MANILA, Philippines – The road to legally owning one’s home after falling behind in your mortgage loan repayments can be tough, especially in the Philippines. BFS, the country’s premier special assets and mortgage servicing company, has been helping Filipinos realize their dream of legitimate homeownership.
For the highly distressed accounts transferred by the National Home Mortage and Finance Corporation (NHMFC) to Balikatan, foreclosure has long been overdue for an average of at least 10 years. And while Balikatan has the legal right to foreclose, BFS opted to give borrowers a second chance at homeownership through various financial resolution options.
“BFS exhausts all reasonable possibilities for the borrower to settle. Even after the foreclosure process starts, borrowers are given every opportunity to settle through a meticulous procedure of client contact, option presentations, negotiations, follow-ups, reminders, and, failing all efforts, demand letters. Borrowers even resolve at the last minute when they are due for eviction. We really offer many chances and try to arrive at a win-win financial resolution. With BFS’ resolution options, thousands of Balikatan borrowers now have titles to their homes,” shares Federico Y. Cadiz, BFS president.