More than 10,000 housing loan borrowers in Western Visayas, about 6,300 of whom are from Negros Occidental, have one more chance to save their homes from foreclosure this Christmas.
All they have to do is avail of the Pag-IBIG Fund Special Housing Loan Restructuring 2 (SHL-R2) before December 31, Wilmer Lirazan, Department Manager III of the Bacolod Housing Business Center, said Thursday, December 9.
He said many of the delinquent payers were among those who were affected by the COVID-19 pandemic.
The SHL-R2 program is a special opportunity given to Pag-IBIG Housing Loan borrowers and installment buyers with missed payments who may lose their properties due to foreclosure or cancellation to have their penalties waved and save their homes, he said.
Under the SHL-R2 a delinquent payer can keep ones home, have a lower monthly amortization, extend loan payment term, and avail of other Peg-IBIG Fund benefits as a member in good standing, Lirazan said.
The program is available for all Pag-IBIG loan borrowers and installment buyers who have missed payments of more than three months, who are active members with at least one membership savings paid within the last six months prior to the date of application, and whose accounts are not cancelled or foreclosed.
One can avail of the SHL-R2 by applying online at www.pagibigfund services.com/virtual pagibig or at the nearest Pag-IBIG Fund branch, he said.
Lirazan said so far 16 percent of the 10,000 have applied for the SHL-R2. “We are waiting for the 84 percent to also avail of the opportunity to save their homes,” he said.
The bulk of the 10,000 have payment arrears of two years and below, while 30 percent have had delinquencies for more than two to five years, he said.
Those who availed of the SHL-R1 in 2020 and had delinquent payments after that can also avail of the SHL-R2 , he said.
Those with delinquent payments who fail to avail of the SHL-R2 by December 31 will face foreclosure proceedings, he said.
After the worst of the pandemic last year, Lirazan said the economy this year has been improving because there has been an increase in those availing of housing loans.
In fact their accomplishment in Western Visayas as of November 2021 has hit 170 percent in terms of number of housing units availed of, he said.
In terms of loan amounts they have also reached an accomplishment of 130 percent or P4.5 billion, Lirazan added.*