![]() This is called the EQUITY OF REDEMPTION PERIOD.Ĥ. Within this 90 to 120 day period, the mortgagor has the chance to pay the obligation to prevent his property from being sold. If, after trial, the court finds merit in the petition, it will render judgment ordering the mortgagor/debtor to pay the obligation within a period not less than 90 nor more than 120 days from the finality of judgment.ģ. The mortgagee should file a petition for judicial foreclosure in the court which has jurisdiction over the area where the property is situatedĢ. JUDICIAL FORECLOSURE UNDER RULE 68, RULES OF COURTġ. This should not exceed the period of 5 years from actual possession. The foreigner may only take possession of the mortgaged property after default, and for the sole purpose of foreclosure, enforcement or other proceedings. He could only possess the same as a lessee.ģ. The foreigner may not take possession of the property during the mortgage. Furthermore, he cannot bid or take part in the sale of the real property.Ģ. ![]() Nonetheless, he can only institute judicial proceedings and not extrajudicially foreclose the mortgage. This Act shall take effect upon its approval.ġ. All laws, orders, or regulations, or parts thereof inconsistent with the provisions of this Act, are repealed or modified accordingly. Take possession of the mortgaged property except after default and for the sole purpose of foreclosure, receivership, enforcement or other proceedings and in no case for a period of more than 5 years from actual possession and shall not bid or take part in any sale of such real property in case of foreclosure: Provided, that said mortgagee or successor in interest may take possession of said property after default in accordance with the prescribed judicial procedures for foreclosure and receivership and in no case exceeding 5 years from actual ![]() ![]() Any provision of law to the contrary notwithstanding, private real property may be mortgaged in favor of any individual, corporation, or association, but the mortgagee or his successor in interest, if disqualified to acquire or hold lands of the public domain in the Philippines, shall not take possession of the mortgaged property during the existence of the mortgage and shall not > Once the proceeds have been applied to the payment of the principal obligation, the debtor cannot anymore be asked to pay unless there is deficiencyĪN ACT TO AUTHORIZE THE MORTGAGE OF PRIVATE REAL PROPERTY IN FAVOR OF ANY INDIVIDUAL, CORPORATION, OR ASSOCIATION SUBJECT TO CERTAIN CONDITIONS > Essence of mortgage contract-property has been identified and separated from a mass of the property of the mortgagor to secure the payment of a principal obligation > A mortgage contract may contain an acceleration clause-on occasion of the mortgagor’s default, the whole sum remaining unpaid automatically becomes due and payable > The right to foreclose the mortgage and to have the property seized and sold with a view to applying the proceeds to the payment of the principal obligation > Denotes a procedure adopted by the mortgagee to terminate the rights of the mortgagor on the property and includes the sale itself Remedy available to the mortgagee by which he subjects the mortgaged property to the satisfaction of the obligation to secure which the mortgage was given
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