MANILA, Philippines - Porferio and Teresita Ramirez got a housing loan for almost P400,000 from the NHMFC in 1995. They didn’t pay because they didn’t receive any billing statements. “Binalewala naming mag-asawa”, (We didn’t give it further thought.) says Teresita, a 60-year old homemaker. Instead, they changed priorities and used their funds for other costs. What they didn’t realize was that ignoring the obligation meant they had no proof of ownership. Eventually they would have to vacate their home, or their children would inherit debt rather than property.
It was just their luck that BFS took over the Balikatan portfolio in 2006 and sent Teresita and her husband, Porferio, notices to settle their obligations so that they could fulfill their dreams of homeownership. “Sinabi ko sa Mister ko na makipagusap, na makipag-areglo. Ayaw pa niya noong una kasi wala naman daw kaming pangbayad. Sinabi ko na gagawa ng paraan.” (I told my husband to call BFS, to resolve. He didn’t want to at first because we didn’t have any money. I told him that we would find a way.)
BFS showed them how to resolve at a discounted price. Given this opportunity, Porferio and Teresita decided to reallocate their funds and asked help from their children. As it is with Filipino families, their children pitched in so that Porferio and Teresita could settle their 15-year old loan. “Sinabi ng mga anak ko na tutulong sila. Sabi nila, may tricycle ka nga, wala ka namang bahay!”, she says laughing. (My children said they would help. They said, you have a tricycle but you do not have a home.)
Porferio and Teresita were overjoyed when they received their property title. “Tuwang-tuwa ako kasi wala na akong problema. At least may bahay ako salamat sa BFS. Matagal din kaming tumira nang walang bayad, mga 14 years!” (I am so happy because I do not have a problem anymore. At least I have a home thanks to BFS. We lived rent-free for 14 years!)
BFS, the premier special assets management and mortgage servicing company, has been resolving the 52,000 loan accounts of Balikatan Housing since 2005.