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Repo Houses on Sale through GSIS/SSS Mortgages

Updated on May 23, 2011

Repossessed Homes in the USA


Repo Houses: situation in the Philippines

Interested on saving money to buy a newly-vacated house? Repossessed or repo houses' costs are 50% off or much lower than the original prices here in the Philippines. The prices depreciate because the factors of being occupied and exploited by original homeowners are big consideration.

The homebuyer's acquisition of such deals from the government through Social Security System (SSS-for private employees) or Government Services Insurance System (GSIS -for government employees) Mortgages will ease the burden of having private loans just to acquire those houses, if you really need it in just a short span of time.

Some Home Mutual Development Fund (HDMF) holders who availed the government's housing program but cannot pay their mortgages on time and accumulated huge sum of deficiency should enter into an agreement on house reposition program of the banks that sponsored loans connected with HDMF/SSS/GSIS. Because of this, those buyers who will choose their houses will continue paying for the unpaid mortgage. The former occupants or owners will be free from worries because of the process.

So, start scouting for House-and-Lot for Sale in your areas. There are sales going on through sealed bidding.

Other properties you can choose from range from townhouses, unit in condominium or even apartment.

As long as it is on repossessed status, you can enter the negotiation and buy it. Prior to this, there will visitation day at the place and place your bidding on the house that you like.

Your real estate agent can close a very good deal on repo homes. If you're busy working and cannot insert scouting repo houses in your schedule, then you can rely with your friendly real estate agent. They all are.

Meanwhile, in the USA or any other industrialized countries, more and more people are becoming homeless due to mishandling family business or wrong decisions that they did. Still, many governments offer another lease of financial stability, although it will be limited to some extent when you cannot fully pay your debts.

Home foreclosures are everywhere and the government is working hard to lessen the burden of those who are in welfare to buy another home, even with bad credit history. Repossessed homes in America? It's better to have a second home that will shelter and comfort you during cold winter nights.



The financial practice of bidding different types of contractual debts, like residencial mortgages, is securitization. The National Housing Mortage Finance Corporation (NHMFC) of Philippine government aids in auctioning Non-Performing Loans (PL) like repossessed homes easily and affordable to possible buyers.

With lots of homeowners losing their homes for different reasons, as in bankruptcy and mortgage deficit, other couples or interested parties make it a business to buy repo houses for several factors, too.

  1. The banks or the lenders always top as immediate owners of repossessed houses. Bank owners will resell it through sealed bidding or other means (as in case-to-case basis) to dispose it.
  2. Some companies buy repossessed houses, repair it and then resell it as good as new to a more higher prices. It's an open option for you to buy a repo house that needs repair and sell it again
  3. Families who are just renting a house can save more if they can afford to buy repo homes. It's more feasible to do this than nothing or continue renting for the rest of their lives.

Be careful when entering into an agreement of buying one. Repo homes can hide many unfinished things or even worst. Be sure that the owner filed it for bankruptcy and the legal impediments were ironed out properly so that the next possible owner will have no worries of acquiring the key and open its door and say, "I'M HOME!"

Houses in Philippines c/o Miles32670


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    • travel_man1971 profile image

      Ireno Alcala 7 years ago from Bicol, Philippines

      Yes, Ms. Lori. What some people have invested will not be put to waste. Those who don't own a home yet will have an opportunity to avail one of those repo houses at an affordable price.

    • profile image

      loriamoore 7 years ago

      Hmmm. A few years ago in the USA, repo houses were eaten up by investors flipping them to make money. Glad to see that these houses will go to real people.

    • travel_man1971 profile image

      Ireno Alcala 7 years ago from Bicol, Philippines

      It's better than nothing, sailor. I know some families don't even have a house they can call their own. One of them is my sister and her family who are still renting an apartment, even though my brother-in-law is working overseas. They still cannot afford to buy a house of their own.

    • thesailor profile image

      thesailor 7 years ago from Seven Seas

      Well, this is good news for those families who are still renting apartments or rooms. At least, they can own it in due time.