Davao City Mayor Rodrigo Duterte said that only the President has the capability to solve the impending problem of home loan foreclosures in socialized housing units of the real estate sector. This he said to the 70 presidents of the different homeowners associations during a meeting of the Davao City Federation of Homeowners Associations (DCFHA) at the gym of Kapitan Tomas Monteverde Elementary School.
He requested Cabinet Secretary Silvestre Bello III to be the main conduit for the homeowners with housing loan problems to the president of the Philippines.
The cabinet secretary meanwhile called for sobriety in the face of the present crisis, stating that there are no problems that have no solutions.
National Home Mortgage Finance Corporation (NHMFC) president Joseph Sison also spoke during the question and answer forum of the assembly. He told homeowners that due to limitations set by laws on housing NHMFC cannot offer what Balikatan Housing Finance, Inc. (BHFI) and Bahay Financial Services (BFS) are currently offering as cash settlements to homeowners.
Federation officials belied Sison’s statements. “How come that NHMFC was able to offer to Balikatan and Bahay Financial Services the individual homeowners accounts at a sellout price of P90,000 per account,” a Federation statement said.
The Davao City Federation of Homeowners Associations (DCFHA) in its official statement added that “NHMFC, Balikatan Housing Finance and Bahay Financial Services stand to gain billions of pesos in the accounts that was sold at P90,000 per account and being offered to homeowners for spot cash settlements at the new appraised value of from P500,000 to more than one million.”
DCFHA said “the corporate maneuvering undertaken by NHMFC in collaboration with the HUDCC, Balikatan Housing Finance Inc. (BHFI) and Bahay Financial Services (BFS) is highly immoral, illegal and oppressive.”
One of the ways to solve the problem is to refinance home loans but that wouldn’t be possible without the help from the government in terms of capital infusion which could either lead to interest relief and refinancing of the home loans.
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2 responses so far ↓
1 mrs.liza // Mar 13, 2009 at 2:34 pm
we interested to pay but we discourage to continue our payment coz the materials used of the said developer coz after 5 years of staying the house there are lot of cracks,the ceiling is falling down ,the drainage system and etc.if they can low down the amortization if we can afford we are very willing to pay.hope that the gov’t will find solution due to this problem
2 deng // May 6, 2009 at 2:55 pm
its okey to pay the remainin g balance as sure as they should fix the roads and drainage system in our subdivisions. as a home owner we suffer a lot on this problems. plus over pricing of the amortization.
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