If I'm renting a property and the property got sequestered (tama ba itong term na ginamit ko?) by the bank, will the bank still honor my unexpired contract?
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Tsikot Member Rank 8
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September 6th, 2007 12:37 PM #1
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Chinese Mafia Don
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September 6th, 2007 12:49 PM #2AFAIK, they will. I've a friend who was in the same situation some years back. As the new owners of the building, they honored the contract. However, I think the bank could have the right to review your contract with the previous owner. If they sniff out any reason to terminate or buy-out your contract, I think they will.
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House of Petiks
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Chanis Stayl!!
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September 6th, 2007 01:47 PM #6You have to consider 2 scenarios. Was the lease constituted over the property before the foreclosure or after?
If the lease was constituted before the foreclosure, the banks would usually honor it and just allow the lease to expire. If the lease was constituted after the foreclosure proceedings and the parties to the lease know about such proceedings, I believe the bank can terminate the lease.
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House of Petiks
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September 6th, 2007 01:51 PM #7boybi; sabi ko sayo di lang ako ang nakaisip eh.
Originally Posted by BlueBimmer
sows rent rent pa....kung walang extra cash, iloan na yan
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Tsikot Member Rank 8
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September 6th, 2007 05:50 PM #8Wala nang pang-collateral Originally Posted by BlueBimmer
sows rent rent pa....kung walang extra cash, iloan na yan
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Originally Posted by BlueBimmer
