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  • Circular 259 Annex D Sample Cases

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    maxx villa
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    This document contains sample subsidiary ledgers for three borrowers who defaulted on their loans from a housing developer. It shows details like the loan amount, interest rate, monthly payments, payment dates, penalties charged due to default, and the total amount owed (buyback value) which must be paid within 60 days to repurchase the property. Borrower 1 had a loan at a 7% interest rate, Borrower 2 at 6%, and Borrower 3 was also at 6% but had an earlier takeout date. The ledgers track payments received, interest accrued, penalties charged once default occurred, and the outstanding balances over time.

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    Annex D

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    This document contains sample subsidiary ledgers for three borrowers who defaulted on their loans from a housing developer. It shows details like the loan amount, interest rate, monthly payments, payment dates, penalties charged due to default, and the total amount owed (buyback value) which must be paid within 60 days to repurchase the property. Borrower 1 had a loan at a 7% interest rate, Borrower 2 at 6%, and Borrower 3 was also at 6% but had an earlier takeout date. The ledgers track payments received, interest accrued, penalties charged once default occurred, and the outstanding balances over time.

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    16 tayangan8 halaman

    Circular 259 Annex D Sample Cases

    Diunggah oleh

    maxx villa
    This document contains sample subsidiary ledgers for three borrowers who defaulted on their loans from a housing developer. It shows details like the loan amount, interest rate, monthly payments, payment dates, penalties charged due to default, and the total amount owed (buyback value) which must be paid within 60 days to repurchase the property. Borrower 1 had a loan at a 7% interest rate, Borrower 2 at 6%, and Borrower 3 was also at 6% but had an earlier takeout date. The ledgers track payments received, interest accrued, penalties charged once default occurred, and the outstanding balances over time.

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    © All Rights Reserved
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    Annex D

    (Based on Circular 259)

    SAMPLE BORROWER'S SUBSIDIARY LEDGER (Single Interest Rate, buyback due to default)

    Developer Name: ABC Developer


    Member-Borrower: Juan Dela Cruz 1

    INT RATE 7% TAKEOUT DATE 09/01/08


    LOAN AMOUNT 750,000.00 AMORT (P+I) 4,989.77 DATE OF DEFAULT 08/01/09
    TERM 30 YEARS MRI 307.50 DATE OF RECEIPT OF NOB 08/11/09
    FIRE 85.45 EXPIRATION OF BBPERIOD 10/10/09
    TOTAL 5,382.72

    PFR TOTAL AMOUNT PENALTIES MRI / SRI FIRE INTEREST MCR / SCR
    PFR DATE DUE DATE OUTBAL DAYS
    PAID DUE PAID DUE PAID DUE PAID DUE PAID DUE PAID
    750,000.00
    10/01/08 5,382.72 5,382.72 10/01/08 307.50 307.50 85.45 85.45 4,375.00 4,375.00 614.77 614.77 749,385.23
    10/25/08 5,382.72 5,382.72 11/01/08 307.50 307.50 85.45 85.45 4,371.41 4,371.41 618.36 618.36 748,766.87
    11/20/08 5,382.72 5,382.72 12/01/08 307.50 307.50 85.45 85.45 4,367.81 4,367.81 621.96 621.96 748,144.91
    12/22/08 5,382.72 5,382.72 01/01/09 307.50 307.50 85.45 85.45 4,364.18 4,364.18 625.59 625.59 747,519.32
    01/27/09 5,382.72 5,382.72 02/01/09 307.50 307.50 85.45 85.45 4,360.53 4,360.53 629.24 629.24 746,890.08
    02/27/09 5,382.72 5,382.72 03/01/09 307.50 307.50 85.45 85.45 4,356.86 4,356.86 632.91 632.91 746,257.17
    03/28/09 5,382.72 5,382.72 04/01/09 307.50 307.50 85.45 85.45 4,353.17 4,353.17 636.60 636.60 745,620.57
    04/29/09 5,382.72 5,382.72 05/01/09 307.50 307.50 85.45 85.45 4,349.45 4,349.45 640.32 640.32 744,980.25
    08/01/09 - 06/01/09 164.17 307.50 0.00 85.45 0.00 4,345.72 0.00 644.05 0.00 744,980.25 61 744,336.20
    08/01/09 - 07/01/09 83.43 * 307.50 0.00 85.45 0.00 4,341.96 ** 0.00 647.81 0.00 744,980.25 31 743,688.39
    08/01/09 - 08/01/09 - 307.50 0.00 85.45 0.00 4,338.18 0.00 651.59 0.00 744,980.25 0 743,036.80

