Assumption of Mortgage

[jake.alamani]

My boss and I had signed a Deed of Sale with Assumption of Mortgage and a SPA authorizing me to carry out all necessary steps to make the deed binding against the whole world. One of the provisions of the deed is "The VENDEES shall assume paying the abovementioned mortgage beginning xxxxxxxuntil the termination thereof. The assumption shall be carried out by way of depositing the corresponding payment with the VENDOR’s pertinent bank account with RCBC; " Now, I want to change all the pertinent papers to my name i.e. LTO, chattel mortgage, etc... I read here that usually banks frown on assumption of mortgage considering the procedures that have to be undertaken, change of mortgage, etc.. Now my question is, can it be done? I know its hard but would the bank allow such assumption of mortgage? I just want to be protected din kasi although I trust my boss so much, hope you could help me with my query, thanks so much.

[shadow]

from what I understand bank will not allowed this kasi ang kausap nila is yun boss mo and not you, and I don't think your boss can sell you the car (I assume) since it's still not his, unless he will pay the bank na the whole amount...your boss technically can't make a side contract with a third person while the car is still under a loan with the bank.

if you can afford naman yun monthly payments, apply ka na lang on your own then pay off your boss para nasaiyo na yun name and all...kausap mo na lang sariiling bank mo

most bank will not transfer the loan agreement from one person to another...bakit pa sila magpapagod wala silang pakialam kung ayaw na ng boss mo yun binili niya or kung hinde na niya kayang bayaran,, either pay off ng boss mo or hihilahin ng bank niya yun kotse...

[_Qwerty_]

bayaran muna yung loan.. then change of ownership na lang siguro.

[willvill]

I don't think there would be a problem with assume of mortgage provided there is good faith between buyer and seller.

The seller will execute a conditional deed of sale at first while the car is not yet fully paid with bank. An absolute deed of sale follows upon full payment and release of mortgage will have to be made.

Armed with OR/CR, Release mortgage document, and Deed of absolute Sale, the buyer may then proceed to LTO and register the car in his name.

The car will have to be fully paid first before any act of transferring.

[precillano]

My boss and I had signed a Deed of Sale with Assumption of Mortgage and a SPA authorizing me to carry out all necessary steps to make the deed binding against the whole world. One of the provisions of the deed is "The VENDEES shall assume paying the abovementioned mortgage beginning xxxxxxxuntil the termination thereof. The assumption shall be carried out by way of depositing the corresponding payment with the VENDOR’s pertinent bank account with RCBC; " Now, I want to change all the pertinent papers to my name i.e. LTO, chattel mortgage, etc... I read here that usually banks frown on assumption of mortgage considering the procedures that have to be undertaken, change of mortgage, etc.. Now my question is, can it be done? I know its hard but would the bank allow such assumption of mortgage? I just want to be protected din kasi although I trust my boss so much, hope you could help me with my query, thanks so much.

Hi can you send me an example of your assumption of mortgage & SPA bro? thanks bro. my email investph*yahoo.com

[Echoboy]

bayaran muna yung loan.. then change of ownership na lang siguro.

Ayun ang pinaka best na gawin.
Tama c sir.

[kris_13]

bayaran muna yung loan.. then change of ownership na lang siguro.

Ayan ang maganda gawin. Alam ko hindi pinapayagan ng bank ang pasalo. Nakalagay din sa contrata na bawal isanla o ibenta. hehe

Dati may nagask sa misis ko na kung pwede ipangalan sa kanya yung autoloan at ipapa transfer nalang daw sa name nya. sabi ko walang ganon! HELL NO!