To The Bank, At Last!
Filed Under Money Matters, Personal
I thank God for this special day. It’s not just any other day that I always thank Him for because today, God has allowed the person to whom we pawned our house, to lend us the title so that we could finally submit it to the bank. To convince that person is a real tall order. Let’s call that person as Mrs. TF.
As a matter of fact, I had to execute a promisory note that I shall deliver to her a replacement title(my sister’s) just to convince her. On top of that, she has the passbook of our joint account where the proceeds of the loan will be deposited.
Handing the title to the bank is a win-win solution for all of us concerned. To itemize the benefits, they are as follows:
1. The bank will release the loan proceeds in staggard basis. That means we will receive some money that we will use to pay Mrs. TF. On the other hand, we can use some of the proceeds to continue work on the house.
2. Since we can continue to finish the house, we’ll have chance to receive the full amount of the loan thereby allowing us to pay completely Mrs. TF. Even if we don’t completely finish the house and just enough to make it to the 90% level, at least the house would already be livable.
3. When we pay Mrs. TF, we’ll no longer pay exorbitant interest rate. That’s a big relief.
4. Most importantly, I’ll only have to pay PHP30,000+ monthly for ten years. We’ll no longer have to worry that Mrs. TF will get our house.
5. The loan is insured. If I die, my family will no longer have to worry on how to pay the house. That’s already covered by the insurance as well as fire insurance.
In two to three year’s time, I plan to transfer the loan to PAG-IBIG. I hope I’ll still have that chance. But there’s still a big problem… how to get the other title.
With God’s help, I know we’ll get it. I’ll buy a lotto ticket tonight.