Legal Question in Credit and Debt Law in Philippines
If a we forclose a real estate property by extra judicial forclosure,
q1. can we ask for additional payment? and claim that the forclosed property is not sufficient with the loan balance
q2. can we at the same time file a case with the court?
q3. if yes, civil or criminal case? pls clarify what to file.
Asked on 5/17/12, 9:03 pm
1 Answer from Attorneys
VOLTAIRE T. DUANO
VOLTAIRE T. DUANO LAW OFFICE
Yes, you can still collect any deficiency, if there be any. Civil case for collection of the deficiency.
Answered on 5/21/12, 11:40 pm
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