Notice to mortgagor is required prior to extrajudicial foreclosure
Dear PAO,I recently discovered that my property, which I used as collateral for a loan, was extrajudicially foreclosed by the bank without any personal notice. The bank told me that under our contract, in case of default, they may exercise all legal remedies without need of notice or demand, including the extrajudicial foreclosure of the property.
However, in the recent case of Philippine Savings Bank v. Josephine Co , the Supreme Court revisited this interpretation, stating:'Notwithstanding the absence of an express directive under Act No. 3135, principles of due process and the utmost diligence of banks require that mortgagors be personally notified of extrajudicial foreclosures of their mortgages prior to public auctions.
To Mortgagor Is Required Prior To Extrajudicial Foreclosure
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