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sandhie13lvog · Joined: 01 Sep 2010 Posts: 1 1.00 Dollars($)

the mortgage contract is already due and the mortgagor still hasn't paid her loan.however my concern is the land title which is the collateral for the said loan was not under her name,its still under her father's name but she said that it's her inheritance. what would be the remedy for me to compel her to pay,can i forclose the said title or sell it?will the right of ownership of the said title can be transfer to me automatically?

Guest

this letter will serve as a formal notice to you that you are defaulted of your obligation to repay the sum of Pxxxx which was advanced to on November 28,2009 plus the interest of P12,000 which covers for the month of april to august.

This amount has been overdue since July 15, 2010 and you have failed to repay the same despite repeated requests for payment by myself.Recently you have stopped answering my phone calls. i can only assume that you have no intention in settling your loan.

if you doo not bring you loan current within 12 days of the date of this letter i will demand the entire balance outstanding under the terms of your loan contract agreement. this amount includes,but not limited to, the principle and interest and all other outstanding charges and cost,together with the legal expenses. i will start legal action to foreclose the said property you have given as a collateral which will result in the sale of the property if you still failed to settle you loan within the stipulated time that i provided.

Kindly govern yourself accordingly.

yours truly,

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