assume balance problem

[TJMaxx]

For a big bank, they foreclose once no. of defaulted payments reaches a trigger i.e. around 90 days.

As far as BPI Family Bank is concerned, the borrower in their records is the first party (not the one who "assumed balance"). Kaya when nag-default, ang blacklisted diyan ay yung original borrower i.e. yung nakapirma sa Promissory Note ng BPI-FB. By blacklisted, ang ibig sabihin niyan ay yung pangalan niya at pangalan ng kanyang esposo ay sinubmit na sa Credit Bureau ng Bankers' Association of the Phils. For a period of 15 years, naka-ukit yung pangalan niya sa Negative Database na iyon. So for the next 15 years, whenever they apply for a car loan, a business loan, a housing loan and even a credit card, disapproved application nila for sure. Bad credit record. No Bank will touch them with a 20 foot pole. Ganun ka-grabe ang consequences ng kanilang "indiscretion".
Take note, pag nakasama asawa mo sa Negative data base, kasama ka na din sa blacklist kahit na binabayaran mo lahat ng utang mo. Bantayan ang gastos ni Misis.

[leolop]

immediately, you should report to the bank what happened. it's true that the sale is not binding as far as the bank is concerned. the original borrower is still considered the debtor. at the same time, there may be stipulations and warranties in the chattel mortgage contract that may have been violated and the borrower will be liable for possible penalties.

the bank will probably want to extrajudicially foreclose on the mortgage, have the car seized by the sheriff and sold on auction sale if the amortizations are not paid. of course, a dacion is possible if parties are amenable.

if the 2nd buyer of the car isn't willing to cooperate, i think the proper legal option would be to file criminal cases of estafa (issuing a worthless check to induce sale of the car) and for bp22 (issuing worthless check). it's true there will be a preliminary investigation (not an inquest because that refers to process when someone is arrested without a warrant) and it does takes time. a month or 2 at least.

at this point, i think the best advice would be for the wife to consult a lawyer to determine the best course. sometimes a demand letter or mediation with a threat of criminal action is sufficient to get the desired result.

[AnuVaYan]

Punta kayo kay Mike Enriquez para hindi siya TATANTANAN!!!

[CLAVEL3699]

immediately, you should report to the bank what happened. it's true that the sale is not binding as far as the bank is concerned. the original borrower is still considered the debtor. at the same time, there may be stipulations and warranties in the chattel mortgage contract that may have been violated and the borrower will be liable for possible penalties.

the bank will probably want to extrajudicially foreclose on the mortgage, have the car seized by the sheriff and sold on auction sale if the amortizations are not paid. of course, a dacion is possible if parties are amenable.

if the 2nd buyer of the car isn't willing to cooperate, i think the proper legal option would be to file criminal cases of estafa (issuing a worthless check to induce sale of the car) and for bp22 (issuing worthless check). it's true there will be a preliminary investigation (not an inquest because that refers to process when someone is arrested without a warrant) and it does takes time. a month or 2 at least.

at this point, i think the best advice would be for the wife to consult a lawyer to determine the best course. sometimes a demand letter or mediation with a threat of criminal action is sufficient to get the desired result.

they already inform the bank. Binigay na nila lahat information.

The bank also contacted the 2nd buyer ang sabi naman daw babalik daw nya yung kotse kung ibalik pera nya.

3months na pala hindi nakakabayad. 2checks na talbog, 2checks close nang bank ang inissue nya. plus insurance na hindi binayaran.

problema kasi walang wala sila ngayon yung barkada ko kasi na lalaki naloko sa canada walang trabaho ngayon dun TnT.

kaya hindi possible kumuha nang lawyer dahil wala silang pampbayad.

Ano pa pwede nila gawin? Pwede ba magreklamo muna sa presinto para mainvite at mainbestigahan at matakot nang konti? or sa barangay muna.

[leolop]

they already inform the bank. Binigay na nila lahat information.

The bank also contacted the 2nd buyer ang sabi naman daw babalik daw nya yung kotse kung ibalik pera nya.

3months na pala hindi nakakabayad. 2checks na talbog, 2checks close nang bank ang inissue nya. plus insurance na hindi binayaran.

problema kasi walang wala sila ngayon yung barkada ko kasi na lalaki naloko sa canada walang trabaho ngayon dun TnT.

kaya hindi possible kumuha nang lawyer dahil wala silang pampbayad.

Ano pa pwede nila gawin? Pwede ba magreklamo muna sa presinto para mainvite at mainbestigahan at matakot nang konti? or sa barangay muna.

some things that are not clear. did your friend issue checks to the bank for the installments? were the checks issued by the 2nd buyer payable directly to the bank or to your friend ? or there are no checks deposited with the bank and they just make monthly cash payments?

aside from the assumption of mortagage, i take it that the 2nd buyer paid some other amount because they are asking for their money back. is there any reason they use to justify why they are not paying for the installments?

it seems the real problem of your friend is what the bank might do and not necessarily what the 2nd buyer will do. the banks has several actionable rights against your friend:

