1. Home
  2. Abogado Payo
  3. Others

Defaulting payments, Condo unit could not continue amortization monthly payments, financial difficulties, cancel installment payment

Julito Paule
Julito is in Malaysia

May condo unit po ako na binabayaran. Dahil sa kagipitan diko na kaya masunod ang monthly payment ko kaya nagrequest ako na magdowngrade ng murang lote. Pero di ako pinayagan dahil wala pa daw sa right nila na makakapagdowngrade ako. 150 thousand na po nagbayad ko. Ano po dapat kong gawin?? Salamat


Tranlation: I am paying for a condominium unit, but because of some financial difficulties, I could not continue with the monthly payments. So I requested for the condo unit/ lot to be downgraded. But the request was rejected and they told me that they do not have the right to downgrade it. I've already paid one hundred fifty thousand pesos. What should I do?


16, Feb 2015, 12:53 PM (PH time)
Recommend Report Abuse

 
Reply as anonymous (Your real name and picture will not be seen)
Adelaimar C Arias-Jose
Atty. Bimbi is a Legal expert in the Philippines
Well, there is a law that protects people who buy on instalments. You must have at least paid two years’ worth of instalments for you to be protected by law. If you have already paid at least two years, you can ask either for a return of what you have paid, or for different terms – but the company cannot deprive you of the condo unit anymore—how you can make payments is all that is left to be discussed – you can ask for a restructuring of the payment scheme for the unpaid portion. Or, you can ask for a rescission of the contract and ask for the payments back.
You will need a lawyer for this. Please get a lawyer to help you.

About the author

Adelaimar C Arias-Jose

I am a graduate of the UP College of Law. Member of the Integrated Bar of the Philippines since 1995. I am currently involved in private practice in criminal, civil and labor law.
Profession: Lawyer
Adelaimar C. Arias-Jose
Office Address: #34 St. Michael Street
Philippines , Manila , Makati
The medical information contained in this section is not intended for treatment or prescription. It is used to complement, not replace, the communication between a patient and their physician. Reliance on any information provided by BuhayOFW or any medical experts is solely at your own risk. If you have a medical emergency, call your doctor or go to the hospital immediately. BuhayOFW's Medical Review Board is a team of board-certified doctors who ensure our content is medically accurate and reflects the latest in health information. Our experienced board of medical professionals verify that our content is thorough and all-inclusive, in order that you can trust the information you read here will help you through improvements in your health journey—whether that’s for yourself or for a loved one.

Disclaimer: The materials available in the Buhay OFW web site are for informational purposes and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use of and access to this Web site or any of the e-mail links contained within the site do not create an attorney-client relationship between Buhay OFW and the user or browser.

If you are a legal expert who would like to help answer questions, please register here.