This case has been cited 1 times or more.
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2012-02-08 |
PEREZ, J. |
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| Since foreclosure of the mortgage is but the necessary consequence of non-payment of the mortgage debt,[56] FEBTC-BPI was, likewise, acting well within its rights as mortgagee when it foreclosed the real estate mortgage on the property upon Gemma's failure to pay the loans secured thereby. Executed on 26 November 1997, the mortgage predated Antonia's filing of an Affidavit of Adverse Claim with the Register of Deeds of Marikina on 3 March 1998 and the annotation of a Notice of Lis Pendens on TCT No. 337834 on 10 December 1999. "The mortgage directly and immediately subjects the property upon which it is imposed, whoever the possessor may be, to the fulfilment of the obligation for whose security it was constituted."[57] When the principal obligation is not paid when due, the mortgagee consequently has the right to foreclose the mortgage, sell the property, and apply the proceeds of the sale to the satisfaction of the unpaid loan.[58] | |||||