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Davaoeno

selling a house in the Philippines

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A_Simple_Man
3 minutes ago, Cgu said:

Once the property is foreclosed it is auctioned off - the original seller does not have to worry about vacating the property as it is sold and you have to money. Ever foreclosed a property?

No but I am in the process of buying one and was warned by my lawyer not to ever buy a foreclosed property while it is still occupied.  The bank sometimes has difficulty getting the people to move out.  The bank would love to sell the property to me and make the occupants my problem but that ain't gonna happen.

Sounds like you are giving a lot of advice without having much experience with how this works in Philippines.  You really should be listening and not talking.  I don't know anyone dumb enough to believe what your are saying but someone might be. :lol:

PS, the property is only auctioned off (in Philippines) if the bank's minimum reserve is met.  If no one offers the minimum at the auction then it goes to "negotiated sale" and anything goes.

PPS you do not have to have money to buy foreclosed property from certain places.  You can usually get a payment plan but it will cost you a lot so better to have cash.

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Davaoeno

As the person who started this thread I am asking a mod to please close it because I do not want some innocent member getting hurt because of posts that are patently wrong in law being posted here

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Headshot
25 minutes ago, Cgu said:

what you are proposing is too one sided.

I hate to break the news to you, but it is the same contract that anybody signs who is getting a mortgage through a development company here. If you default on payments, you lose everything. You can either sign the contract, or you can find a mortgage through a bank. Truthfully, the developers don't care. Unfortunately for many people here, they simply don't qualify for a bank mortgage. If a person qualifies for a PAG-IBIG mortgage, they an go that route, but I think regardless of what route you go, if you default on the loan, your equity is history. Welcome to the Philippines.

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Bama
7 hours ago, Davaoeno said:

All such contracts that I have drafted state very clearly that if you default then any payments you have made are forfeit .   So now you say that I am a criminal for doing that ?   [ since fraud is very obviously a criminal act !! ]  I guess you feel that people who stop making their car payments and lose not only  the car but also the payments that they made are the victims of bank fraud also ?

This is getting kinda silly.Maybe I can clarify.

In the US and I'm sure elsewhere if you put a down payment on a house and quit making payments----you do in fact lose it all. House---down payment--and monthly payments that you made are gone.

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Dafey
38 minutes ago, Davaoeno said:

As the person who started this thread I am asking a mod to please close it because I do not want some innocent member getting hurt because of posts that are patently wrong in law being posted here

Done

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Davaoeno

Thank you! That is absolutely correct.  

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