For a big bank, they foreclose once no. of defaulted payments reaches a trigger i.e. around 90 days.

As far as BPI Family Bank is concerned, the borrower in their records is the first party (not the one who "assumed balance"). Kaya when nag-default, ang blacklisted diyan ay yung original borrower i.e. yung nakapirma sa Promissory Note ng BPI-FB. By blacklisted, ang ibig sabihin niyan ay yung pangalan niya at pangalan ng kanyang esposo ay sinubmit na sa Credit Bureau ng Bankers' Association of the Phils. For a period of 15 years, naka-ukit yung pangalan niya sa Negative Database na iyon. So for the next 15 years, whenever they apply for a car loan, a business loan, a housing loan and even a credit card, disapproved application nila for sure. Bad credit record. No Bank will touch them with a 20 foot pole. Ganun ka-grabe ang consequences ng kanilang "indiscretion".
Take note, pag nakasama asawa mo sa Negative data base, kasama ka na din sa blacklist kahit na binabayaran mo lahat ng utang mo. Bantayan ang gastos ni Misis.