Section 5October 13, 2008, Sec./Art. 5

Exclusion from Coverage. - In no instance shall the following housing loan accounts be covered by this Act:

(a) any account without a single payment since take out;

(b) an account which housing unit has been abandoned by the borrower-owner for more than one (1) year from the date of delinquency;

(c) an account which housing unit is occupied by a third party other than the original registered beneficiary or his/her legal heirs;

(d) an account that has been foreclosed or a contract-to-sell that has been cancelled, or has been surrendered to the GFIs or housing agencies through dacion en pago, the title of which has already been consolidated/transferred in the name of the GFI or the housing agency; and

(e) Pag-IBIG Fund contract-to-sell accounts covered by the developers's buy-back guaranty.