I have a title that I mortgaged to the bank in 1997. A year after I have my property mortgaged, the bank closed. Since then, I had no way of contacting the closed bank.
Just lately, I went to the Register of Deeds to check on the title that was mortgaged to the bank. The title is still under my name although there is an annotation appearing at the back of my title about the mortgage. Also the title was given to the Central Bank together with the titles of other clients of the closed bank. My due appears as P150,000,000.00. Actually I borrowed only P1,000,000.00.
Fourteen years have passed since the time I mortgaged my property to said bank that closed. The title has not been transferred to the name of the bank or Central Bank. Neither did I get any notice from either bank since the bank closed. I want to reclaim back my title. Please guide me what to do.
Do I have the chance to get back my title. What expenses will I pay? Will Central Bank charge me my loan and interest for it?
Thank you. Priscilla