1) foreclose on the chattel mortgage ron the car
2) sue for the amount of the loan plus penalities
3) file a case for BP 22 if in case checks, if any, of your friend for the installments were dishonored

worst case scenario: bank gets pissy and they will file cases for all 3, foreclose and if in the auction, less than the amount for the total is achieved, a civil case for the deficiency plus a criminal case for violation of BP 22 and damages.

most likely scenario: they will foreclose the loan and do nothing else if the car is auctioned and proceeds at least equal the loan amount. the other actions are huge hassles that may take years.

i'm not sure if i have all the facts right, but perhaps the best option right now is to do nothing except assist the bank in every way possible to foreclose the loan including providing information where the car located is so that seizing the car is is easy for court sheriff.

as stated on an earlier post, they're willing to have the car be foreclosed in the first place. if they were assisting the bank, then it's unlikely the bank will go after them any more. however, if the bank is unsuccessful in having the car seized, be assured they will come after your friend.

they can cut communication with the 2nd buyer but to remain in good faith, they will also need to timely forward all notices by the bank and the court sheriff (when the bank forecloses) to the 2nd buyer.

when the 2nd buyer bought the car and assumed the balance of the loan, they acquired all the rights and responsibilities of the seller including being subject to the mortgage. if they file a case against your friend after the car is repossessed, then your friend has the defense of the sale and the 2nd buyer's consent to assume the loan and be subject to the mortgage with the written contract as proof. this assumes that your friend was up front to the buyer with all the details and this is reflected on their written contract.

now if this option is not acceptable, then the criminal cases of estafa and bp 22i mentioned previously would be possible options. if they live in the same or contiguous barangays, a complaint can also be filed with the barangay council but authority of the barangay is to mediate only and can not decide the case.

sorry to hear that your friend arrived in Canada with no job waiting for him. hope he recovers by getting a job.

[CLAVEL3699]

some things that are not clear. did your friend issue checks to the bank for the installments? were the checks issued by the 2nd buyer payable directly to the bank or to your friend ? or there are no checks

i'm not sure if i have all the facts right, but perhaps the best option right now is to do nothing except assist the bank in every way possible to foreclose the loan including providing information where the car located is so that seizing the car is is easy for court sheriff.

as stated on an earlier post, they're willing to have the car be foreclosed in the first place. if they were assisting the bank, then it's unlikely the bank will go after them any more. however, if the bank is unsuccessful in having the car seized, be assured they will come after your friend.

they can cut communication with the 2nd buyer but to remain in good faith, they will also need to timely forward all notices by the bank and the court sheriff (when the bank forecloses) to the 2nd buyer.

when the 2nd buyer bought the car and assumed the balance of the loan, they acquired all the rights and responsibilities of the seller including being subject to the mortgage. if they file a case against your friend after the car is repossessed, then your friend has the defense of the sale and the 2nd buyer's consent to assume the loan and be subject to the mortgage with the written contract as proof. this assumes that your friend was up front to the buyer with all the details and this is reflected on their written contract.

now if this option is not acceptable, then the criminal cases of estafa and bp 22i mentioned previously would be possible options. if they live in the same or contiguous barangays, a complaint can also be filed with the barangay council but authority of the barangay is to mediate only and can not decide the case.

sorry to hear that your friend arrived in Canada with no job waiting for him. hope he recovers by getting a job.

some things that are not clear. did your friend issue checks to the bank for the installments? were the checks issued by the 2nd buyer payable directly to the bank or to your friend ? or there are no checks - nope they pay directly to the bank.
- the 2nd buyer issued checks to pay for the mortgaged in a monthly basis but name to BPI.

Nope malay bahay nung 2nd buyer sa las pinas yung frend ko sa pasig.

ganun na lang gawin wait and see na lang muna sila. BPI already advise them nasa legal department na daw nila.

[jakedeguzman]

sir pwde po paexplain anu un talon finacing? medyo di ko nagetz

TALON FINANCING? yan po yung term sa mga oto na may utang pa sa bank at d na binayaran... bawal yun.. hanapin ng sheriff yan at hahatakin.

[jakedeguzman]

sir pwde po paexplain anu un talon finacing? medyo di ko nagetz

[quote=CLAVEL3699;845950]di ba pwede magpatulong sa pulis?

makuha yung car at para masoli sa bank.

mukhang walang balak isoli eh. hindi na daw nakikipagcommunicate sa kanila.

last 2months puro talbog yung check.

yung unang binayad sa kanila close na yung check pero binayaran nang one month cash, yung huling dalawa ngayon talbog yung check. bank pa po ang dapat tawagan nyo.. actually wala pang case ang pulis dyan.. pwere na lng kung nagpa alarm na kyo ng carnapd vehicle.. may deed of sale po b kyo with assumption of mortgage agreement?

[CLAVEL3699]

bank pa po ang dapat tawagan nyo.. actually wala pang case ang pulis dyan.. pwere na lng kung nagpa alarm na kyo ng carnapd vehicle.. may deed of sale po b kyo with assumption of mortgage agreement?

pwede ba pa alarm na carnapped vehicle sya?

walang deed of sale. promissory note and asssumption of mortgage agreement na notorized ang pinirmahan.

[Galactus]

^^^ Short answer: No. You need a police report and affidavit that the car was actually stolen, so TMG can issue the flash alarm.