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Taking over a housing loan

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1 Taking over a housing loan on Mon Apr 23, 2018 11:26 am

angelic23


Arresto Menor
Hello,

We have took over a condo under a housing loan from the original owner whom was suffering from financial difficulties. We have agreed to pay him 1M with signed contract and continue to pay the succeeding monthly amortization with the bank for almost 11 years. It has not been a very good relationship with the previous owner and now he is demanding us to pay the remaining balance within the year, if not he will stop communicating with us. I would like to know what will happen if he stop communicating with us and not sign the papers with the bank when the loan has been paid off? Are we to file a case against him? Can he demand us to pay everything within a given time frame even if that was not agreed upon originally? Please advise. Thanks,

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2 Re: Taking over a housing loan on Tue Apr 24, 2018 12:07 pm

arnoldventura


Reclusion Perpetua
You may have a signed contract to sell, but I suppose you have no deed of sale yet (it is executed upon full payment). If he does not execute a deed of sale in your favor, you will not be able to transfer the property in your name. https://www.alburovillanueva.com/land-titles-real-property-registration

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3 Re: Taking over a housing loan on Tue Apr 24, 2018 12:57 pm

angelic23


Arresto Menor
Hi Sir,Thank you for your response . Yes, we have only signed a contract to sell and we have been paying the monthly amortization ever since. We wanted to have it recalculated the terms at first but the previous owner has been very arrogant and demanded us to pay everything. Now that he is not responding to us. What should we do?

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4 Re: Taking over a housing loan on Tue May 01, 2018 7:55 am

attyLLL


moderator
Have you been delayed in payments? you should inform the bank regarding your contract to sell. if the owner is not communicating with you, but you have the payments ready, you can make the offer in writing and if he refuses the legal recourse is to file a petition in court for consignment of payments


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5 Re: Taking over a housing loan on Tue May 01, 2018 2:32 pm

angelic23


Arresto Menor
yes sir,payments are up to date without lapses. Now we have decide to stick with the original terms another 10 years. The owner said that he will communicate with us in 2028 . How big are the chances on getting a favorable decision when filing a petition in court for consignment of payments?TIA

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