Author Topic: Is it possible to sell a property I'm still paying thru Pag-ibig? (Read 2686 times)

halfdeaf · « **on:** Jun 18, 2012, 01:10 PM »

Is it possible to sell a house & lot that I have been paying for 2 years thru Pag-ibig?

I have paid the downpayment of P140,000 upfront and I have been paying the monthly amortization of P7,800 for two years now. I was thinking about having it foreclosed because I'm having financial difficulties right now, but I've read that I could lose half of the money I have paid if I do that. I've thought about renting it out but I bought a bare-type house and lot; it doesn't have ceilings and divisions yet, so that may take up more money.

Can somebody please give me ideas what to do? I'm 25 years old and I bought the property thru Pag-ibig when I was 23 because I want to start investing as early as I can.

Thank you in advance.

joshlegaspi · « **Reply #1 on:** Jun 18, 2012, 03:42 PM »

actually, from what I know, when you have your property foreclosed, u will end up losing the entire amount you've paid - not just half to it.

Best solution is for you to sell your house and lot - at a discount - just so you can have something back.

Please post details of your house and lot unit here as others might be interested to help and buy.

halfdeaf · « **Reply #2 on:** Jun 18, 2012, 04:23 PM »

Quote from: joshlegaspi on Jun 18, 2012, 03:42 PM

actually, from what I know, when you have your property foreclosed, u will end up losing the entire amount you've paid - not just half to it.

Best solution is for you to sell your house and lot - at a discount - just so you can have something back.

Please post details of your house and lot unit here as others might be interested to help and buy.

Thank you so much for the response, Josh. I did some reading about the Maceda Law which states that I am entitled to refund 50% from my total payment.

http://www.foreclosurephilippines.com/2011/04/maceda-law-full-text-ra-6552.html

So, if I EVER do get a buyer, there's no way it can also be an installment plan thru Pag-ibig, right? They have to pay for its full amount?

joshlegaspi · « **Reply #3 on:** Jun 18, 2012, 04:29 PM »

I don't think Maceda Law will apply for you - it's mainly for real estates on a pre-selling stage. I am not sure though. Once you've loaned from Pag Ibig na kasi, it means the developer has already been paid 100% by Pag Ibig. Labas na si developer sa agreement niyo ni Pag Ibig. Kay Pag Ibig ka na may utang, and until you havent fully paid Pag-ibig, si Pag ibig ang may ari ng property mo.

If you are able to sell your property to a third party, he would have to pay you in full. Yung proceeds ng binayad nya sayo - that's what you will pay to Pag Ibig for the loan balance (yung sobra, sayo na). Once you paid Pag-ibig in full, that's the only time when Pag Ibig will transfer the title to your name, and then to your buyer which is the new owner.

So how will buyer pay you - either in cash or housing loan (through pag ibig as well or other banks).

halfdeaf · « **Reply #4 on:** Jun 18, 2012, 05:47 PM »

Quote from: joshlegaspi on Jun 18, 2012, 04:29 PM

I don't think Maceda Law will apply for you - it's mainly for real estates on a pre-selling stage. I am not sure though. Once you've loaned from Pag Ibig na kasi, it means the developer has already been paid 100% by Pag Ibig. Labas na si developer sa agreement niyo ni Pag Ibig. Kay Pag Ibig ka na may utang, and until you havent fully paid Pag-ibig, si Pag ibig ang may ari ng property mo.

If you are able to sell your property to a third party, he would have to pay you in full. Yung proceeds ng binayad nya sayo - that's what you will pay to Pag Ibig for the loan balance (yung sobra, sayo na). Once you paid Pag-ibig in full, that's the only time when Pag Ibig will transfer the title to your name, and then to your buyer which is the new owner.

So how will buyer pay you - either in cash or housing loan (through pag ibig as well or other banks).

Ah okay, very enlightening. Good thing I asked. Thank you po sa information. Very helpful.

1997 · « **Reply #5 on:** Jun 25, 2012, 10:39 AM »

Quote from: joshlegaspi on Jun 18, 2012, 04:29 PM

I don't think Maceda Law will apply for you - it's mainly for real estates on a pre-selling stage. I am not sure though. Once you've loaned from Pag Ibig na kasi, it means the developer has already been paid 100% by Pag Ibig. Labas na si developer sa agreement niyo ni Pag Ibig. Kay Pag Ibig ka na may utang, and until you havent fully paid Pag-ibig, si Pag ibig ang may ari ng property mo.

