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    BRBI Letter To Castro

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    BINAYAO NAIZA MAE
    This letter from Binhi Rural Bank, Inc. responds to an appeal from Mr. and Mrs. Papias Castro, Jr. to buy back their previously owned property. It informs them that the bank's board of directors already passed a resolution granting the sale of the property to the highest bidder, Mr. Romeo Castro, Jr., for P40,000. It explains that the bank exerted collection and humanitarian efforts for 9 years before properly foreclosing on the property in 2014. The letter hopes this provides clarity on the bank's decision to sell the property to the highest bidder.

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    BRBI Letter To Castro

    Uploaded by

    BINAYAO NAIZA MAE
    22 views1 page
    This letter from Binhi Rural Bank, Inc. responds to an appeal from Mr. and Mrs. Papias Castro, Jr. to buy back their previously owned property. It informs them that the bank's board of directors already passed a resolution granting the sale of the property to the highest bidder, Mr. Romeo Castro, Jr., for P40,000. It explains that the bank exerted collection and humanitarian efforts for 9 years before properly foreclosing on the property in 2014. The letter hopes this provides clarity on the bank's decision to sell the property to the highest bidder.

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    BRBI Letter to Castro

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    This letter from Binhi Rural Bank, Inc. responds to an appeal from Mr. and Mrs. Papias Castro, Jr. to buy back their previously owned property. It informs them that the bank's board of directors already passed a resolution granting the sale of the property to the highest bidder, Mr. Romeo Castro, Jr., for P40,000. It explains that the bank exerted collection and humanitarian efforts for 9 years before properly foreclosing on the property in 2014. The letter hopes this provides clarity on the bank's decision to sell the property to the highest bidder.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    22 views1 page

    BRBI Letter To Castro

    Uploaded by

    BINAYAO NAIZA MAE
    This letter from Binhi Rural Bank, Inc. responds to an appeal from Mr. and Mrs. Papias Castro, Jr. to buy back their previously owned property. It informs them that the bank's board of directors already passed a resolution granting the sale of the property to the highest bidder, Mr. Romeo Castro, Jr., for P40,000. It explains that the bank exerted collection and humanitarian efforts for 9 years before properly foreclosing on the property in 2014. The letter hopes this provides clarity on the bank's decision to sell the property to the highest bidder.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    (Formerty, Rural Bank of Baiingasag, Inc.

    )
    RBBI Building, Rizal cornealvar Streets, Brgy 5 Poblacion
    Langasag 9005 Misamis Orienta
    7663 |(0917) 633 7672
    BINHI Rural Bank (D (088) 333 2268 | (0917) 633
    [email protected]

    10 November 2019

    Mr. and Mrs. Papias Castro, Jr.


    Poblacion Tagoloan, Misamis Oriental

    BSP
    CC: Consumer Empowerment Group,
    Center for Learning and Inclusion Advocacy
    Bangko Sentral ng Pilipinas

    Dear Mr. and Mrs. Castro,


    Empowerment Group of the Bangko
    This refers to the letter we received from the Consumer
    regarding your
    Sentral ng Pilipinas with file/Ref. No. 102919-1522 (Ms. Arsenia G. Castro)
    appeal to buy-back your previously owned property.
    Board of Directors of Binhi
    It is with deep regret to inform you that the Management and
    owned
    Rural Bank, Inc. had already passed a resolution granting the sale of your previouslyhundred
    amount of nine
    property to the highest bidder, Mr. Romeo Castro, Jr. in the total
    mentioned in your
    forty thousand pesos (Pg40,000.00) cash. Pastor Rufino M. Valencia (as(P770,000.00) pesos
    letter) placed a bid in the amount of Seven hundred seventy thousand
    only.
    your
    BRBI had exerted various collections and humanitarian efforts to help you retain
    proper foreclosure
    property over the course of nine (9) years. The Bank had also followed
    procedures when the former deemed ineffective.
    year
    When your property was foreclosed by the Bank in 2014, you were given one (1)
    the Certificate of Sale.
    redemption period from September 15, 2014, the date of annotation of
    However, we did not receive the required settlement amount.
    Even after the expiry of the said redemption right and the property's ownership duly
    transferred to the Bank, the property remained unsold for four (4) years, which is enough
    time to raise the funds required to buy-back the property based on its fair market value.
    Ihope that this letter gives light to the decision made by BRBI's Management and Board of
    Directors, in that the sale of the property was granted to the highest bidder.

    Thank youvery much and God bless!

    Very truly yoúrs, 0TAJE AP YFROM THE DRIGINAL.


    DATE: AOV 2019

    MELISSAT®MARA O. ARÇAYOSO
    President

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