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Checklist of Requirements for Substitution

SHFC checklist for substitution requirements due to violation of CA and SHFC laws and regulation

Your Browser Doesn't Support Canvas. Showing the Text Content of the PDF Instead: SOCIAL HOUSING FINANCE CORPORATION

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

CHECKLIST OF DOCUMENTARY REQUIREMENTS FOR SUBSTITUTION DUE TO

VIOLATION OF EXISTING LAWS AND ORDINANCES
ON LAND USE IN THE LOCALITY, COMMUNITY ASSOCIATION BY-LAWS
AND/OR SHFC RULES AND REGULATIONS
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. Notice of violation issued by the Community Association (CA) to the member-beneficiary
delivered through registered mail with return card. The notice should have as its address
the block and lot assignment of such member-beneficiary as per Masterlist/Adjusted Loan
Value (ALV)

2. Notice of termination of Lease Purchase Agreement (LPA) issued to the outgoing member
delivered through registered mail with return card

3. Notarized original copy of board resolution of CA attesting to the approval 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 of the CA attesting to the approval of the
acceptance of substitute on the lot assignment of the 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 authorized representative 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:
5.1 Official Receipt (for regional accounts, should be 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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