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SANGLA over 40 years ago

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1 SANGLA over 40 years ago on Sat Oct 10, 2015 1:44 am

evangelista31


Arresto Menor
My wife's great grandmother pawned a lot she owned for a mere sum of Php300 40 years ago as she was experiencing extreme financial difficulty at the time. It comes to light recently as the person she pawned the lot to (Mr A) sold it recently making an extremely high profit (extremely high!).

One of the family was assigned as a driver to the (Mr A) and he overheard when the sale was going on. The buyer asked where are the original owners and Mr A said they were all dead.

I understand that they failed to pay back the pawned lot but do they have any case in trying to acquire back some of the profits of sale? We are talking an extremely large sum and it is sad to see that my wife's family is still suffering in poverty whilst Mr A and his family are now being extravagant with their new found riches.

Please assist if you can. Kind regards,

Mr Evangelista

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2 Re: SANGLA over 40 years ago on Sat Oct 10, 2015 2:32 am

Lunkan


Reclusion Perpetua
I'm not sure when it's collateral to PRIVATE lenders, but when bank take the collateral, then earlier owner (and I suppouse hiers) have right to BUY IT BACK within a year from when it's SOLD for a static sum, which the official control* decide, and that sum is UNDEPENDING of what the sell price is.
I GUESS it's same law for private lenders.

300p was much money 40 years ago. So perhaps it wasn't any big profit as you think.
And counting interest 40 years become MUCH, interest is counted at the INTEREST too, so the sum became enormous even with a low interest, which I guess it wasn't... BUT - I don't know - perhaps ISN'T interest counted during all the years A have had possesion of the land.
So DON'T expect the buy back price will be low, it can be very high, but it's worth checking.

*I don't remember the name of that control. I have it in my notes somewhere, but I have a lot of notes, so I hope someone else know Smile
And you can ask PAO or the baranggay office for assistance.

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