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Unforeclosed lot that was omitted in the foreclosure case by the bank

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bongabila


Arresto Menor
Dear Sirs/Madams:

I had mortgaged to a bank two properties which were located in different localities. Last year the bank has foreclosed on my mortgage but they failed to include one of the properties in the court action. My question is whether the foreclosure of one property could be considered as the consummation of the mortgage. Therefore, the other property which they failed to foreclosed is now considered free from the mortgage and thus, I as owner, could take it back. If this is so, what action should I take?

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attyLLL


moderator
was it an extrajudicial foreclosure, meaning there was an auction? did the bank purchase it? has a certificate of sale been issued? is the sale annotated on the title?

what kind of property is it, residential, commercial? in whose name, a person or corporation? are you still in possession of the property?


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bongabila


Arresto Menor
There two properties mortaged to the bank, both are residential. One is in Las Pinas and the other in Cavite. It was I think extra judicial as there was an auction but we are still in possession of the property that was already foreclosed. The property in Cavite was not included in the foreclosure case.

Thus, I wish to know if there is something I can do to get back that property in Cavite.

Thank you for your attention.

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bongabila


Arresto Menor
it was the bank who purchased it. I however do not know if a certificate of sale has been issued but I think, there was already this certificate. The properties were both under my personal name.

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attyLLL


moderator
find out if the sale price of the foreclosed property covered the entire amount of the loan. if it did, then you can demand that the bank issue a certificate of release of mortgage for the second property because your obligation is already extinguished.

you have one year to occupy the property after the certificate of sale is annotated on the title. you can also redeem the property during this period by tendering the sale price.


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