assume balance problem

[dr. d]

Meron naman siya capacity eh. So I don't think that's the reason.

just thinkin' out loud, sir...
in addition to the five "Cs", there is the one, all-important "R". rules.
some banks may be willing to bend the rules a bit, for favored clients... other banks may not be as accomodating..

i may have several millions in the bank, but that does not mean, i can over-draw from my same-bank credit card just like that...

let's ask TS... sir, can you ask your boss, why his request for loan transfer was dis-approved?

[ninjababez]

Ganun pa rin naman lalabas. Parang loan ng second hand car pero doon Sa bank Lang niya na meron siya deposit mag loan. Then bayaran ng bank niya where you had your car loan.

bro yung isang loan (subaru) nasa ucpb, then yung payroll, checking and savings nasa bpi. sa bpi din namin pinatransfer yung mortgage.

baka naman, hindi pa fully paid yung na-unang loan..?

di pa nga tapos bro, pero less than a year nalang yun (afaik mga 6 months remaining nalang)

[win23]

[QUOTE=squeesix;2702666]+1 - talk to the bank, & the original owner, seek legal advice if you can have it beforehand.[/QUO

Talked to the bank. Advice lang nila sa akin is to settle untill matapos ang 5yrs loan. Magbayad kami kahit wala yun car? Eh walang wala na po kami. Meron pa po ba possible option or ma stop ang mo amort for the meantime hanggat inaayos namin yun kaso? Pwede po ba ipa forclosed or reposses yun unit? Tnx po.

[dr. d]

[QUOTE=win23;2703927]

+1 - talk to the bank, & the original owner, seek legal advice if you can have it beforehand.[/QUO

Talked to the bank. Advice lang nila sa akin is to settle untill matapos ang 5yrs loan. Magbayad kami kahit wala yun car? Eh walang wala na po kami. Meron pa po ba possible option or ma stop ang mo amort for the meantime hanggat inaayos namin yun kaso? Pwede po ba ipa forclosed or reposses yun unit? Tnx po.

interesting...
i do not see how the bank can re-possess the car since it was "misplaced"...

when you bought the car from the "original owner", did the bank approve of the transfer on paper? (i assume this is what bank confirmation means, right?) if not, then the owner of that car is probably still the first owner.
and when you sold the car to the third owner, did the bank approve on paper, just like it did with the first transfer? if it did, then the third owner is the only one the bank can run after.

but if all documents say you are the owner, then you are liable, sir.
in the trip to jerusalem, you ended up without a seat.

but i am curious... why is the original car owner still interested in the case? if he transfered all ownership claims to you fair and square, he should not be interested in the least anymore...

while it may be true that no one may be jailed for indebtedness in this country, i am curious as to how the bank may recoup its loan...
good luck, po.

[Dende]

Nag assume po ako ng car sa 1st owner then After a year of payments I decided to forward to other person because of my financial changes. Nag execute po kami ng conditional deed of sale at bank loan confirmation. Ang problema po yun pinag pasahan ko ay sindikato. Meron din lumabas na victim. Same person Lang. Till now wala pa po ako actions na ginagawa. Gusto ni first owner bayaran ko ang balance sa bank which is 4yrs pa. Kaya nga po ako nag decide I-forward dahil s status of financial ko. Ano po kaya ang dapat ko gawin? Demand po ba ako ni bank at first owner? May obligation pa rin ba ako sa bank kahit wala na yun sasakyan sa akin? What if hindi ko kaya bayadan ang monthly amort? Baguhan Lang po ako dito .. Need help po talaga .. Salamat..

Kanino nakapangalan yung loan sa bangko? Kung kanino nakapangalan yung loan siya ang may obligasyon magbayad.

Tingin ko nakapangalan sa first owner yung loan dahil interesado pa siya.

Saka sa pagkakatanda ko, hindi pumapayag ang bangko sa "assume balance". Yung pinagtratrabahuan ko noon at ngayon hindi pumapayag. Yung mga dokumento na inexecute ay sa pagitan nung bangko at ng original owner. Sa pagkakaalala ko rin eh hindi tumatanggap yung bangko ng third party checks. Yan kasi yung madalas na mode of payment sa assume balance.

Kung wala kang pinirmahan na dokumento sa bangko ay di ka pwede obligahin ng bangko na magbayad - kaya yung original na owner ang nangungulit sa iyo.

Ano ba ang "documented" na pinagkasunduan niyo nung original owner? Yung bank loan confirmation na pinirmahan niyo eh binigay ba sa bangko?

[99moves]

Kanino nakapangalan yung loan sa bangko? Kung kanino nakapangalan yung loan siya ang may obligasyon magbayad.

