A law that will stop foreclosure and allow home owners to restructure their housing loans is nearing passage at the House of Representatives, Speaker Prospero Nograles announced in a press release yesterday.

Nograles, who was once head of the Committee on Housing, said that by next week, the House of Representatives will pass three housing bills, including his own proposal for the condonation of about-to-be-foreclosed houses, and allow its owners to pay their dues on installment basis.

Nograles and other congressmen including Committee on Housing chairperson Rod Valencia, went to Davao City Thursday last week to conduct a public hearing regarding the three housing bills which aim to help homeowners whose houses are nearing foreclosure due to their failure to pay their monthly dues.

"Definitely when these bills will be passed, all foreclosure proceedings will be stopped and give homeowners time to pay their dues," Nograles said.

He said he does not expect strong opposition during the debate of the bills next week since these measures will greatly help a lot of homeowners all over the Philippines, the press release said.

He said he authored similar a bill in 1998 but was not enacted into law. But now that he is at the helm of the House leadership, he is in the position to guarantee its immediate approval, the press release said.

"What is good about this present bill on condonation is the fact that it offers a much easier and affordable payment system to the homeowners," Nograles said.

He explained that his new proposal is an improvement of his previous bill law since it no longer requires the homeowner to pay five percent of the dues, before he can avail of the housing loan restructuring plan.

Nograles also said that, unlike his previous proposal, this bill has no expiration and it will be effective for years to come, the press release added.*

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