BRAINSTORM ...

the balance plus penalties and interest.

Internet lawyers I have explained this to have implied that I am wrong by citing the Maceda Law (RA 6552) and the rights of residential property buyers protected by it.

That is just it, if the purchase was financed by the bank and the bank has already paid the developer, the purchase price of the property is technically ALREADY FULLY PAID. The debtor-buyer is not paying installments for the purchase of the condominium unit, he is paying for his loan with the bank and the Maceda Law does not apply to bank loans.

Again, I would like to be clear that I have not yet seen the issuance made by the DHSUD and I sincerely hope that it also covers some kind of arrangement to help the bankfinanced condominium owners.

As it is, from what I have read in the news reports about the order on the suspension of collections, it is unclear what options buyers under this situation can do.

It is for this reason that I decided to write this article to inform these buyers about the possible intricacies involved so that they can make informed decisions on whether or not they can, or if they should, stop making their payments.

In ending, my advice will always be for them to consult their lawyers before making any such decision so that they will not end up regretting it.