SSS to delinquent borrowers: Avail of condonation program

By Rose B. Palacio

Davao City (20 January) -- The Social Security System (SSS) is calling delinquent borrowers of SSS housing program to avail of the Condonation Restructuring program which is now in full implementation and ends on June 15, 2007.

Atty. Emmanuel Palma of SSS said the SSS head office has released the required implementing rules and regulations (IRR) to guide delinquent housing borrowers on how to avail of the condonation program and ease the burden of penalty and interest payments.

Atty. Palma urged housing borrowers to visit the nearest SSS office nearest their residence and submit requirements as early as possible. The SSS Condonation program is pursuant to SSS commission resolution number 254 series of 2006 and approved by President Gloria Macapagal Arroyo aimed at helping delinquent housing borrowers ease the burden of housing borrowers and avoid foreclosures.

Those qualified to avail of SSS condonation program include: individual housing loan; corporate housing loan; repair and improvement housing loan; SSS-NHA apartment/dormitory housing loan; SSS Employee Housing Loan; and Sold Acquired Assets.

Gracing the regular ARENA XI radio program over DXRP Radyo ng Bayan anchored by Josette Olivera and the Philippine Information Agency, Atty. Palma said heirs of deceased borrowers under the Direct Housing loan programs with unpaid balance are also qualified to avail of the program including those buyers of mortgaged property under the Direct Housing Loan programs with Deed of Conditional Sale or Deed of Absolute Sale.

Those who can avail of the Condonation but not Restructuring and Dacion En Pago Programs include: 1) delinquent borrowers under the Direct Housing Loan Facility for Trade Union Members and Overseas Filipino workers;

2) Delinquent borrowers whose properties have been foreclosed with registered Certificate of Sale but not yet transferred in the name of the SSS;

3) Delinquent borrowers of Participating Financial institutions under receivership of Philippine Deposit Insurance Corporation;

4) Employers who are delinquent in remittance of their employees’ housing loan amortizations under the SSS Corporate Housing Loan program and Direct Individual housing loan program; and

5) PFIs who are delinquent in the remittance of SSS member-borrowers’ housing loan amortixations under the Pan-Passu Loan program and mortgaged properties located at Cherry Hills subdivision in Antipolo. (PIA)