Were you affected by the pandemic/lockdown and you don’t know what to do to sustain your home loan? Napapaisip ka ba na napasubo ka sa loan mo? (Ever feel you bit off more than you can chew when you got a home loan?) If yes, we want to help through the video below.
The dreaded “New Normal”
With the pandemic, people got sick and lost lives… and with the lockdown, a lot of people lost jobs and livelihood.
If only this virus had not reached us here in the Philippines, everything would have been alright.
But the virus is obviously here, and we can only hope a cure/vaccine will become available soon.
While it’s true that we have no choice but to accept this “new normal”, we also can’t just give-up.
Don’t give up!
I remember when we faced a similar crisis more than a decade ago, I was ready to let our home get foreclosed…
I’m just glad we found a way to prevent this at the last minute.
We were able to sell our house before it got foreclosed, and start over without losing everything invested in that property.
Looking back, I’m glad we realized that we had options, and we were able to close a win-win deal that helped us avoid foreclosure.
Lessons learned
We learned so much from that experience, which we shared in a recent interview.
Our good friend Maves Angeles interviewed us during a livestream over facebook and youtube, where my wife Cherry and I shared lessons learned and insights about foreclosure prevention.
I’m glad a recording is now available!
If you’re worried and you don’t know what to do, then check out the video recording below:
Video: Foreclosure Prevention Tips
(Don’t forget to subscribe to the MyRealEstateMaven Youtube channel: https://bit.ly/myrealestatemaven)
Sorry, this video’s quite long (1 hour and 50 minutes!), but we covered a lot!
Just to give you an idea, we shared an overview of the foreclosure process and what possible options are available to avoid foreclosure (if still possible).
We also shared a lot of tips and advice based on past real estate transactions, and we also answered questions during the Q and A.
Additional resources
Here are links to the law I mentioned in the video (click to view):
- Act No. 3135 – An Act to Regulate the Sale of Property under Special Powers Inserted in or Annexed to Real Estate Mortgages (full text)
- Act 4118 – Act 3135 as amended and governs extrajudicial foreclosures
Interest for properties redeemed
We were not sure of this in the video (sorry, hindi namin memorized… hehe!). To be sure, I’ll just quote Section 28 of Rule 39, Rules of Court, below:
“Section 28. Time and manner of, and amounts payable on, successive redemptions; notice to be given and filed. — The judgment obligor, or redemptioner, may redeem the property from the purchaser, at any time within one (1) year from the date of the registration of the certificate of sale, by paying the purchaser the amount of his purchase, with the per centum per month interest thereon in addition, up to the time of redemption, together with the amount of any assessments or taxes which the purchaser may have paid thereon after purchase, and interest on such last named amount at the same rate; and if the purchaser be also a creditor having a prior lien to that of the redemptioner, other than the judgment under which such purchase was made, the amount of such other lien, with interest.
Property so redeemed may again be redeemed within sixty (60) days after the last redemption upon payment of the sum paid on the last redemption, with two per centum thereon in addition and the amount of any assessments or taxes which the last redemptioner may have paid thereon after redemption by him, with interest on such last named amount, and in addition, the amount of any liens held by said last redemptioner prior to his own, with interest. The property may be again, and as often as a redemptioner is so disposed, redeemed from any previous redemptioner within sixty (60) days after the last redemption, on paying the sum paid on the last previous redemption, with two per centum thereon in addition, and the amounts of any assessments or taxes which the last previous redemptioner paid after the redemption thereon, with interest thereon, and the amount of any liens held by the last redemptioner prior to his own, with interest.
Written notice of any redemption must be given to the officer who made the sale and a duplicate filed with the registry of deeds of the place, and if any assessments or taxes are paid by the redemptioner or if he has or acquires any lien other than that upon which the redemption was made, notice thereof must in like manner be given to the officer and filed with the registry of deeds; if such notice be not filed, the property may be redeemed without paying such assessments, taxes, or liens. (30a)”
<span class="su-quote-cite"><a href="https://lawphil.net/courts/rules/rc_1-71_civil.html#r39" target="_blank">The LAWPhil Project</a></span>Want to share more foreclosure prevention tips?
Looks like we’ll be facing this pandemic for a long time, and affected people with home loans will face tough times ahead. With that said, any additional foreclosure prevention tips/insights will be much appreciated! If you have, please share them through the comments section below. Thanks!
