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Foreclosed Property

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1 Foreclosed Property on Tue Nov 01, 2011 11:14 pm


Arresto Menor
Hi! I mortgaged my properly to a known lending institution for 200k (value of property is 1M) last Nov 2010 for 2 years. I paid my monthly amortization but due to financial problem I was not able to pay since feb 2011 to Apr 2011). A collection agent came and I asked for a restructuring of my account but it was disapproved. I started to pay my monthly amortization again since May 2011. Last August I received a notice of foreclosure so i went to the lending company and the collection officer told me to ignore it as long as I am paying. I was not informed to pay immediately the unpaid monthly amortization and the penalties. Last October they did not accept my payment and told me that my property was already foreclosed. I asked them why when I am already paying the monthly amortization regularly (I planned to pay the unpaid amortization and penalties later when I have already an extra cash thinking that my account will still be due until october 2012). They told me that i am a delinquent borrower and that their action/decision of foreclosing my property was stipulated in the contract. I told them that I didn't have a copy of said contract and that I was not even informed nor educated of the rules/consequences of non-payment. It may be true that I had signed a contract during the application for loan since it was a requirement, but I was not given a copy of it. Recently I received a notice of extrajudicial sale on nov 9, 2011 from the office of the ex-officio sheriff. What will I do? I don't have cash today and it wont be easy to sell the property immediately so I can pay it. Can I sue the lending company for such brutal and inconsiderate act? I feel I was betrayed because they were receiving my payment. I know they have violations in the lending act. Can I file a complaint to the Central Bank of the Phil? Is there a possibility for me to recover my property? How can I stop this notice of extra judicial sale? Please advise.

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2 Re: Foreclosed Property on Thu Nov 03, 2011 2:34 am


get a copy of the loan contract. it probably states that you authorized them to sell your property if you are unable to pay your loan.

after the auction, you have one year to continue occupation of the property and to pay the winning bid.

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