Gud Day!I bought a lot in Villaggio Ignatius last 2002 through in-house financing which was payable for 10 years.After 1 year the developer (Earth & Style Corporation) informed me that i can apply for a housing loan in Pag-Ibig Fund to lessen the monthly interest rate and of course to avail my benefit as a Pag-Ibig member but during that time of my application the developer failed to produce one of the requirements in housing loan required by Pag-Ibig which is the Certificate of Transfer of Title that resulted to the cancellation of my loan.I"ve waited for alnost 3 years for them to release the CTT but they always promised me that the said documents would be release sooner.I decided to stop the monthly ammortization because i was worried that i was paying for nothing until i lost my job last year and decided to finally cancel the contract.After sending my request last November i was surprised because an E&S representative told me that the i couldn't cancel the contract because the document was released already by the Registry Of Deeds under my name.I explained to them that its not possible for me to pay the remaining balance becuase i lost my job and i dont have a buyer for that property and besides i really need the money for refund.The developer gave me the computation of my refund which is 50% of the total payments i made but i was surprised to learned that they charged me P50,000.00 for the "reconveyance fee" so i only get almost 25% of the total payments.May I know what reconveyance fee is all about and why would i have to pay for such a big amount?I want to know if it is legal because its not written in the Contract To Sell.Thanks & more power....
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