    Outstanding Balance 744,980.25


    *Unpaid Penalties 247.60
    **Unpaid Interest (AT 7%) 13,025.86
    BUYBACK VALUE 758,253.71

    NOTE:
    Buyback Value shall be defined as the total outstanding loan obligation of the member-borrower at point of default (inclusive of outstanding principal balance, unpaid
    interest and penalties) which should be paid within 60 days from receipt of Notice.
    Annex D
    (Based on Circular 259)

    SAMPLE BORROWER'S SUBSIDIARY LEDGER (Single Interest Rate, buyback due to default)

    Developer Name: ABC Developer


    Member-Borrower: Juan Dela Cruz 2

    INT RATE 6% TAKEOUT DATE 01/01/09


    LOAN AMOUNT 400,000.00 AMORT (P+I) 2,398.20 DATE OF DEFAULT 08/01/09
    TERM 30 YEARS MRI 164.00 DATE OF RECEIPT OF NOB 08/11/09
    FIRE 45.15 EXPIRATION OF BBPERIOD 10/10/09
    TOTAL 2,607.35

    PFR AMOUNT PENALTIES MRI / SRI FIRE INTEREST MCR / SCR


    PFR DATE DUE DATE OUTBAL DAYS
    TOTAL PAID DUE PAID DUE PAID DUE PAID DUE PAID DUE PAID
    400,000.00
    01/27/09 2,607.35 2,607.35 02/01/09 164.00 164.00 45.15 45.15 2,000.00 2,000.00 398.20 398.20 399,601.80
    02/27/09 2,607.35 2,607.35 03/01/09 164.00 164.00 45.15 45.15 1,998.01 1,998.01 400.19 400.19 399,201.61
    03/28/09 2,607.35 2,607.35 04/01/09 164.00 164.00 45.15 45.15 1,996.01 1,996.01 402.19 402.19 398,799.42
    04/29/09 2,607.35 2,607.35 05/01/09 164.00 164.00 45.15 45.15 1,994.00 1,994.00 404.20 404.20 398,395.22
    08/01/09 - 06/01/09 79.52 164.00 0.00 45.15 0.00 1,991.98 0.00 406.22 0.00 398,395.22 61 397,989.00
    08/01/09 - 07/01/09 40.41 * 164.00 0.00 45.15 0.00 1,989.95 ** 0.00 408.25 0.00 398,395.22 31 397,580.75
    08/01/09 - 08/01/09 - 164.00 0.00 45.15 0.00 1,987.90 0.00 410.30 0.00 398,395.22 0 397,170.45

    OUTSTANDING BALANCE 398,395.22


    *UNPAID PENALTIES 119.93
    **UNPAID INTEREST (AT 6%) 5,969.83
    BUYBACK VALUE 404,484.98

    NOTE:
    Buyback Value shall be defined as the total outstanding loan obligation of the member-borrower at point of default (inclusive of outstanding principal balance, unpaid
    interest and penalties) which should be paid within 60 days from receipt of Notice.
    Annex D
    (Based on Circular 259)

    SAMPLE BORROWER'S SUBSIDIARY LEDGER (Single Interest Rate, buyback due to default)

    Developer Name: ABC Developer


    Member-Borrower: Juan Dela Cruz 3

    INT RATE 6% TAKEOUT DATE 09/25/08


    LOAN AMOUNT 400,000.00 AMORT (P+I) 2,398.20 DATE OF DEFAULT 08/25/09
    TERM 30 YEARS MRI 164.00 DATE OF RECEIPT OF NOB 09/05/09
    FIRE 45.15 EXPIRATION OF BBPERIOD 11/04/09
    TOTAL 2,607.35

