What happens if you don’t pay your debt

[scott h]

9 hours ago, stevewool said:

To help with a new business adventure , water purification to run from the sisters home.

Steve...…..staying away from the wisdom of giving money to relatives. If (and its a huge if) I was ever going to open a small business here, a water station would be in the top 3. In our area we have literally hundreds of them and I have only seen 2 or 3 go out of business. It has a very low profit margin and takes a lot of work to be really successful.

Like all business here its all about location, location, location. It would really need to be in a urban area, with lots of households (or squatter area lolol). The most successful  ones that I have seen have two or three delivery motorbikes with side  car and makes deliveries to nearby homes. (that is what would concern me is that they want to run it out of their home, if they don't have lots of neighbors that need water or there is another station nearby it would be a no go in my book)

The one I base my opinion on is right around the corner from my house, owned by a young couple with a baby. They employ 3-4 folks with 2 delivery bikes and 2 push karts for very close customers. Now they are very hard workers and go getters always there, always hustling. If your relatives just want to open the door and wait for customers, they will probably make move,,,but very slowly. Good luck

 

[Jack Peterson]

 my motto is and has always been while here,

"If in DOUBT, DONT"  on anything that concerns cash 

 Jack 

 Morning All 

[Anselm]

Going back to the original 3 options - and the topic title - regarding foreclosure.

Vacant lots, farmland, condos, condo parking spaces, cars tend to show up on the foreclosed lists. Houses not so much. They don't tend to kick people out of houses that they are living in. The MIL has been getting foreclosure notices for the last 20 years. Never kick them out. That's on a Pagibig loan. Too many issues regarding removing people from their homes and also settlement rights. 

I say that because they tried to scare me into buying out one of the two houses on the basis that it was about to be taken from them. Then I checked how many years' interest on arrears they already had, and that one was quickly off the table.

Water refill, laundry shops, siomai kiosks in malls.... they are all franchising options that are far too easy. If they can do it, someone else can. Have seen a few close and a few more desperately trying to get rid. Don't do it unless there's really a shortage of them. 

[Jack Peterson]

19 minutes ago, Anselm said:

The MIL has been getting foreclosure notices for the last 20 years. Never kick them out. That's on a Pagibig loan.

 Like so many issues we get here it really does depend where you live. Dumaguete has what in the UK we call  County Court ( Court of First instance in other EU countries) these courts deal with money owed, My Wife has a Friend who's mother has recently had her House repossessed. It appears that she had a Forecose put on her and she ignored it, another was sent and she attended the Court, They put a seize notice on the Lot and House that would be activated if any further delinquency arose on the Mortgage and Loans attached to it ( and I believe there were many) Anyway she tried to get a further loan and  Evicted and a further Case will follow to reclaim the Shortfalls.

Nice if you can get away with it but not sorting out Foreclosure notices in the Dumaguete Justice Area is just not too prudent a thing to do. Like most things again YMMV

[Anselm]

6 minutes ago, Jack Peterson said:

 Like so many issues we get here it really does depend where you live. Dumaguete has what in the UK we call  County Court ( Court of First instance in other EU countries) these courts deal with money owed, My Wife has a Friend who's mother has recently had her House repossessed. It appears that she had a Forecose put on her and she ignored it, another was sent and she attended the Court, They put a seize notice on the Lot and House that would be activated if any further delinquency arose on the Mortgage and Loans attached to it ( and I believe there were many) Anyway she tried to get a further loan and  Evicted and a further Case will follow to reclaim the Shortfalls.

Nice if you can get away with it but not sorting out Foreclosure notices in the Dumaguete Justice Area is just not too prudent a thing to do. Like most things again YMMV

That's interesting to hear. Not heard of any foreclosures down here in Davao. I always thought they were very averse to kicking people out of their homes out here..

Then again the Mayor once punched a Sheriff who was implementing a court order to clear some slums...

[Jack Peterson]

1 minute ago, Anselm said:

Then again the Mayor once punched a Sheriff who was implementing a court order to clear some slums...

Yeah we hear that The Family have  tempers and no respect really for the law  ( unless they deem it in their favour)  

[Anselm]

2 minutes ago, Jack Peterson said:

Yeah we hear that The Family have  tempers and no respect really for the law  ( unless they deem it in their favour)  

No comment... in public anyway 

[Reboot]

12 hours ago, stevewool said:

Not to sure where to put this , but if its in the wrong place then please move it.

Emma has just been asked to borrow, lend or give away 100,000 peso to help here sister, why you may ask.

1 To help with a new business adventure , water purification to run from the sisters home.

2 To help with the extension they are having built on the side of the house to start this new adventure.

3 To help pay  the mortgage they have not paid on there property and are getting phone calls and interest added to that loan.

Now I have no idea which one it is and there could be more to come but my question is what happens when you fall behind in mortgage payments , is interest added daily can the house be taken over and could they be kicked out .

As usual Emma is concerned for his sister and her nieces and nephews and Emma has told her sister to contact me as I do all the finances, my concern is getting the facts with out lies.

If they have defaulted on the mortgage ( forgot to pay 3 or more months) or ran out of money for the extension ( I have seen pictures of all the scaffolding) then how the hell can they have this new business adventure .

Not a trival amount of money. 

I've been put on the hook too.

100,000 PHP for a brother in law's emergency healthcare costs (half paid back already).

100,000 in costs for a political campaign (my father in law is now in barangay office thanks in part), which I gave in respect for the old man (not a loan).

And 200,000 for an aunt (to be paid back in June). She's got plenty to pay me back, however. The old lady is a brilliant operator.

 

 

 

Edited April 25, 2019 by Reboot

[Jack Peterson]

14 minutes ago, Anselm said:

. I always thought they were very averse to kicking people out of their homes out here..

 Just a little thing to finish this bit, are you telling us that if you would rent a house out to someone and it needed to be repossessed on foreclosure for whatever reason, you would not seek to foreclose and protect your Interest? That my friends is the way that business survives and banks and such can then refund Money

[Anselm]

11 minutes ago, Jack Peterson said:

 Just a little thing to finish this bit, are you telling us that if you would rent a house out to someone and it needed to be repossessed on foreclosure for whatever reason, you would not seek to foreclose and protect your Interest? That my friends is the way that business survives and banks and such can then refund Money

I totally agree with you. I would absolutely not suggest that foreclosure is something that should not exist. If you can't pay, take it away - otherwise what incentive is there to pay anything? 

I am just explaining what I have seen here though, that maybe the whole needing to borrow 100k to avoid foreclosure might come with some caveats... I would certainly not support defaulting on debts, just saying that maybe the family is saying blah blah foreclosure when in reality it's nowhere near that stage. 

Edited April 25, 2019 by Anselm
clarification