We are looking to buy a fortuner car that is still mortagaged in RCBC. Unfortunately the car had been hit last dec and the insurance is now expired and the approval that it can be fixed just came out last july 14. also the car has almost 3 months arrears in the bank.
What are the procedures that should be followed? Will the bank allow us to assume the mortgage of 3 years and just update the payment? How about the damage? If we secure a new insurance can we put it under our name? If we dont transfer or change the name of the OR/Cr will we have problems once we fully pay the car? Is the deed of sale with assume balance and us issuing a new set of checks for the bank be good enough?