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  Requirements When Calling on HGC’s Guaranty:

• Requirements When Calling on HGC's Guaranty:


1. Letter informing HGC of the default and requesting payment of guaranty proceeds
2. A Complete and detailed Statement of Account of the borrower
3. Statement of Application of Payment duly certified by the Bank
4. Bank’s Credit Approval or Evaluation Sheet
5. Transfer Certificate of Title (TCT)
6. Appraisal report at the time of loan release
7. Latest appraisal report on the property
8. Duly notarized Special Power of Attorney executed by the Bank authorizing HGC to take possession of the mortgaged property
9. Copy of Notice to borrower that his account is covered by HGC guaranty
10. Copies of demand letters to borrower
11. Tax declaration for lot and building
12. Lot plan duly signed by a Geodetic Engineer
13. Technical Plans, if applicable
14. Copy of restrictions annotated in the title, if applicable



• Additional requirements for Real Estate Mortgage accounts:


1. Copy of Real Estate Mortgage
2. Copy of Loan Agreement
3. Copy of Promissory Note


• Additional requirements for Contract to Sell accounts:


1. Contract-to-Sell
2. Deed of Assignment and Conveyance in favor of the Bank or Purchase Agreement
3. Developer’s Credit Approval or Evaluation Sheet of the Buyer

  For Call Payment

• Requirements for Real Estate Mortgage accounts:


1. Original and registered Deed of Assignment and Conveyance (DOAC), transferring to the HGC all the Bank’s rights, title and interests over the loan documents and mortgage contract, and in the mortgaged property it has acquired through foreclosure or otherwise
2. Original copies of all contracts such as REM, Loan Agreement, Promissory Notes and other relevant documents evidencing the indebtedness of the Borrower/Mortgagor
3. Updated real estate tax receipt covering tax payments on the mortgaged property
4. Original Tax Declaration for house and lot
5. Endorsement of Fire Insurance Policy to HGC
6. Owner’s copies of the TCT, Original Certificate of Title (OCT), Condominium Certificate of Title, with annotation of the DOAC
7. Copy of Notice to the Borrower/Mortgagor, duly received by the Borrower/Mortgagor, that the account has been assigned/conveyed to HGC
8. Tax Identification No. of the borrower & spouse


• Additional requirements for Contract to Sell accounts:


1. A certification that there are no pending claims from the buyers under the Maceda Law on the properties to be assigned to HGC
2. Deed of Cancellation of the Contract-to Sell (CTS)
3. Registered Deed of Assignment and Conveyance of property covered by the defaulted receivable and cancelled Contract-to-Sell in favor of HGC
4. Certification that the property subject of CTS is vacated by the previous owner
5. Original copy of the Purchase Agreement between the Bank and the Developer/Deed of Assignment of Rights between the Bank and the Developer
6. Original Copy of CTS