I have an important question for myself. I bought a house for my Filipino Partner in Bacolod, but I fear I signed a bad sales contract. I paid 70% in cash and for the remaining 30% (1.45 Millionen pesos) the seller gave me a so-called house credit, with a 16% interest rate. In this contract, there is mentioned that if I am not able to pay back the loan for more than 90 days, the seller takes back the house. OK, this is understandable, but afterwards I heard that the seller will not pay back the already paid 3.3 Million pesos. I contacted the seller and he answered shortly yes, I won´t get back any peso, this would be common praxis in the Philippines.

Since I would like to cover the worst case it means in case something happens to me, my partner has to move out without getting one peso. This I would like to avoid and search for insurance by which I can insure this loan of 1.45 Millionen so that my partner is safe. I also contacted more than 10 Banks in Germany but since I am 77 no Bank is willing to give me a Bank Kredit in order to reschedule this house credit.

The most important point is whether the seller is permitted to keep the already paid money and can sell the house again for a double price. Is there the possibility to find an expert lawyer familiar with this topic or is in the Philippines an insurance by which I can insure the housing credit?