Bohol News Daily » law http://www.boholnewsdaily.com News, Events, Press Release and Updates in Bohol and Around the Philippines Thu, 09 Feb 2012 06:48:10 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 PGMA signs new law giving relief to owners of houses under foreclosure http://www.boholnewsdaily.com/boholnews-pgma-signs-new-law-giving-relief-to-owners-of-houses-under-foreclosure.html http://www.boholnewsdaily.com/boholnews-pgma-signs-new-law-giving-relief-to-owners-of-houses-under-foreclosure.html#comments Sat, 18 Oct 2008 06:10:07 +0000 anyajulia http://www.boholnewsdaily.com/?p=1246 President Gloria Macapagal-Arroyo signed today into law the Socialized and Low-Cost Housing Loan Restructuring and Condonation Act of 2008.

This is to give the underprivileged Filipinos the chances to save their homes from foreclosure thru a rational loan restructuring and condonation scheme.

Republic Act No. 9507 offers a rational loan restructuring and condonation program for the underprivileged Filipinos based on the credit worthiness and credit discipline of the borrowers and the financial viability of the lending institutions. (PIA/Bohol)

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