assume balance problem

[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.