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Deed of Sale with Assumption of mortagage

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1 Deed of Sale with Assumption of mortagage on Tue Apr 19, 2011 8:33 pm


Arresto Menor
Good day po,

I signed a deed of sale with assumption of mortgage last year. The owner sold his real property to me amounting to 125,000. He let us move in the house even without any payments yet. I applied in HDMF for the assumption and unlucky it was approved. However, the monthly amortization was too high and business became shaky last year so it was too difficult for me to pay the amortization in pagibig. Question sir, will be possible that we just return the property to the original owner? The amount of the house became 300% bigger due to original owner's interest. He was a delinquent payer. Now, that he is demanding for the 125,000 and me struggling to pay the monthly amortization. I dont know what to do anymore.

Your legal advice is needed badly. Thanks

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2 Re: Deed of Sale with Assumption of mortagage on Wed Apr 20, 2011 10:47 pm


you signed a deed of sale, but did not transfer the property? the title and still in the name of the previous owner?

there is no problem to return the property, but it is up to your agreement whether there will be any payments between you.

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3 Re: Deed of Sale with Assumption of mortagage on Thu Apr 21, 2011 11:18 am


Arresto Menor
Yes, I signed a deed of sale with assumption of mortgage. The property was loaned thru pagibig funds. The property is still under the original owner. But the contract was given to pagibig as part of the requirements of the loan restructuring.

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4 Re: Deed of Sale with Assumption of mortagage on Thu May 18, 2017 12:49 pm


Arresto Menor
Good day,

I have an existing car loan with a bank, i am planning to sell my vehicle to support the medical expense of my dad. My question is: Can I sell the vehicle even if it still has a balance with the bank? This thread is about "Deed of Sale WIth Assumption of Mortgage", do I need to inform the bank and get their approval for the assumption? Will they allow it? Thank you very much for your kind reply.

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5 Re: Deed of Sale with Assumption of mortagage on Thu May 18, 2017 1:12 pm


Reclusion Perpetua
yes, this should be done through the bank and the loan should be transferred to the prospective buyer in order to be legal.

please bear in mind that if the car is still under mortgage, then technically the car is owned by the bank. hence, you cannot sell it as it is not your property.

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6 Auto Loan Contracts, unpaid credit cards. on Fri Oct 20, 2017 4:16 pm


Arresto Menor
Good day po,

This is in relation with my first query. I have an auto loan with a bank, i have a remaining 8 months to pay to full pay it (updated payment). Unfortunately, i also have a credit card with the same bank that is already past due for 3 years now. My questions are:

1. Do the bank have the right to hold the release of the orig OR/CR and cancellation of Chattel Mortgage if i fully paid my auto loan with them?

2. Can they garnish my car as payment in case they file a collection case against me?

3. Does the effectivity of the Auto Loan Contract ends when the loan is fully settled?

I am planning to sell the car after it is fully paid to support the medical expenses of my father. Really need advice. Thank you very much in advance, will greatly appreciate it.

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