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Validity of mortgage agreement

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1 Validity of mortgage agreement on Thu Dec 22, 2016 3:15 pm

gevalove


Arresto Menor
My late uncle borrowed a sum of money to his cousin, who was leaving in US, in year 2000. A mortgage agreement was formed using the borrower's property where his house is erected. The mother of the lender, who was also the aunt by blood of the borrower, was the negotiator between the two parties. The agreement has only one signatory, the borrower's signature. The lender's signature wasn't in the agreement. In year 2003, the borrower wrote to his sister indicating he already paid the money he borrowed in the form of a titled property(other property of the borrower) with a value of more than the sum of the money he borrowed. But the title of the paid mortgaged property is still in the possession of the lender's mother( borrower's aunt) to keep it safe and avoid mortgaging again to other in the future. The lender died in year 2004. The negotiator died in year 2009. The borrower died in year 2015. But as soon as the borrower death, the mortgage agreement reappear and according to the siblings of the lender the agreement still exist. They(lender's siblings) filed the mortgage agreement in the Register of Deeds three(3) months after the borrower"s death(15 years after the mortgage) with the help of their representatives who's working as a government employees because all of the siblings and family are living and are citizens of US. THEY are already filing for a foreclosure proceedings. The successor of the borrower(the sister) was not been notified of all the actions made by the lender's siblings. The borrower's successor known all of these just last month. She want to keep the property as her brother's will. What should she do with the letter to prove the words of her late brother to redeem the title of the property? Please share some helpful advise. Thank you.

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2 Re: Validity of mortgage agreement on Thu Dec 22, 2016 6:06 pm

Lunkan


Reclusion Perpetua
Well. Impossible to know what's true. Some odd things:
/IF the loan was paid back, why was the title not returned back then...?
/BUT it's odd the Foreclosure started so hasty and AFTER instead of before any involved was still alive...

I don't know if there are any DEADLINE TIME in the Philippines for demands. In my home country demands are LOST if not demanding pay or reminding (ptovable) within 10 years (=so by reminding in time it's possible to get pay for depts elder than 10 years.)
I hope someone else here can tell that. Otherwice ask PAO or a lawyer if that can be a solution.
Anyway tell the Foreclosure procedure IN TIME in writing you disagree and why.

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3 Re: Validity of mortgage agreement on Sat Dec 24, 2016 8:35 am

gevalove


Arresto Menor
There is NO time duration included in the agreement

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4 Re: Validity of mortgage agreement on Sat Dec 24, 2016 6:06 pm

Lunkan


Reclusion Perpetua
gevalove wrote:There is NO time duration included in the agreement
I ment I don't know if it's any general expire date in the Philippines. In my home country it's 10 years.

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