Real Estate Philippines - Lending Fraud

Don't be a victim of loan fraud
Source: US Department of Housing & Development

Protect Yourself from Predatory Lenders

Buying or refinancing your home may be one of the most important and complex financial decisions you'll ever make. Many lenders, appraisers, and real estate professionals stand ready to help you get a nice home and a great loan. However, you need to understand the home buying process to be a smart consumer. Every year, misinformed homebuyers, often first-time purchasers or seniors, become victims of predatory lending or loan fraud.

Don't let this happen to you!

11 Tips On Being A Smart Consumer

Before you buy a home, attend a homeownership education course offered by the U.S. Department of Housing and Urban Development (HUD)-approved, non-profit counseling agencies .
Interview several real estate professionals (agents), and ask for and check references before you select one to help you buy or sell a home.
Get information about the prices of other homes in the neighborhood. Don't be fooled into paying too much.
Hire a properly qualified and licensed home inspector to carefully inspect the property before you are obligated to buy. Determine whether you or the seller is going to be responsible for paying for the repairs. If you have to pay for the repairs, determine whether or not you can afford to make them.
Shop for a lender and compare costs. Be suspicious if anyone tries to steer you to just one lender.
Do NOT let anyone persuade you to make a false statement on your loan application, such as overstating your income, the source of your downpayment, failing to disclose the nature and amount of your debts, or even how long you have been employed. When you apply for a mortgage loan, every piece of information that you submit must be accurate and complete. Lying on a mortgage application is fraud and may result in criminal penalties.
Do NOT let anyone convince you to borrow more money than you know you can afford to repay. If you get behind on your payments, you risk losing your house and all of the money you put into your property.
Never sign a blank document or a document containing blanks. If information is inserted by someone else after you have signed, you may still be bound to the terms of the contract. Insert "N/A" (i.e., not applicable) or cross through any blanks.
Read everything carefully and ask questions. Do not sign anything that you don't understand. Before signing, have your contract and loan agreement reviewed by an attorney skilled in real estate law, consult with a trusted real estate professional or ask for help from a housing counselor with a HUD-approved agency. If you cannot afford an attorney, take your documents to the HUD-approved housing counseling agency near you to find out if they will review the documents or can refer you to an attorney who will help you for free or at low cost.
Be suspicious when the cost of a home improvement goes up if you don't accept the contractor's financing.
Be honest about your intention to occupy the house. Stating that you plan to live there when, in fact, you are not (because you intend to rent the house to someone else or fix it up and resell it) violates federal law and is a crime.

What is Predatory Lending?

In communities across America, people are losing their homes and their investments because of predatory lenders, appraisers, mortgage brokers and home improvement contractors who:

Sell properties for much more than they are worth using false appraisals.
Encourage borrowers to lie about their income, expenses, or cash available for downpayments in order to get a loan.
Knowingly lend more money than a borrower can afford to repay.
Charge high interest rates to borrowers based on their race or national origin and not on their credit history.
Charge fees for unnecessary or nonexistent products and services.
Pressure borrowers to accept higher-risk loans such as balloon loans, interest only payments, and steep pre-payment penalties.
Target vulnerable borrowers to cash-out refinances offers when they know borrowers are in need of cash due to medical, unemployment or debt problems.
"Strip" homeowners' equity from their homes by convincing them to refinance again and again when there is no benefit to the borrower.
Use high pressure sales tactics to sell home improvements and then finance them at high interest rates.

What Tactics Do Predators Use?

A lender or investor tells you that they are your only chance of getting a loan or owning a home. You should be able to take your time to shop around and compare prices and houses.
The house you are buying costs a lot more than other homes in the neighborhood, but isn't any bigger or better.
You are asked to sign a sales contract or loan documents that are blank or that contain information which is not true.
You are told that the Federal Housing Administration insurance protects you against property defects or loan fraud - it does not.
The cost or loan terms at closing are not what you agreed to.
You are told that refinancing can solve your credit or money problems.
You are told that you can only get a good deal on a home improvement if you finance it with a particular lender.

Remember :

If a deal to buy, repair or refinance a house sounds too good to be true, it usually is!

Site Links
Real estate for sale by builders; house & lot for sale
Computer-aided architectural design; custom home construction costs...
Resume of home builders in the Philippines; architects & contractors
Home builders in the Philippines join us
Philippine real estate latest news
Hiring a contractor; house construction tips; hiring an architect...
Company profile of contractors in the Philippines; construction firms
Reasons for moving to the Philippines
How to buy real estate in the Philippines; condotel; second home...
Send money to the Philippines; loan to finance house construction...

To learn more about a particular planned/gated community, click on the corresponding link below. The communities are sorted by location.

