Real Estate Developer LGTM Corporation – Really Bad Experience
Putting your hard earned money in an investment is a wise thing to do. Or at least that’s what I thought before my experience with LGTM Corporation. This real estate developer so far has given me nothing but headaches. If you want to know why, read on.
Last September of 2008, I decided to purchase 2 subdivision lots with LGTM corporation. I wanted to avail of their zero percent installment plan so I purchased the lots payable in 1 year. For 11 straight months, I have paid every installment for these lots on time. There was not a single installment made past due date. And when I am about to pay for the 12th and final month, they told me that I should hold off paying it and that final payment should only be paid when they finally award the titles for the 2 lots that I purchased. More than a year has passed and dozens of follow ups are made but they can’t give me an answer on when can they give the titles for my purchased lots!
Just this September of this current year, by a weird coincidence, we found out there is a loan under our name in RCBC Savings Bank. Of course, this was shocking for us. But eventually, I came to learn that it was just an assigned receivable by the LGTM Corporation to RCBC Savings Bank. Good thing I was a graduate of an accounting course so this was not difficult to understand. However, we found out that the loan under my name, the assigned receivable, is more than five times as much as the last payment I was told to hold on to until the title can be handed to me! Well, I was of course wondering why is that the case? It has been a year since I made all eleven payments and if there was an assigned receivable under my name, it should be equal or maybe less than the amount that I am holding for the last payment. Doesn’t this also mean that the release of my titles is not being processed? From my point of view, this is still not a good sign.
This made me more impatient of waiting for the titles to be handed to me. As advised by a legal counsel, I insisted on paying the last and final installment for my purchase of the two lots and demanded for a Certificate of Full Payment:
I also asked for an undertaking agreement that should state the exact date when I should get my hands on my purchase lots’ titles:
Despite the undertaking agreement that they issued, I still don’t have the land titles of my purchased lots. This is just really frustrating!
Now do you think putting your hard earned money in an investment such as a parcel of land is still a good idea? I’m no longer sure… So far, buying a land from LGTM corporation has given me nothing but headaches.
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6 Comments on “Real Estate Developer LGTM Corporation – Really Bad Experience”
sorry to hear that joe.d. It is really frustrating! You did the right thing at least you have some papers to hold on now but hopefully everything will work out…
Hi Yani. Yes at least I have some documents that I can use to take legal action. If you have any friends here in the Philippines that could be buying properties, let them know about my situation. This will save them from headaches!
Awww! I feel sorry for you for what happened. But I hope things will still be fixed. And I agree with Yani, at least you have some documents with you that you can use against the company if worse comes to worst. But I’m still hoping that things will be fine. Godbless!
This is really sad and frustrating! Hope that this issue will be resolved soon and that you’ll be able to get your rightful rights to the lots you purchased.
Hi, Joedel! I have a bad experience with LGTM also. If it may help you, I knew an organization who had defeated LGTM in the court. I could give you their contact numbers.
Hi Jenny, I would appreciate any help. I tried contacting you through your email but I’m getting a delivery failure. Can you please let me know how to contact you or that organization? Thanks