Summary
She thought she'd found an affordable way to own a home in the Philippines. Instead, she lost around 280,000 pesos (US$4,400) and had to move out.
But Riza Villacarlos didn't give up on home ownership. She bought a repossessed property for around 1.1 million pesos (US$17,500), hoping it would finally give her family a place to call their own. The catch? Unexpected repairs, unpaid bills and mortgage repayments stretched her already tight budget. She even had to take out another loan.
Was buying a cheaper home really worth it? And what should buyers watch out for when considering repossessed properties or mortgage takeovers?
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