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Mortgage Delinquency Letter

Mortgage Delinquency Letter Template for Philippines

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Key Requirements PROMPT example:

Mortgage Delinquency Letter

"I need a Mortgage Delinquency Letter for a first-time default where the borrower has missed two consecutive monthly payments in January and February 2025, with the property located in Metro Manila and subject to the Maceda Law."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ 黑料视频 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






























Clauses




















Relevant Industries

Banking

Financial Services

Real Estate

Legal Services

Insurance

Property Development

Mortgage Lending

Consumer Finance

Relevant Teams

Legal

Collections

Credit Risk Management

Mortgage Servicing

Customer Relations

Compliance

Default Management

Credit Administration

Operations

Documentation

Relevant Roles

Credit Risk Manager

Mortgage Officer

Collections Manager

Legal Compliance Officer

Bank Branch Manager

Loan Officer

Default Servicing Specialist

Consumer Protection Officer

Credit Administration Manager

Legal Counsel

Customer Relations Manager

Risk Assessment Officer

Mortgage Servicing Specialist

Banking Operations Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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