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Checklist of Requirements for Substitution

SHFC checklist for substitution due to 3 months or more default in payment

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a subsidiary of National Home Mortgage Finance Corporation
COMMUNITY MORTGAGE PROGRAM OPERATIONS GROUP
PROJECT INDIVIDUALIZATION DEPARTMENT

CHECKLIST OF DOCUMENTARY REQUIREMENTS FOR SUBSTITUTION DUE TO FAILURE
TO PAY MONTHLY AMORTIZATIONS EQUIVALENT TO THREE (3) MONTHS OR MORE

DEFAULT IN PAYMENT
COMMUNITY ASSOCIATION
ORIGINATOR
LOCATION OF PROPERTY
TAKE-OUT DATE
NAME OF ORIG. MEMBERBENEFICIARY
NAME OF SUBSTITUTE-BENEFICIARY

TOTAL MB

CONTACT PERSON

LOT AREA
BLK/LOT
#
BIRTHDAT
E
TEL. NO.

STEP I

1. Statement of account of the defaulting member-beneficiary certified correct by the treasurer
and approved by the president of the Community Association (CA)

2. Three (3) demand letters sent to defaulting member-beneficiary thru registered mail with
return card. The letters should have as its address the block and lot assignment of such
member-beneficiary as per Masterlist/Adjusted Loan Value (ALV). Each demand letter
should give at least fifteen (15) days within which to settle the obligations

3. Notice of termination of Lease Purchase Agreement (LPA) issued by the CA thru registered
mail with return card

4.

Notarized original copy of board resolution attesting to the approval by the CA of the
substitution of member-beneficiary indicating the lot and block assignment and the
reason for substitution
NOTE: SHFC WILL NOTIFY THE CA OF THE APPROVAL OR DISAPPROVAL OF THE
PROPOSED SUBSTITUTION; IF APPROVED, THE CA PROCEEDS WITH STEP II

STEP II

 The incoming member-beneficiary should update and/or fully pay the
account of the outgoing member-beneficiary

1. Notarized

original copy of board resolution attesting to the approval by the CA on the
acceptance by substitute of the lot assignment of outgoing member-beneficiary

2. Notarized Amendment to the Masterlist of member- beneficiary by the CA
3. Lease Purchase Agreement (LPA) of the substitute:
3.1 If married, with marital consent
3.2 If separated, submit Affidavit of Separation
4. Full payment of arrears/updated account of substituted member-beneficiary:
4.1 Notarized certification from ca president or treasurer stating that the account
of the outgoing member is updated

4.2 Photocopies of Abstract/s of Collection and Remittance Report/s with Community
Mortgage Receipt/s (CMRs) as proofs that the account is updated

5. Proof of payment of substitution processing fee of P500.00/member-beneficiary:
5.1 Official Receipt (for regional accounts, authenticated by SHFC
Head/Regional/Satellite Office); or

5.2 Money Order payable to SHFC
6. Submission of Housing and Land use Regulatory Board (HLURB) Certification on the present
set of CA officers/trustees
\

For inquiries on member-beneficiary substitution, please contact
Misses Sylvia N. Mendoza, Charina Y. Benitez, Julia C. Frades or Mr. Gerald R. Arawag
at telephone numbers 750-6338 to 50 local 542
MEZZANINE FLOOR BANCO DE ORO PLAZA 8737 PASEO DE ROXAS, SALCEDO VILLAGE, MAKATI CITY
 
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