Your lender makes sure to offer you alternative solutions before initiating foreclosure. Some of these solutions can be listed and explained in the notice of default sent to you. However, most lenders do not pay close attention to it; some won’t even read through it at all and end up denying themselves of great opportunities. In the Philippines, your lender can call you to discuss different options, and you should make sure to maximize the opportunity to stop foreclosure on your home. Make sure to act early and not wait until it’s too late before taking the necessary steps. If you did not receive any offer from your lender or you took the offers for granted early, you can still contact them to discuss. Here are some methods to stop foreclosure in the Philippines:
- Repay your missed payments
Paying off all your missed payments and other charges is one of the easiest ways to stop foreclosure. If you act early, you will minimize the number of extra costs you have to pay off. Most lenders will grant your request and reinstate your loan once you pay off your delinquent amount. Contact your lender to find out how to go about the process.
- Forbearance agreement
Depending on your financial situation, most lenders are willing to suspend your mortgage payments until you can make regular payments. You can make this request through a hardship letter. A hardship letter is used to explain your current situation to your lender and request loss mitigation alternatives such as mortgage forbearance. Some forbearance agreement implies that you continue to make payments but only a fraction of the original monthly payment.
- Loan modification
Loan modification allows you to make changes to your loan agreement. Most lenders in the Philippines help you draft a new repayment plan and suggest it to you. If the repayment plan is suitable for your financial situation, you won’t have to go through the process of negotiating with your lender again. However, if the suggested plan won’t work for you, you can still negotiate another one with your lender.
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hi, good day maam /sir..
i need an advice wht we gonna do..we have own house,,bt the problem is the lot it isnt devided it into indevaul,now the owner of the land they doing.to loan in land bank.and they dnt pay it..now we recieved a notice frm landbank a vacate..wht we gonna do now plz i need clear advice ..thank u..waiting ur responce .
regards..
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