Unupdated Real Property Taxes and Titles on Foreclosed Assets
National Housing Authority · 2022
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What Happened?
Category: ComplianceIssue: Non-complianceProperty titles have not been transferred to the agency after foreclosure, and property taxes remain unpaid, which creates a risk that local governments might seize the properties.
Why It Matters
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Original Audit Finding Excerpt
"Furthermore, except for the property under Account No. 6 where the title is under the name of NHA and another creditor, the remaining seven land properties are still registered under the name of the mortgagors despite undergoing extra-judicial foreclosure of the property and lapse of the one-year redemption period. The payment of real property taxes has not been updated, posing a risk of the Local Government taking possession of the properties"