If you are able to sell your property to a third party, he would have to pay you in full. Yung proceeds ng binayad nya sayo - that's what you will pay to Pag Ibig for the loan balance (yung sobra, sayo na). Once you paid Pag-ibig in full, that's the only time when Pag Ibig will transfer the title to your name, and then to your buyer which is the new owner.

So how will buyer pay you - either in cash or housing loan (through pag ibig as well or other banks).

I think Maceda law will apply to you.. as long as you are qualified for it...

Before Pag-Ibig approved your loan the title must be under your name and the title will be under mortgage sa Pag-Ibig...

sneaker23 · « **Reply #6 on:** Jun 29, 2012, 12:33 AM »

Quote from: halfdeaf on Jun 18, 2012, 01:10 PM

Is it possible to sell a house & lot that I have been paying for 2 years thru Pag-ibig?

I have paid the downpayment of P140,000 upfront and I have been paying the monthly amortization of P7,800 for two years now. I was thinking about having it foreclosed because I'm having financial difficulties right now, but I've read that I could lose half of the money I have paid if I do that. I've thought about renting it out but I bought a bare-type house and lot; it doesn't have ceilings and divisions yet, so that may take up more money.

Can somebody please give me ideas what to do? I'm 25 years old and I bought the property thru Pag-ibig when I was 23 because I want to start investing as early as I can.

Thank you in advance.

That is possible as far as I know. Though I haven't personally encountered it.

You need to check with PAG-IBIG about your plans of selling the house and what are the options if your buyer is:

1. paying you in full cash, how much will you be paying PAGIBIG for the remaining balance
2. paying you just a downpayment and the buyer will take over your remaining balance

I don't think foreclosing it is a good idea. Though I'm not sure how PAGIBIG will see you someday loaning for a house again, when previously you had foreclosed a property.

Forecloseure nor Maceda Law is not even in the picture right now.

.. but then again, you need to sell it soon before your money problems becomes serious and you'll end up really foreclosing it

asiantribe · « **Reply #7 on:** Jul 22, 2012, 04:18 PM »

Hi! You could offer your property to interested buyer who might want to assume your pag ibig balance and continue the monthly amortization. One way to do it is he could pay you with the amount you have invested/paid (plus a little mark up if you like since the property might have appreciated already) then he'll just assume your remaining pag ibig loan as is, meaning the house and lot is still under your name(since it is still mortgaged with pag ibig). You will have to sign a deed of sale with assumption of mortgage. Or your potential buyer could buy it thru the process of subrogation, meaning, if he is a pag ibig member the loan could be transfered under his name using his eligibility to borrow as pag ibig member. I am not that very familiar with the details, but you could ask pag ibig on how to do it. I have assumed the pag ibig loan of a friend when she migrated and I just continued her payment, I went to pag ibig and submitted the deed of sale with assumption of mortgage and told them that I am now the one paying the property since it was already sold to me. You may ask a legal advise from a lawyer regarding legal documents that you are going to execute and sign with your potential buyer.

naya · « **Reply #8 on:** Jul 22, 2012, 05:57 PM »

asiantribe, thanks for sharing info.
May I ask if your seller needed to ask Pag-ibig's permission to sell you the property?
And after submitting the deed of sale with assumption of mortgage to Pag-ibig, is the housing loan account now under your name even if the property's title is still under your seller's?
And is your plan to transfer the title to your name only after fully paying the loan? Thanks!

asiantribe · « **Reply #9 on:** Jul 23, 2012, 11:01 AM »

Hi Naya,

As far as I could remember, di na sya nakipag usap sa pag ibig na ipapa assume nya ang property nya. I believe, di allowed na i assign sa iba ang property loaned from pag ibig within the 2 year period na nag a amortize ka pa sa pag ibig. After 2 years na nabayaran na ang property, that was the time na ako na ang pumunta sa pag ibig at nagsubmit ng documents at sinabi ko sa pag ibig na pina assume na sa akin ang housing loan ng seller.
The title is still in her name, once ma fully pay, whether after ng term na loan or earlier, whichever comes first, dun lang mata transfer ang title.

annemurray · « **Reply #10 on:** Sep 25, 2012, 05:14 PM »

I have the same problem with halfdeaf, my Pagibig Housing loan din po ako. Di din po ba pwede yong Deed of assignment na sinasabi nila? Bale ipaasign ko sa Pag ibig member din..