They furnished us a Deed of Absolute Sale (not a Certificate of Sale), also the title and tax declaration which was all in pag-ibigs’ name that time pa. But now, we have everything transferred in our name na… What more proof of ownership do we need to make us the rightful owner of this property.

But despite all these and the notice of eviction from pag-ibig, ayaw talaga niyang umalis.. We never expected this to happen, tyrone.
With these legal docs as our evidences, ano pa kaya ang i-counter sa amin ng lawyer nya..

First, you mentioned that the property is foreclosed already. In foreclosure, there is so-called redemption period that gives the previous owner the chance to redeem his or her property. This is usually 1-year. Is the property under this redemption period?

Second, do you have a copy of the title? If you are the owner, then Pag-Ibig should furnish you a copy of it even if it’s not yet under your name (I believe it’s still registered under Pag-Ibig). If you have a copy of it, then who is the registered owner?

Third, what’s your proof of ownership? In foreclosure, I believe if you’ve won in the bid, you should have a Certificate of Sale. This is the proof of ownership of a foreclosed property.

Looking forward to your answers to give you a better advice.

What I thought is a good investment turns out bad? I don’t know what are my chances.. I’m hanging on to a hope that we have not done anything illegal. What advice can you give me? Do u think the law will be on my side? help… Mian

Here in the Philippines, the owner is given 1 year redemption period from the date of foreclosure by the bank. He or she can redeem the property from the bank during this period. After this period, when no redemption happened, the bank can now fully consolidate the title of the property to its name.

The problems start when the loan has been packaged, on-sold and is now part of a CMO. In those situations it is often more difficult to restructure the loan.