BFS resolves 28,000 soured loans

MANILA, Philippines - BFS, the country’s only mortgage servicer and special asset management company for a portfolio of more than 52,000 highly delinquent loan accounts from the National Home Mortgage Finance Corp. (NHMFC), has resolved about 28,000 accounts as of July 2014. This was revealed by BFS president Federico Cadiz,adding that BFS has also provided housing to more than 110,000 and recovered P10 billion for its shareholders. BFS’s flexible payment schemes have helped in the solution of the defaulted loan cases to provide fast and instant home equity to its customers. For instance, instead of including total interests and penalties on property loans, BFS bases the recoverable value of the property on regular appraisals while disregarding the many penalties a customer may incur. ‘’BFS is committed to optimize the recovery of their shareholders while providing hand-in-hand fair and equitable packages to its borrowers and buyers.  BFS has a proven track record with its program by recovering more than 50 percent of its total portfolio.In providing liquidity to Philippine housing capital markets, we increase the confidence level of the private sector to continue providing capital inflows to this sector,” Cadiz said.