Legal Question in Real Estate Law in Philippines

Hi....Im from the Philippines...I had a 25-year real estate mortgage in 1996. I resigned in 2000 and was unable to continue payments becaise i didnt have work until 2001. During this period until end of 2011, I didnt receive any demand letter from the bank nor a foreclosure letter. Then suddenly after 10 years, we received a demand letter from the Acquired assets dept that we have unpaid loan. I dont want to pay anymore and i thought the bank has already foreclosed the property long time ago. What is the legal remedy for this? Thank you


Asked on 2/14/12, 9:04 pm

1 Answer from Attorneys
VOLTAIRE T. DUANO VOLTAIRE T. DUANO LAW OFFICE

You can assign your property in payment of the loan.

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Answered on 2/15/12, 8:48 am


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