The Mortgage Delinquency Letter is a crucial document in the Philippine banking sector's debt collection and mortgage enforcement process. It is typically issued when a borrower has missed one or more scheduled mortgage payments, serving as both a formal notification and a legal prerequisite for any further collection or foreclosure actions. The letter must strictly adhere to Philippine banking regulations, including BSP Circular No. 941 requirements for handling non-performing loans and the consumer protection provisions under the Truth in Lending Act. The document includes specific details about the missed payments, current loan status, and clear instructions for the borrower to cure the default, while also informing them of their rights under Philippine law, particularly the Maceda Law for properties sold on installment.
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1. Letterhead and Date: Bank/lender's official letterhead, complete contact information, and current date
2. Recipient Details: Borrower's complete name and address as listed in mortgage documents
3. Subject Line: Clear indication that this is a mortgage delinquency notice with reference numbers
4. Account Information: Mortgage account number, property address, and original loan details
5. Delinquency Statement: Clear statement of the missed payment(s) and current amount in arrears
6. Payment History: Summary of recent payment history and current loan status
7. Legal Requirements: Mandatory disclosures required under Philippine banking regulations
8. Required Action: Clear statement of what the borrower needs to do to cure the default
9. Timeline: Specific deadlines and consequences if no action is taken
10. Contact Information: How to contact the bank's loan department or designated officer
11. Closing: Formal closing, signature block with authorized signatory
1. Previous Communications Reference: Include when there have been prior notices or communications about the delinquency
2. Payment Plan Options: Include when the bank is offering specific restructuring or payment plan options
3. Maceda Law Rights: Include when the property is covered under the Maceda Law for installment payments
4. COVID-19 Relief Measures: Include if the borrower may be eligible for pandemic-related relief programs
5. Financial Counseling Services: Include when the bank offers free financial counseling services
6. Insurance Claims Information: Include if there are relevant insurance policies that might cover the delinquency
1. Schedule A - Payment History: Detailed breakdown of payment history and missed payments
2. Schedule B - Outstanding Balance Calculation: Detailed calculation of current outstanding balance including principal, interest, and penalties
3. Schedule C - Payment Plan Options: If offered, detailed terms of available payment plan or restructuring options
4. Appendix 1 - Legal Notices: Required legal notices and disclaimers under Philippine law
5. Appendix 2 - Contact Form: Form for borrower to update contact information or request a meeting
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