Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Foreclosure law in Cavite City, and the Philippines in general, deals with the proceedings through which an outstanding mortgage or lien holder may liquidate or sell a property due to a failure by the borrower in making mortgage payments. Foreclosure proceedings in Cavite City operate under the wider context of Philippine law, including the Chattel Mortgage Law and the Real Estate Mortgage Law. A key tenet is that the homeowner has the right of redemption, i.e., the right to repurchase the property, within a set time frame after the foreclosure sale.
If you are a homeowner facing foreclosure, it may be wise to consult with a foreclosure attorney. Legal professionals can guide you through the potential alternatives to foreclosure, help in negotiations with the lender, and ensure your rights are protected throughout the process. Additionally, if you are a buyer interested in purchasing a foreclosed property, having a lawyer guide you through the process can help prevent potential legal issues in the future.
The foreclosure process in Cavite City is guided by national laws, primarily the Real Estate Mortgage law (Act No. 3135). This law states that the foreclosure sale must be conducted in public, and all reasonable efforts should be taken to get the best price for the property. Additionally, the law also provides the mortgagor a right of redemption. This right allows the homeowner to reclaim their property by paying what they owe, plus all costs, within one year from the registration of the foreclosure sale.
Yes, foreclosure proceedings can be halted if you can pay your outstanding debts and associated legal fees. This process is often called 'reinstatement'.
Yes, the Right of Redemption law in the Philippines allows you to reclaim your property within one year from the registration of the foreclosure sale.
If the proceeds from the foreclosure sale aren't enough to cover your outstanding debt, the mortgage lender can obtain a deficiency judgement from the court to recover the remaining balance.
Yes, buying a foreclosed property directly from a bank is possible. However, it's recommended that you involve a lawyer in this process to safeguard your interests.
No, immediate eviction after foreclosure is not permissible under Filipino law. A separate eviction process must be initiated by the new owner before you can be legally evicted.
For further assistance, you may reach out to local governmental bodies such as the Cavite City Local Government Unit or the Department of Justice of the Philippines. Non-profit organizations like the Integrated Bar of the Philippines also provide free legal aid. The Philippine Courts website is also a rich resource of information on legal processes, including foreclosure.
If you're in need of legal assistance regarding a foreclosure, consider consulting with a lawyer who specializes in foreclosure in Cavite City. The lawyer can guide you through the specifics of your case and explain any potential legal remedies available to you. Remember, it's important to act quickly to help protect your property and rights.