    PFR AMOUNT PENALTIES MRI / SRI FIRE INTEREST MCR / SCR


    PFR DATE DUE DATE OUTBAL DAYS
    TOTAL PAID DUE PAID DUE PAID DUE PAID DUE PAID DUE PAID
    400,000.00
    10/25/08 2,607.35 2,607.35 10/25/08 164.00 164.00 45.15 45.15 2,000.00 2,000.00 398.20 398.20 399,601.80
    10/25/08 2,607.35 2,607.35 11/25/08 164.00 164.00 45.15 45.15 1,998.01 1,998.01 400.19 400.19 399,201.61
    11/20/08 2,607.35 2,607.35 12/25/08 164.00 164.00 45.15 45.15 1,996.01 1,996.01 402.19 402.19 398,799.42
    12/22/08 2,607.35 2,607.35 01/25/09 164.00 164.00 45.15 45.15 1,994.00 1,994.00 404.20 404.20 398,395.22
    01/27/09 2,607.35 2,607.35 02/25/09 164.00 164.00 45.15 45.15 1,991.98 1,991.98 406.22 406.22 397,989.00
    02/27/09 2,607.35 2,607.35 03/25/09 164.00 164.00 45.15 45.15 1,989.95 1,989.95 408.25 408.25 397,580.75
    03/28/09 2,607.35 2,607.35 04/25/09 164.00 164.00 45.15 45.15 1,987.90 1,987.90 410.30 410.30 397,170.45
    04/29/09 2,607.35 2,607.35 05/25/09 164.00 164.00 45.15 45.15 1,985.85 1,985.85 412.35 412.35 396,758.10
    08/25/09 - 06/25/09 79.52 164.00 0.00 45.15 0.00 1,983.79 0.00 414.41 0.00 396,758.10 61 396,343.69
    08/25/09 - 07/25/09 40.41 * 164.00 0.00 45.15 0.00 1,981.72 ** 0.00 416.48 0.00 396,758.10 31 395,927.21
    08/25/09 - 08/25/09 - 164.00 0.00 45.15 0.00 1,979.64 0.00 418.56 0.00 396,758.10 0 395,508.65

    Outstanding Balance 396,758.10


    *Unpaid Penalties 119.93
    **Unpaid Interest (AT 6%) 5,945.15
    BUYBACK VALUE 402,823.18

    NOTE:
    Buyback Value shall be defined as the total outstanding loan obligation of the member-borrower at point of default (inclusive of outstanding principal balance, unpaid
    interest and penalties) which should be paid within 60 days from receipt of Notice.
    Annex D
    (Based on Circular 259)

    SAMPLE BORROWER'S SUBSIDIARY LEDGER (Single Interest Rate, buyback due to default)

    Developer Name: ABC Developer


    Member-Borrower: Juan Dela Cruz 4

    INT RATE 7% TAKEOUT DATE 09/25/08


    LOAN AMOUNT 750,000.00 AMORT (P+I) 4,989.77 DATE OF DEFAULT 08/25/09
    TERM 30 YEARS MRI 307.50 DATE OF RECEIPT OF NOB 09/05/09
    FIRE 85.45 EXPIRATION OF BBPERIOD 11/04/09
    TOTAL 5,382.72

    PFR AMOUNT PENALTIES MRI / SRI FIRE INTEREST MCR / SCR


    PFR DATE DUE DATE OUTBAL DAYS
    TOTAL PAID DUE PAID DUE PAID DUE PAID DUE PAID DUE PAID
    750,000.00
    10/25/08 5,382.72 5,382.72 10/25/08 307.50 307.50 85.45 85.45 4,375.00 4,375.00 614.77 614.77 749,385.23
    10/25/08 5,382.72 5,382.72 11/25/08 307.50 307.50 85.45 85.45 4,371.41 4,371.41 618.36 618.36 748,766.87
    11/20/08 5,382.72 5,382.72 12/25/08 307.50 307.50 85.45 85.45 4,367.81 4,367.81 621.96 621.96 748,144.91
    12/22/08 5,382.72 5,382.72 01/25/09 307.50 307.50 85.45 85.45 4,364.18 4,364.18 625.59 625.59 747,519.32
    01/27/09 5,382.72 5,382.72 02/25/09 307.50 307.50 85.45 85.45 4,360.53 4,360.53 629.24 629.24 746,890.08
    02/27/09 5,382.72 5,382.72 03/25/09 307.50 307.50 85.45 85.45 4,356.86 4,356.86 632.91 632.91 746,257.17
    03/28/09 5,382.72 5,382.72 04/25/09 307.50 307.50 85.45 85.45 4,353.17 4,353.17 636.60 636.60 745,620.57
    04/29/09 5,382.72 5,382.72 05/25/09 307.50 307.50 85.45 85.45 4,349.45 4,349.45 640.32 640.32 744,980.25
    08/25/09 - 06/25/09 164.17 307.50 0.00 85.45 0.00 4,345.72 0.00 644.05 0.00 744,980.25 61 744,336.20
    08/25/09 - 07/25/09 83.43 * 307.50 0.00 85.45 0.00 4,341.96 ** 0.00 647.81 0.00 744,980.25 31 743,688.39
    08/25/09 - 08/25/09 - 307.50 0.00 85.45 0.00 4,338.18 0.00 651.59 0.00 744,980.25 0 743,036.80

