A 1 execution of contract of loan and rem agreement

A:
1. Execution of contract of loan and REM
agreement with the corresponding SPA.
2. Default of the mortgagor debtor either
by:
a. Non payment; or
b. Violation of the terms of the loan
or REM agreement.
3. Filing of petition for sale with clerk of
court who acts as ex officio sheriff
(A.M. No. 99 10 05 00). Afterwards,
the clerk of court will raffle it among
the sheriffs, who shall conduct the
foreclosure sale once given the
authority to do so.
Note: Petition is filed where the property
is located. In case the mortgaged
properties are located in different
provinces, the venue of the extrajudicial
foreclosure proceedings is the place
where each of the mortgaged property is
located.
A mortgage action prescribes in 10 years
from the time the right of action accrues,
that is, from the time the mortgagor
defaults in the payment of his obligation
to the mortgagee and not from the date
of the execution of the mortgage contract.
(Cando v. Spouses Olazo, G.R. No. 160741,
Mar. 22, 2007)
4. Compliance with certain jurisdictional
requirements:
a. Publication in a newspaper of
general circulation once a week for
3 consecutive weeks; and
b. Posting of the notice of sale for
not less than 20 days in at least 3
public/conspicuous places in the
province or municipality where
property is located.
Note: A certificate of posting is not
indispensable for the validity of an
extra judicial foreclosure sale of real
property. What the law requires is
the posting of the notice of sale and
not the certificate of posting. (DBP v.
CA G.R. No. 125838 June 10, 2003)
5. Foreclosure the remedy available to
the mortgagee by which he subjects the
mortgaged property to the satisfaction
of the obligation to secure which the
mortgage was given. (59 C.J.S. 482)
6. Registration of sale with the RD This
pertains to the annotation of the sale to
the TCT on file with the RD.
7. Redemption The mortgagor reacquires
or buys back the property, which may
have passed under the mortgage.
8. Consolidation of title By filing affidavit
with RD. The Affidavit of Consolidation
of Title must indicate the relevant dates
to show mortgagor s failure to redeem
within the allowable time. This enables
the mortgagee to acquire full ownership
over the property. His inchoate right
ripens to full ownership.
9. Cancellation of the title of the
mortgagor and Issuance of a new title in
favor of mortgagee The basis of which
is the order of court confirming the sale.
10. Petition for a writ of possession There
is no need to file an ejectment suit.
Here, the mortgagee employs force to
oust the mortgagor from the property.
This writ may be even issued during
redemption period provided the
mortgagee issued a bond, but the grant
of which is discretionary on the part of
the court. But if the petition for the
writ is filed after the expiration of the
redemption period, the issuance of
which is ministerial on the part of the
court. This writ can be issued without
the issuance of a bond; in fact it can
even be issued ex parte. The writ
cannot be suspended even by the filing
of the mortgagor of an action to annul
the foreclosure sale.

UST G