Pag-ibig, NHA condonation program until September 2010

By JONNIE H. BUENAVENTURA
June 3, 2010

TACLOBAN CITY  –  The Housing Development Mutual Fund (HDMF-8) or Pag-ibig and the National Housing Authority (NHA-8) disclosed that members and awardees of both government-run offices have until September 2010 to settle their housing loan deficiencies in case of Pag-ibig and payment of monthly amortization in case of NHA. This was revealed during the recent meeting on Regional Development Council-Social Development Committee (RDC-SDC) at the National Economic Development Authority (NEDA-8) conference room chaired by Atty. Forter Puguon, Regional Director of Department of Labor and Employment (DOLE-8).

According to housing Czar Engr. Rizalde A. Mediavillo, Regional Manager of National Housing Authority (NHA-8) their office is very lenient in terms of foreclosure proceedings against their awardees.

Engr. Mediavillo further said that to initiate foreclosure proceedings the awardees are given only three months grace period to settle its obligations but this was not realized due to the pro-poor housing program initiated by the government.

Engr. Mediavillo revealed that there were no foreclosure proceedings and cancellation of rights as far as NHA’s awardees are concerned within his area of jurisdiction but there were recorded transfer of rights.

However, Jennylind Barreta of Pag-ibig also said that their condonation and re-structuring program is still on going until September 2010.

Ms. Barreta disclosed that their office will initiate foreclosure proceedings once a member-borrower of a housing loan have arrears for at least three months or delinquencies which they give notice to settle its obligations for a definite period of time and failure to do so a foreclosure proceedings will commence and once done the member-borrower can still recover their foreclosed property for a period of one year by paying its full amount or thru condonation and re-structuring program.

Pag-ibig recorded 25 percent foreclosed property last year but the exact figure has yet to be determined. Their office is not impressed with the percentage rate for it connotes negative impression to the financial capability of their member-borrower, she said.