properties on February 13, 2010

Jay Castillo — Mon, 01 Feb 2010 16:39:14 +0000

As mentioned in my recent post about PNB’s Asset Gazette for January 2010, Property Forum Philippines will be conducting a series of “New Moon” auctions of foreclosed properties that coincide with the actual dates of the “New Moon”. This particular auction will be held on February 13, 2010, at Max’s Restaurant, Jupiter St., Makati City, Philippines. Registration starts at 8:00am and the auction proper starts at 9:00am.

Foreclosed properties can be acquired for as little as 10% Downpayment, with up to 10 years to pay and at low interest rates. However, the actual interest rates were not indicated on the print ad. This probably means that participating banks might have different interest rates available for their foreclosed properties included in the auction. Better call Property Forum Philippines to verify this as part of your due diligence.

Yes, you read that right, I believe that aside from PNB, there are other participants in this auction. Based on the prefixes of the property codes on the list, I can see that majority of the foreclosed properties are from PNB, while the rest are from TPF (The Property Forum?), UCPB (This is obviously United Coconut Planters Bank), CSB, GHP, UOB (United Overseas Bank?), CB (ChinaBank?), UNI, etc. Although the meanings of some of the acronyms are quite obvious, I can’t decipher the rest. Please do leave a comment below if you happen to know which banks or SPV’s these refer to. Thanks!

Locations of the foreclosed properties for sale

Mega Manila

Antipolo
Caloocan
Las Pinas
Makati
Mandaluyong
Manila
Muntinlupa
Paranaque
Pasig
Quezon City
San Juan
Tanay, Rizal
Valenzuela

Luzon

Baguio
Bataan
Batangas
Bulacan
Cagayan
Cavite
Isabela
Laguna
Nueva Ecija
Quezon Province
Pangasinan
Rizal
Tagaytay
Tarlac City

Visayas

Bacolod
Bohol
Capiz
Cebu City
Iloilo City
Leyte
Negros Occidental

Mindanao

Agusan Del Norte
Cagayan De Oro
Davao Oriental
General Santos
Iligan
South Cotabato
Misamis Oriental
Sultan Kudarat
Zamboanga Del Sur/Norte

Click here to download the complete listing of foreclosed properties for sale in Property Forum’s New Moon public auction on February 13, 2010.

Source: Philippine Daily Inquirer, February 1, 2010 issue, page B4

Want to bid on a foreclosed property?

Before you bid, you should at least analyze the properties and do the numbers. If the numbers make sense, then the next logical step would be to inspect the properties as part of due diligence. For property inspection, please call The Property Forum Philippines directly through the following telephone numbers: (02) 534-9536 / (02) 534-6954 / 0921-672288

To participate in the auction and bid on any of the foreclosed properties for sale, just bring the required show money which is Php25,000 per property in the form of cash or managers check.

The fine print

All properties are offered on an “As-is, Where-is” basis. Titles of properties are either under seller’s name or under various stages of title consolidation to seller’s name thus protective buyers are advised to conduct their due diligence prior to entering into any contract with the seller.

Property details, prices, and terms are subject to change without prior notice. The seller reserves the right to pull-out any property from the auction at any time. Changes in prices are subject to the sole discretion of the seller.

Looking for multi-door apartments?

If you are looking for multi-door apartments, then you better check this list of foreclosed properties as I saw a 7-door apartment with a minimum bid price of Php2.5M and an 8-door property with a minimum bid price of Php2.06M, both of which are in the Mega Manila area. I haven’t checked the details yet so I really can’t tell if they are good buys.

Happy hunting!

To our financial freedom!

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

Relate

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Foreclosed properties listing updates from BDO

Jay Castillo — Thu, 28 Jan 2010 07:15:11 +0000

I recently received an updated listing of foreclosed properties for sale from BDO, courtesy of Ms. Mary Jean Reyes. This list of BDO foreclosed properties is updated as of January 15, 2010. Aside from foreclosed properties, this listing also includes repossessed cars for sale.

Actually, due to lack of time, I just updated the attachment of my previous post about BDO foreclosed properties but I was thinking that most of you might not have noticed the update. Anyway, I am sharing here the updated listing of foreclosed properties for sale for everyone’s easy reference.

Click here to download the listing of BDO foreclosed properties updated as of January 15, 2010.

For more details, please contact Mary Jean V. Reyes at 09178515802 or 7027038. Please mention you got the listing from ForeclosurePhilippines.com and don’t forget to thank her for making their listing of foreclosed properties for sale available to all of us here.

You may also view their assets for sale by visiting their website: http://www.bancodeoro.com.ph/assetsforsale/properties_sale.asp

Happy Hunting!

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—

To our financial freedom!

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

Relate

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Downpayment:	10%
Interest:	13% p.a. fixed for the first 3 years and 15% p.a. fixed for the next 12 years
Term:	15 yrs. (maximum) thru in-house guaranteed financing