Vice-President and head of the National Home Mortgage Finance Corporation Jejomar Binay has announced that Typhoon Maring victims who are housing loan borrowers of the following government agencies – National Home Mortgage Finance Corporation (NHMFC), Home Development Mutual Fund (HDMF or Pag-IBIG Fund), National Housing Authority (NHA) and the Home Guaranty Corporation (HGC) – shall be granted a housing loan payment moratorium. The moratorium prescribes the suspension of housing loan payments of up to six (6) months (for the period August 31, 2013 to February 28, 2014) for borrowers of the NHMFC and for up to three (3) months for borrowers of the HDMF or Pag-IBIG Fund, NHA and HGC. During the moratorium period, the NHMFC shall suspend the imposition of interest and penalty charges.
Deadline for the availment of this moratorium is September 15, 2013.
Those who want to avail of this program should submit a barangay certification attesting that they are bonafide residents of the particular barangay and that their area was flooded during typhoon Maring.
Those who do not wish to return to their homes may avail of the dacion en pago program which allows the homeowner to use their home as payment for their housing loan. “Dacion en pago is a special mode of payment wherein the debtor offers another thing to the creditor who accepts it as equivalent of payment of an outstanding obligation. Borrowers may voluntarily surrender their properties as a mode of settlement of their loan obligations.”
To see the full NHMFC article click on this link