NHMFC to auction delinquent loans

The National Home Mortgage Finance Corporation (NHMFC) will sell through public bidding the agency's rights over delinquent mortgage receivables with a total minimum bid price worth P1.54-billion.

Dr. Augusto A. Legasto, Jr., NHMFC president, anounced that the housing agency will receive sealed bids from interested parties on the purchase of mortgage rights on some 3,724 housing units the list, location and respective minimum bid prices had earlier been published in major newspapers.

The bids will be publicly opened on Feb. 17 at 10 a.m. at NHMFC's main office located at Filomena Bldg., 104 Amorsolo St., Makati City.

Under a recent presidential directive contained in E.O. 195, President Estrada re-directed the functions and operations of the Housing and Urban Development Coordinating Council and all housing agencies, including NHMFC.

In its new role and focus, NHMFC shall re-direct its operations to the development and provision of a secondary mortgage market to finance mortgage take out and fastrack the disposition of existing mortgages, Dr. Legasto expained.

Comprising the first batch of accounts to be auctioned this year, the mortgages represent some 1,090 housing units in Cavite; 54, national capital region; 726, Laguna; 509, Rizal; 48, Pampanga; and 1,297 accounts in Davao City, Cotabato, General Santos City and Zamboanga.

Once the delinquent mortgage account is published for the sale of the mortgage right thereon, the concerned borrower may proceed to the neatrest NHMFC office to update the payments of the account or the renewal/restructuring of the account, within 30 days from publication. Otherwise, NHMFC's rights on the accounts shall be sold in public bidding, Dr. Legasto added.