Tingin ko nakapangalan sa first owner yung loan dahil interesado pa siya.

Saka sa pagkakatanda ko, hindi pumapayag ang bangko sa "assume balance". Yung pinagtratrabahuan ko noon at ngayon hindi pumapayag. Yung mga dokumento na inexecute ay sa pagitan nung bangko at ng original owner. Sa pagkakaalala ko rin eh hindi tumatanggap yung bangko ng third party checks. Yan kasi yung madalas na mode of payment sa assume balance.

Kung wala kang pinirmahan na dokumento sa bangko ay di ka pwede obligahin ng bangko na magbayad - kaya yung original na owner ang nangungulit sa iyo.

Ano ba ang "documented" na pinagkasunduan niyo nung original owner? Yung bank loan confirmation na pinirmahan niyo eh binigay ba sa bangko?

wow sa ganitong scenario yari yung first owner haha.

so sir, talaga ba na kahit saang bangko ay hindi uubra yung assume balance? meaning hindi talaga mattransfer yung loan officially? may mga nababasa din kasi ako na possible daw kailangan lang sabihan ang bangko, etc.

[Dende]

wow sa ganitong scenario yari yung first owner haha.

so sir, talaga ba na kahit saang bangko ay hindi uubra yung assume balance? meaning hindi talaga mattransfer yung loan officially? may mga nababasa din kasi ako na possible daw kailangan lang sabihan ang bangko, etc.

Sa pagkakaalam ko po hindi talaga pwede yan. Kasi nung naaproba ang loan, ang tinignan ng bangko ay yung kakayahan ng first owner magbayad, hindi naman yung sa mag aassume balance.

Mataas ang risk sa bank.


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[win23]

[QUOTE=dr. d;2704097]

interesting...
i do not see how the bank can re-possess the car since it was "misplaced"...

when you bought the car from the "original owner", did the bank approve of the transfer on paper? (i assume this is what bank confirmation means, right?) if not, then the owner of that car is probably still the first owner.
and when you sold the car to the third owner, did the bank approve on paper, just like it did with the first transfer? if it did, then the third owner is the only one the bank can run after.

but if all documents say you are the owner, then you are liable, sir.
in the trip to jerusalem, you ended up without a seat.

but i am curious... why is the original car owner still interested in the case? if he transfered all ownership claims to you fair and square, he should not be interested in the least anymore...

while it may be true that no one may be jailed for indebtedness in this country, i am curious as to how the bank may recoup its loan...
good luck, po.

yun agreement and papers po namin ni orig owner is between Lang po sa amin. Hindi po niya notify or pina alam sa bank regarding na ipa aassume niya sa akin. We execute deed of sale and bank loan confirmation. Same din nun forward ko yun car. Between Lang din sa amin ni 3rd buyer. Am I still obliged to pay the amort kahit wala na ang car? Will the bank file me a case or the orig owner? Gusto ni orig owner bayaran ko ang more than 4yrs amortization kahit wala na ang car. sindikato mga tumira sa akin. After 3days may nag claim din na victim din siya. Same modus. Same docs and ids presented niya sa victim2. Am I still liable though I'm a victim.? Tia for the advice mga sir's.. I really need help ..

[win23]

[QUOTE=win23;2704721]

yun agreement and papers po namin ni orig owner is between Lang po sa amin. Hindi po niya notify or pina alam sa bank regarding na ipa aassume niya sa akin. We execute deed of sale and bank loan confirmation. Same din nun forward ko yun car. Between Lang din sa amin ni 3rd buyer. Am I still obliged to pay the amort kahit wala na ang car? Will the bank file me a case or the orig owner? Gusto ni orig owner bayaran ko ang more than 4yrs amortization kahit wala na ang car. sindikato mga tumira sa akin. After 3days may nag claim din na victim din siya. Same modus. Same docs and ids presented niya sa victim2. Am I still liable though I'm a victim.? Tia for the advice mga sir's.. I really need help ..

I talked to the bank. Wala sila ma advice sa akin kundi bayaran ang mo. Amortization. Or even any help .. possible ba pa for lose yun mortgage in my situation? Gusto ni orig owner bayaran ko till matapos ang 5yrs loan. Victim po ako.

[Dende]

Teka ikaw ba tinawagan na mismo ng bank (collector) at dinedemand na bayaran yung loan o yung first owner ang nangungulit sayo na bayaran?

Kanino nakapangalan yung loan? Kanino nakapangalan ang sasakyan?




