Good day Honorable Sirs/Mams,
I have been reading yesterday regarding TCT annotations, loans etc, due to an issue that my friend is currently having with her credit card company as she's defaulted on payments due to some financial problems.
I would apologize in advance as my questions would be on other matters as well, and not just TCT annotation.
I would just like to ask if it is possible for a credit card company to have the TCT of their account holder who defaulted on payments get annotated? And what is the process for this? Does the credit card company have to file a case first before a court, before they can have the TCT annotated at the Registry of Deeds? Or do they have to wait for the court's decision for the property stated in the TCT to be garnished?
If the property is under a bank loan, there would be an annotation on the TCT in favor of that bank, due to the real estate mortgage. Can the credit card company have this TCT further annotated in their favor? If Yes, and assuming they win the court case against the defaulting credit card debtor, the credit card company would have to wait for the first bank to be paid by the debtor, before they can claim the property. Is this right? The credit card company would just be a second priority.
My friend has 15 years left in paying the housing loan. Is there a statue of limitations on credit card debts in the Philippines, and how long? Assuming the statute of limitations is 10 years, could the credit card company still claim the property after 15 years?
Also, my friend is the head of the family and her parents and a sister live in the house, could the court have her house garnished?
I would wait for your replies with much interest.
Thank you very much,