    Outstanding Balance 744,980.25


    *Unpaid Penalties 247.60
    **Unpaid Interest (AT 6%) 13,025.86
    BUYBACK VALUE 758,253.71

    NOTE:
    Buyback Value shall be defined as the total outstanding loan obligation of the member-borrower at point of default (inclusive of outstanding principal balance, unpaid
    interest and penalties) which should be paid within 60 days from receipt of Notice.
    Annex D
    (Based on Circular 259)

    With Partial Payments Prior to Set-up of AR-Developer

    Given

    Buyback Value
    Buyback Name of Date of Receipt of Expiration of BB Developer's
    Take-out Date Date of Default Borrower's Unpaid Principal
    Code Borrower NOB Period Penalty Balance
    Penalty Interest Balance

    Default Juan Dela Cruz 1 09/01/08 08/01/09 08/11/09 10/10/09 - 247.60 13,025.86 744,980.25 758,253.71
    Default Juan Dela Cruz 2 01/01/09 08/01/09 08/11/09 10/10/09 - 119.93 5,969.83 398,395.22 404,484.98
    Default Juan Dela Cruz 3 09/25/08 08/25/09 09/05/09 11/04/09 - 119.93 5,945.15 396,758.10 402,823.18
    Default Juan Dela Cruz 4 09/25/08 08/25/09 09/05/09 11/04/09 - 247.60 13,025.86 744,980.25 758,253.71

    Total 735.06 37,966.70 2,285,113.82 2,323,815.58

    CASE 1: On October 08, 2009, the developer made partial settlement of buyback value amounting to P 100,000.00 for Juan Dela Cruz1

    Buyback Value
    Buyback Name of Date of Receipt of Expiration of BB Developer's
    Take-out Date Date of Default Borrower's Unpaid Principal
    Code Borrower NOB Period Penalty Balance
    Penalty Interest Balance

    Default Juan Dela Cruz 1 09/01/08 08/01/09 08/11/09 10/10/09 - (247.60) (13,025.86) (86,726.54) 658,253.71
    Default Juan Dela Cruz 2 01/01/09 08/01/09 08/11/09 10/10/09 - 119.93 5,969.83 398,395.22 404,484.98
    Default Juan Dela Cruz 3 09/25/08 08/25/09 09/05/09 11/04/09 - 119.93 5,945.15 396,758.10 402,823.18
    Default Juan Dela Cruz 4 09/25/08 08/25/09 09/05/09 11/04/09 - 247.60 13,025.86 744,980.25 758,253.71

    Total 2,223,815.58
    Annex D
    (Based on Circular 259)

    CASE 2: On January 20, 2010, the developer made partial settlement of buyback value amounting to P 750,000.00 for Juan Dela Cruz1 and Juan Dela Cruz 3

    Buyback Value
    Buyback Name of Date of Receipt of Expiration of BB Developer's
    Take-out Date Date of Default Borrower's Unpaid Principal
    Code Borrower NOB Period Penalty Balance
    Penalty Interest Balance

    Default Juan Dela Cruz 1 09/01/08 08/01/09 08/11/09 10/10/09 (56,609.82) * - - (658,253.71) -
    Default Juan Dela Cruz 2 01/01/09 08/01/09 08/11/09 10/10/09 - 119.93 5,969.83 398,395.22 404,484.98
    Default Juan Dela Cruz 3 09/25/08 08/25/09 09/05/09 11/04/09 (29,808.92) ** (119.93) (5,194.89) - 397,508.36
    Default Juan Dela Cruz 4 09/25/08 08/25/09 09/05/09 11/04/09 - 247.60 13,025.86 744,980.25 758,253.71

