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.

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This is the second installment of listings of foreclosed properties which I am posting for the benefit of those who were unable to attend the 4th Housing Fair which was held recently at SM Megamall and also for those who attended but were unable to get a copy. This installment features foreclosed properties from the Bangko Sentral ng Pilipinas (BSP) that are for sale as of November 30, 2009 along with Frequently Asked Questions (FAQ) about BSP acquired assets. Read the rest of this entry

As mentioned in my previous post which contains the full text of Act No. 3135, I am posting here Act No. 4118 which amends the original Act 3135. However, after reading the contents of Act No. 4118, I am inclined to believe that the full text of Act 3135 which I shared in my previous post was already Act 3135 as amended by Act 4118.

Why am I posting these? For starters, I just want to be sure that we are all on the same page when it comes to extrajudicial foreclosure sales in the Philippines. Please continue reading to find out more… Read the rest of this entry

I attended a seminar on how to prevent foreclosures more than a year ago and I often heard the speaker talk about Act No. 3135 which is An Act to Regulate the Sale of Property under Special Powers Inserted in or Annexed to Real Estate Mortgages. I can’t remember exactly who gave the seminar because my notes and handouts were also destroyed during typhoon Ondoy’s visit, maybe if and when I find notes in my only laptop that got saved, I can share more details on that seminar about foreclosure prevention. That was the first and only seminar I have attended that thoroughly discussed Act 3135 which is often referenced by court rulings pertaining to foreclosures in the Philippines.

As far as I understand, Act No.  3135 governs extrajudicial foreclosures in the Philippines. Sorry, I really can’t  so I will not attempt to discuss the salient features of Act 3135, I will just share its full text here for easy reference for everyone, took me quite some time to find this! Here you go… Read the rest of this entry

A guest post by Samantha from MortgageFit

Taking out the right kind of mortgage can be a harrowing experience unless you know your mortgage requirements well. Many consumers take out mortgages only to repent later as they are unable to negotiate with mortgage lenders on favorable terms. It is best to walk into your lender’s office and talk it out at length about your finances. Talking directly to the mortgage lender has an edge over online mortgages. Read the rest of this entry

Bahay Financial Services or BFS currently has a vast inventory of pre-owned or foreclosed properties for sale that includes investment/budget homes and lots. Their current listing includes properties in attractive locations in the National Capital Region (NCR), CALABARZON, Visayas, and Mindanao. I have checked the listing and I noted that it includes more than 3,000 properties that are still in “Available” status.

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