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