A residential lot in a subdivision was purchased from a Land Developer and a title was transferred to my name. In Feb 2004, I mortgaged the residential lot on a signed Deed of Real State Mortgage to a lending institution. The monthly interest is 6% monthly and 3% penalty every month of delay.
Now, July 2013, I would like to recover the mortgaged property but, the lending institution is asking for 1.5 Million loan repayment including penalties and loan principal. My questions are:
1. Is the 6% interest monthly of the principal and 3% penalty charges monthly allowed by BSP. The loan repayment period is 7 months
2. The mortgagee do not like to issue a Statement of account until full payment is ready to settle( Which I do not have that amount) 3. I would like to proposed a repayment period of Three years to settle the property back.
Appreciate your legal assistance.