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Prepaid lease and bank forclosure

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1 Prepaid lease and bank forclosure on Sat Feb 11, 2012 9:57 am

neisz


Arresto Menor
Hello, thank you for this site.

I entered into a lease contract for two years with the landlord. I felt that I had negotiated a good deal and paid two years in advance.

Now six months later I get a letter from a bank saying that they forclosed on a loan and are now the owner of the property. I went to the bank and showed them my lease and they said that they will not honor it and I have to vacate.
Location is Cebu City, Philippines

Please, Do I have any rights?

Thanks
Dave

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2 Re: Prepaid lease and bank forclosure on Sat Feb 11, 2012 3:53 pm

attyLLL


moderator
when was the auction? before or after the start of the lease?


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3 Re: Prepaid lease and bank forclosure on Sat Feb 11, 2012 3:57 pm

neisz


Arresto Menor
After the start of the lease.
But the loan was taken out prior to the lease.

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4 Re: Prepaid lease and bank forclosure on Sat Feb 11, 2012 6:26 pm

attyLLL


moderator
if i were your lawyer, i would argue that the lease is binding upon the purchaser at the auction because they should have inspected the property before buying it, and had they done so, they would see that it is being leased.

argue also that a purchaser at auction is just like any other buyer, you merely step into the shoes of the seller so you absorb the the seller's rights and obligations.

if the redemption period is over, you should monitor if the title has been transferred to the bank and when the bank will file a petition for a writ of possession. you should file an opposition. note, you have to actively monitor this because you will not be given any notice.


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