Alabang

Portofino
by Brittany Corporation

Bulacan

Alta Vida at San Rafael Estates
by Filinvest Land

Florida Villas
by SYSCO Development Corporation

Provence
by Communities Philippines

Cavite

Crown Amalfi
by Crown Asia

Laguna

Ayala Greenfield Estates
by Ayala Land

Brentville International
by Filinvest Land

Georgia Club
by Brittany Corporation

La Marea
by Brittany Corporation

Verdana Homes Mamplasan
by Ayala Land

Pampanga

Avida Residences San Fernando
by Ayala Land

Citta Del Sole
by Grayline Realty

Hacienda Royale
by St. Catherine Realty

Punta Verde
by St. Catherine Realty

Villa Del Sol
by St. Catherine Realty

Quezon City

Treviso Quezon City
by Filinvest Land

Rizal

Cottonwoods
by Crown Asia

Mille Luce
by Crown Asia

St. Alexandra
by Ayala Land

Timberland Heights
by Filinvest Land

Woodberry
by Crown Asia

Zambales

Alta Vista
by GP Homes

Club Morocco
by Sta. Lucia Realty

Subic Bay View
by Earthfield Development Corporation

Best of Filbuild

Florida Villas in Malolos City, Bulacan
Subdivision features include: landscaped main gate & access road, clubhouse, parks and playground, 24-hour security, centralized water system, underground drainage system, garbage disposal system, perimeter fence, Centro Escolar University 5 minutes away, Bulacan State University 7 minutes away, Bulacan Provincial Capitol 10 minutes away.

Brentville International
Easily accessible, it is just 15 minutes away from Filinvest Corporate City, Alabang and Tagaytay. It is also near to major commercial establishments like SM Sta. Rosa, Robinson's Sta. Rosa, Pavillion Mall. Conveniently accessible to leisure destinations of Metro Manila and down south.

Celadon Manila
Developed by Ayala Land's subsidiary Community Innovations, Celadon Residences (townhomes) and Celadon Park (condominiums) offer a refreshing take on residential living in uptown Manila.

Eton Parkview Greenbelt
EPPI teamed up with sister companies Allied Bank and Philippine National Bank to introduce Home 838, the most affordable bank financing plan in the industry, making Eton Parkview Greenbelt priced lower than most of their counterparts.

Serendra Condos in Taguig City
Just a few minutes away from Makati (3kms), Ortigas (5kms) and Manila (5kms), Serendra at the Fort Bonifacio Global City by Ayala Land is the ideal residential address for those looking to be near to their place of work, business, education and home.

Subic Ampelos Tower
The FIRST high-rise mixed use residential condo hotel in Subic Bay. Units are luxuriously designed and fully furnished. Unit owners protected by advanced security system. Owners will also enjoy hotel-type rent management. Built by one of Korea's top developers.

The Lexus Hotel/Condos
Condotel units for sale/lease in Balibago, Angeles City, Pampanga, Philippines. Location is right in the center of the vibrant nightlife of Angeles City. Within walking distance is the SM Shopping Mall with theaters, stores, supermarkets and dozens of restaurants.

Alta Vista in Subic, Zambales
A near-beach, luxury village subdivision for middle income buyers. Ideal for retirement and vacation homes. Set on a flood-free, gently rolling terrain landscape.

Single family home for sale
Location: Las Piñas City, Metro Manila, Philippines. 3-bedroom, 2-car garage, kitchen area with breakfast nook, modular kitchen cabinets, maid's room, service / laundry area, storage area, mini-pond in the front yard, master's bedroom with toilet & bath, deep well water supply and pressurized tank.

Club Morocco in Subic, Zambales
A beachfront, gated, exclusive village subdivision with country-club class amenities set on a mountain hill landscape.

Log style home for sale
Location: Tagaytay City, Cavite. Master's bedroom with toilet and bath, 2 bedrooms with common toilet and bath, deep well water supply and pressurized tank, fully furnished.

The Executive Suites Subic
Condominium units for sale/lease in Subic Bay, Zambales, Philippines. Located at the corner of Dewey Avenue and Manila Avenue, the one-hectare property project is at the center of all major attractions in Subic Bay. It's a short walk to Subic water front and the adjacent Olongapo City.

Top level categories

Subdivision house & lot packages; homes for sale in master-planned communities by land developers...

Building professionals / design & build contractors / construction companies...

Condominium / condotel / apartment units for sale / rent...

Real estate for sale / rent; property listings. Vacant lots; brand new / pre-owned homes for sale by owner...

Building construction material suppliers, house furnishing makers, home improvement, renovation & remodeling, repair & maintenance products...