    Total 1,560,247.05

    * Penalty = Total Amount Due x 0.0005 x No. of Days


    = 658,253.71 x 0.0005 x 172
    = 56,609.82

    No. of Days (August 1, 2009 to January 20, 2010)

    ** Penalty = Total Amount Due x 0.0005 x No. of Days


    = 402,823.18 x 0.0005 x 148
    = 29,808.92

    No. of Days (August 25, 2010 to January 20, 2010)

    CASE 3: January 21, 2010 Set up of Accounts Receivable - Developer

    Buyback Value
    Buyback Name of Date of Receipt of Expiration of BB Developer's
    Take-out Date Date of Default Borrower's Unpaid Principal
    Code Borrower NOB Period Penalty Balance
    Penalty Interest Balance

    Default Juan Dela Cruz 2 01/01/09 08/01/09 08/11/09 10/10/09 - 119.93 5,969.83 398,395.22 404,484.98
    Default Juan Dela Cruz 3 09/25/08 08/25/09 09/05/09 11/04/09 - - 750.26 396,758.10 397,508.36
    Default Juan Dela Cruz 4 09/25/08 08/25/09 09/05/09 11/04/09 - 247.60 13,025.86 744,980.25 758,253.71

    Total 367.53 19,745.95 1,540,133.57 1,560,247.05


    Annex D
    (Based on Circular 259)

    CASE 4: February 10, 2010, the developer made partial payment amounting to P600,000.00.

    Buyback Value
    Buyback Developer's Outstanding
    PFR Date PFR Total Amount Inclusive Dates No. of Days Borrower's Unpaid Principal
    Code Penalty Balance
    Penalty Interest Balance

    1,560,247.05
    Default 02/10/10 600,000.00 443,517.78 8/01/09 - 2/10/10 193 39,032.80 * 119.93 5,969.83 398,395.22 1,155,762.07
    Default 92,409.78 1/20/10 - 2/10/10 21 4,173.84 ** - 750.26 87,485.68 1,067,526.13
    Default 64,072.44 8/25/09 - 02/10/10 169 64,072.44 *** - - - 1,067,526.13

    TOTAL 600,000.00 600,000.00 - 383.00 107,279.08 119.93 6,720.09 485,880.90

    * Penalty = Total Amount Due x 0.0005 x No. of Days 1/20/2010


    = 404,484.98 x 0.0005 x 193
    = 39,032.80

    No. of Days (August 1, 2009 to February 10, 2010)

    ** Penalty = Total Amount Due x 0.0005 x No. of Days


    = 397,508.36 x 0.0005 x 21
    = 4,173.84

    No. of Days (January 20, 2010 to February 10, 2010)

    *** Penalty = Total Amount Due x 0.0005 x No. of Days


    = 758,253.71 x 0.0005 x 169
    = 64,072.44

    No. of Days (August 25, 2009 to February 10, 2010)


    Annex D
    (Based on Circular 259)

    CASE 5: On March 15, 2010, Juan Delacruz 1 and Juan Dela Cruz 2 applies for reinstatement of account. In this case, the Fund shall apply the amount for refund to
    any remaining obligation of the developer. The excess amount after the application shall be refunded to the developer.

    Details on Developer's Payment to be Applied to Subsequent Obligation

    Juan Dela Cruz 1 758,253.71


    Juan Dela Cruz 2 404,484.98
    1,162,738.69

    Outstanding AR-Developer Balance as March 15, 2010

    Buyback Value Penalties Total

    Juan Dela Cruz 3 309,272.42 5,102.99 * 314,375.41


    Juan Dela Cruz 4 758,253.71 12,511.19 ** 770,764.90
    1,085,140.31

    * Penalty = Total Amount Due x 0.0005 x No. of Days


    = 309,272.42 x 0.0005 x 33
    = 5,102.99

    No. of Days (February 10, 2010 to March 15, 2010)

    ** Penalty = Total Amount Due x 0.0005 x No. of Days


    = 758,263.71 x 0.0005 x 33
    = 12,511.19

    No. of Days (February 10, 2010 to March 15, 2010)

    Refund of buyback value to the developer

    Total Amount for Refund 1,162,738.69


    Less: Remaining Obligation 1,085,140.31
    Net Amount for Refund 77,598.38

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