232107-2019-Villalon_v._Rural_Bank_of_Agoo_Inc..pdf - THIRD DIVISION[G.R No 239986 July 8 2019 ROMA FE C VILLALON petitioner vs RURAL BANK OF AGOO INC

232107-2019-Villalon_v._Rural_Bank_of_Agoo_Inc..pdf - THIRD...

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THIRD DIVISION [G.R. No. 239986. July 8, 2019.] ROMA FE C. VILLALON ROMA FE C. VILLALON, petitioner , vs. vs. RURAL BANK OF AGOO, INC. RURAL BANK OF AGOO, INC., respondent . DECISION PERALTA PERALTA, J p : Before Us is a petition for review on certiorari under Rule 45 of the Rules of Court assailing the Decision 1 dated August 4, 2017 of the Court of Appeals (CA) in CA-G.R. CV No. 106920. The antecedent facts are as follows: On May 18, 1998, the spouses George and Zenaida Alviar (Spouses Alviar) obtained a loan from herein respondent Rural Bank of Agoo, Inc. (RBAI) in the amount of P145,000.00, secured by a real estate mortgage over a residential lot and house of the spouses covered by Tax Declaration Nos. 93-001-43749 and 93-001-52100 located at Barangay I, San Fernando, La Union. On the same date, the mortgage was registered with the Register of Deeds of La Union. The loan became due and payable on February 10, 1999, and was renewed for four (4) times with the following due dates: August 9, 1999, February 4, 2000, August 2, 2000, and January 26, 2001; all evidenced by a promissory note. On July 30, 2000, the Spouses Alviar borrowed P400,000.00 from herein petitioner Roma Fe C. Villalon (Villalon) which was secured by a Real Estate Mortgage executed on July 30, 2000 over the same residential lot and house which the spouses used as collateral with RBAI. The real estate mortgage was registered with the Register of Deeds on July 6, 2001. On several dates, the Spouses Alviar obtained additional loan from RBAI in the amount of P50,000.00 and P30,000.00, both secured by a real estate mortgage over the same residential lot and house. For their failure to pay their loan, an extrajudicial foreclosure was resorted to by RBAI. The foreclosure sale was reset to several dates. The Spouses Alviar, likewise, failed to pay their loan to Villalon. Thus, Villalon applied for the extrajudicial foreclosure of the mortgaged realties. The foreclosure sale was conducted on June 26, 2002, wherein Villalon was declared as the highest bidder, with a bid of P1,050,000.00. A Certificate of Sale of Real Property was issued to Villalon on June 27, 2002, and the same was registered with the Register of Deeds on July 5, 2002. On June 16, 2004, the foreclosure sale initiated by RBAI Cnally pushed through. RBAI was the highest bidder with a bid of P341,830.94 and the corresponding CertiCcate of Sale was issued to it. On October 14, 2005, RBAI paid the requisite fees, but despite its request, the Certificate of Absolute Deed of Sale was not issued to it. CAIHTE On the other hand, a CertiCcate of Absolute DeCnitive Sale was issued on August 6, 2007 to Villalon, who had been in physical possession of the property since its CD Technologies Asia, Inc. 2019 cdasiaonline.com
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foreclosure in 2002. Villalon had it declared for taxation purposes in her business name " Villalon Lending Investor ," and had paid realty taxes for the same. Upon discovering this, RBAI Cled a Complaint for recovery of sum of money and damages before the Regional Trial Court (RTC) of Agoo, La Union against Villalon and the Spouses Alviar, claiming principally from Villalon, and alternatively from the Spouses Alviar, the amount of P750,818.34. RBAI alleged that since the mortgage of
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