Public school teacher Leonilda Aber shows off the land title of a property she was able to buy through BFS, the mortgage servicer of 52,000 delinquent loans from the National Home Mortgage Finance Corporation. Aber had been using an adjacent property to her family’s house as a storage room, but always planned to buy it. Through the BFS, she finally purchased the property, securing it from illegal occupants. BFS offers Balikatan borrowers with different financial options to avoid foreclosure. These include basing resolution amounts on current appraised values instead of outstanding principal balance, and partially condoning penalties and interest.