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[dragon21]

The Deed of Sale between you and the original buyer/borrower is VOIDABLE. Simply put, he cannot sell what does not fully belong to him yet, or one that is still legally subject to a third party's claim.

An "assume balance" transaction is not technically possible. What is normally done to do everything above board, is for the bank to cancel the first mortgage, and draw another mortgage in behalf of the succeeding buyer, subject of course, to the bank's scrutiny and investigation.

What will happen here, ultimately, is that the bank will go after the first buyer. Since he/she disposed an encumbered car without the formal consent of the lender, that will not extinguish his primary liability. (No, too late for "shady" insurance escape here). But the original buyer can go after you, and since the sale is voidable ab initio, by the rule of quantum meruit, you should be required to return the car (which has now been missing) and the seller to return the sum you initially paid to him. Now the next problem will be how or what will be the value of the missing object.

Also, what you term as "Conditional Sale Agreement" is fatally defective. A valid Conditional Sale Agreement is an agreement wherein transfer will be enacted in favor of the buyer by the seller (who owns an unencumbered property, free from any claim) after buyer has completed payment of sum due to the seller. In your version of "Conditional Sale", your objective was for borrower (of encumbered car) to convey the property to you after you have paid the original lender of seller/borrower, who has not been solicited for consent, ergo has not given any, to your derelict transaction. Consent is paramount in these arrangements.

So, in short, you'll still be liable to return the car (or the market value thereof) to your SELLER (original borrower). But it is your SELLER (original borrower) will be liable to the bank. Your resort? Go after your buyer (if you can still find him). I'm sorry for such bad luck.

That's my legal opinion.

(But I have another recourse which judiciously, should not be printed here) :grin

[win23]

Call po si orig owner sa bank at declare niya nasa akin unit. Kaya po nag call sa akin si bank. Open ko situation ko regarding sa lost unit. Advice nila is di nila honor yun assume bal transfer. Means si orig owner pa din ang mananagot. In my case humingi ako ng advice sa bank pero wala sila binigay na options or whatever kundi bayaran till matapos ang loan.

[win23]

In my case po wala pakialam si bank sa akin? Between me at si orig owner ang magkaroon ng problema? Same docs ang execute po namin ni orig owner at 3rd buyer. Will the the insurance cover for this situation? Kaso ang problema expired na insurance. Tnx sir..

[win23]

Will I go to jail? Totoo po ba walang na kukulong sa utang.? Possible demand for the orig owner? Will I have a good defense like failure of sale or any .. Pasensya na po .. Tamang praning na sa problema .. Tnx

[dragon21]

Will I go to jail? Totoo po ba walang na kukulong sa utang.? Possible demand for the orig owner? Will I have a good defense like failure of sale or any .. Pasensya na po .. Tamang praning na sa problema .. Tnx

Again, based on your assertions, without an access to all pertinent facts:

Di ka dapat makulong. The worst that can happen is the court will be forced to attach properties (garnishment) to "return" the car (or the value thereof) to the original lender.

You don't want to involve the insurance company in your mess. That will complicate things, and it will not help your cause. Baka maging criminal liability pa.

The bank will rightfully go after the borrower, not you. Yung borrower ang maghahabol sa'yo. Sinabi na nga nilang they don't honor your "void" contract, so how can they oblige you to pay? As far as the bank goes, you're not a persona to the loan agreement.

I hope that this clarifies your questions.

[Bin Diesel]

In my case po wala pakialam si bank sa akin? Between me at si orig owner ang magkaroon ng problema? Same docs ang execute po namin ni orig owner at 3rd buyer. Will the the insurance cover for this situation? Kaso ang problema expired na insurance. Tnx sir..

If you don't have the capability to pay how can they force you?
When the original owner sold the car to you he accepts the risk that you not able to pay. Si insurance if expired na wala ng pakiaalam syo.

[papi smith]

(But I have another recourse which judiciously, should not be printed here) :grin

Dito ako naiintriga ehehe..

[win23]

Oo nga po sir.. Anyway sir report ko na po ito sa bank. Nanghingi nga po ako ng advice or to freeze yun loan just to hold yun mo. amort habang ina ayos po namin yun kaso. Pero hindi daw po pwede. Still pa continue pa din nila ang hulog sa car. Actually 3mos na default by 15th.

[ninjababez]

Wow my boss got declined for loan transfer. Taragis milyon milyon ang pera sa bank na-decline mag assume mortage sa halagang 650k na auto? Weird!

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Update:
I just remembered my boss loaned 2 other cars under his name for 2 of my officemate that were declined for car loan application. Ito na siguro yung reason na na decline sya. though ucpb ito, not thru bpi.

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[TholitzReloaded]

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