Sir Ricardo head accountant

Central bank new policy- Diminishing balanced (not allowed) Instalment payments
(partial) will reduce the principal amount and interest every schedule.
New bank policy for payments- Secular 730: have 3 guidelines instalment mode
(already installed in the computer)
1) Full Balloon (interest advance full taken during the one term) 2. Half-Balloon
(interest taken half during the half term) 3. Fix-equal (no interest advance but
pay principal and interest?)
If the loan is not paid when the term has expired, or before expiration
term but the borrower didnt comply with the instalment requirements.<--may be foreclosed.
It doesnt mean that we foreclose property if due date of the promissory note.
Even if within the term, but didnt comply/pay 3 instalments. (We will
foreclose and not wait for the due date/maturity).
Before foreclosing the property, we give notice to the borrower before
maturity and after the maturity. Then Final letter and the final warning saying
that the borrower will not settle it; the bank will indorse this to the legal
counsel/department for foreclosure. If the borrower wont still settle it, wont
settle it with the bank. Foreclosure needs due process, otherwise the
borrower can file case into court that he hasnt been given time to pay. 15
days after the final letter, borrower wont settle it to the bank, the legal
counsel will file Petition for Extrajudicial Foreclosure.<--File to the court
The sheriff will give notice to the borrower/owner of the property,
SPA(Special Power of Attorney) Anothers borrower will loan the property
give notice to the new borrower ? and the owner of the land.