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Debt Collateral

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1 Debt Collateral on Wed Mar 22, 2017 2:45 pm


Arresto Menor
My mom was authorized by her sister to pay their monthly mortgage of a property in a subdivision. My moms sister is in hawaii. However, my mom did not pay the monthly mortgage because she used it to pay for my tuition fees instead. Now, the property was retrieved by the developer. So my moms sister insist to get paid the whole amount. Since we do not have that amount, my dad use our house and lot as collateral. My moms sister sent a deed of sale they created in hawaii. Mom and dad signed the deed of sale and even gave the title to them since they asked for it. Now, my question is. Can we still get the title back if we asked them that we will pay them in a monthly basis. We will agree to sign a promisory that we will pay the whole amount in a specific timeframe, lets say within 5 years. I wish you can provide answer and other options we can do. My mom passed away just recently.

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