Hello, I am on here in hopes of getting some help and clarification as well as to what me and my family should next in regard to our current situation. we have been living in a duplex home for more than 25 years. The house was initially bought by my grand mother from SSS but was named after my parents. As you may already know, a duplex is a single lot divided in two houses separated only by a fire wall. the lot 200 sqm, of which we own half.
Fast forward to the current day, due to my father not having good fortune abroad, we were unable to consistently pay the monthly mortgage, now the SSS sent us an ultimatum stating that we must pay the total remaining balance on or before as date in August to avoid foreclosure. although one of our major problem, it is not the only one. the other problem we have in which we need legal assistance that we cannot afford, is that our neighbor, the one which own the other half of the lot, have also not completed payment on their mortgage. Now the SSS wants us (my family and the neighbor) to pay the full amount for both properties and would not accept individual payments.
Our neighbor is capable of paying the total amount of both properties and have volunteered to do so, due to the fact that the their house is now three stories high and would probably cost two to three times as much the remaining balance of both properties in the current market if the bank decides to sell it. My neighbor informed us that once they paid for total remaining balance of both properties, they would let stay in our home and let us pay for the amount we owe the bank in installment basis. However, we will also be charging us rent for staying in "his" property and as I you may already have deduced we have no ability to pay such ridiculous amount o n a monthly basis.
My question is, if our neighbor pays for the full amount before the bank takes the property, wouldn't it mean that our half would still be under our name, therefore we legally still own our property?
-If so, can we use this as leverage to negotiate terms with them?
-If not, what options do we have in terms of at least prolonging our stay just enough to able to prepare locate another home for us to move into?
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