Cancellation Of Mortgage in LTO

[swordsman]

Here are the requirements from the LTO Website:

Documents Required
1. Original Certificate of Registration (CR) and latest original Official Receipt (OR) of payment
2. Release of Chattel Mortgage Contract duly cancelled by the Registry of Deeds
3. Official Receipt (OR) of payment of release with the Registry of Deeds
4. Actual inspection of MV with duly accomplished MVIR [Download this form here]
5. Confirmation of CR/OR (CIR-91-137) if issued by other LTO Agency
6. Taxpayer's Identification Number (TIN)

I'm done with the Registry of Deed items.

My question is: Can i have this process of cancellation of mortgage done in any LTO branch?

[Radical!]

Hmm, come to think of it, I should have checked if I could go to another LTO. My bank, upon full payment of the Mortgage, specifically told me to go to the Muntinlupa LTO. So that's where I processed my 'clean' C.R. after the cancellation of Mortgage at the Registry of Deeds. Anyone?

[1D4LV]

Here are the requirements from the LTO Website:



I'm done with the Registry of Deed items.

My question is: Can i have this process of cancellation of mortgage done in any LTO branch?

yes. i just don't know how much will you pay for it. ang alam ko may fee yan sa LTO eh.

[boybi]

Before the LTO was computerized, hindi ka pwede sa ibang LTO branch magpa-cancel ng mortgage. I not sure kung ngayong computerized na, e pwede na kahit saang LTO branch magpa-cancel ng mortgage.

Why not just let the bank do the cancellation? Ganun kasi ginagawa ko para pagkuha ko ng mga docs sa bank, original OR and CR na sya. Hindi na yung encumbered.

[swordsman]

ok thanks. i just wasn't sure if they need any other physical document kasi in their possesion for the cancellation. baka kasi hindi sya similar sa renewal of registration where you can register anywhere, but with a fee of 100 for change venue.
probably same case for change of ownership, kasi bagong CR ibibigay.

Why not just let the bank do the cancellation? Ganun kasi ginagawa ko para pagkuha ko ng mga docs sa bank, original OR and CR na sya. Hindi na yung encumbered.

hmmm, banks do this?? ok yang bank nyo! kasi my bank just gave me all the documents and the cancelled mortgage docs, ako na raw bahala maglakad sa RD at LTO

[Galactus]

AFAIK, all the bank will do is give the Cancellation of mortgage. They don't do the actual legwork for the cancellation sa LTO itself. At least ganun sa banko namin.

The problem is pag may tatak na Encumbered yung CR or may naka-type na Mortgaged to XYZ Bank...yung ibang would-be buyers kasi, medyo particular sa ganun, even if you show them the cancellation duly issued by the bank.

Yung 96 Sentra ko before, fully paid na as of Dec. 2000. Till now, hindi ko pa nilalakad yung cancellation sa LTO.

[boybi]

Sa PS Bank ako lagi nagpapa-finance ng car. They'll call me when the Cancellation of Mortgage is ready for pickup. Then sasabihin ko na pakilakad na rin yung sa LTO, they'll just charge me a few hundred pesos for the processing and after a few days, meron ng new CR & OR.

[larshell]

AFAIK, Before you can Cancel your mortgage at the registry of deeds you need to obtain certificate of full payment and release of chattel mortgage from the bank.

Cancellation of mortgage, car or house loan is being done at the registry of deeds. AFAIK.

[boybi]

Oops, tama si larshell, Release of Chattel Mortgage pala

[swordsman]

Tama, and i already got the Release of Chattel Mortgage, and all other documents. Sa LTO na lang talaga if kahit saan pwede. Sana nga pwede anywhere na LTO branch, sayang din pagpila if ever di pala pwede.

Next loan ko sa PSBank na nga. Hehe. Bilis pa approval, 5 days or may discount ka sa interest.

[Galactus]

AFAIK, Before you can Cancel your mortgage at the registry of deeds you need to obtain certificate of full payment and release of chattel mortgage from the bank.

Cancellation of mortgage, car or house loan is being done at the registry of deeds. AFAIK.

Oops, tama si larshell, Release of Chattel Mortgage pala

Double-checked with our bank where I work and Unionbank (which financed my 96 Sentra). Cancellation of Mortgage ang term na ginagamit nila.

[swordsman]

Called up LTO Pasig to ask, and they said that cancellation of mortgage should be done at whichever branch it is that's on your 'encumbered' CR. Oh well...

[daimaoh]

may realese of mortgage na ako.

kapag nagtransfer of ownership ba ako kasama na yung CRE to CR?

thanks

[Macmon]

Saan po ba ang office ng Registry of deeds?

[shadow]

Saan po ba ang office ng Registry of deeds?

cityhall or municipal hall kung saan ka man

[rai711]

Tama, and i already got the Release of Chattel Mortgage, and all other documents. Sa LTO na lang talaga if kahit saan pwede. Sana nga pwede anywhere na LTO branch, sayang din pagpila if ever di pala pwede.

Next loan ko sa PSBank na nga. Hehe. Bilis pa approval, 5 days or may discount ka sa interest.

Alam ko po sir kung saan nag originate yung CR dun po kayo magpupuntang LTO. nagpa change name kasi ako ng secondhand car last year lang kaso binigay lang sa akin yung release of chattel mortgage and other papers, nagpunta ko LTO pasig sa paranaque ko daw dapat dalhin yung car kasi dun daw nakalagay sa CR ko.Magbabayad ka pa kasi nyan sa municipal na nakakasakop sa LTO (LTO branch sa CR mo)para sa tax, Yun ang requirements naman sa LTO.dun mo pa lang makukuha yung CR mo na my "Owners Copy" not "Encumbered".

[ronaldcu]

pag po ba pinatanggal mo na ang encumbered sa CR mo, yung date ng new CR sa present date na ba? for example, meron po ako bibilhin na xtrail2006 pero sa CR ng seller, 2008 ang date na nakalagay. He was explaining na tapos na po ang financing kaya pinalitan na nya to his name nung 2008. How would i know if 2nd hand or 1st owner ba talaga sya? TIA

[jesika]

Tama, and i already got the Release of Chattel Mortgage, and all other documents. Sa LTO na lang talaga if kahit saan pwede. Sana nga pwede anywhere na LTO branch, sayang din pagpila if ever di pala pwede.

Next loan ko sa PSBank na nga. Hehe. Bilis pa approval, 5 days or may discount ka sa interest.

Hi po, so how much po ang fee sa LTO? kahit saang LTO branch po ba pwede?

[jesika]

Sabay po kase natapos ang amortization and renewal -pwede po ba one time application nalang sa lto para 1 time fee nalang? thanks

[CVT]

pag po ba pinatanggal mo na ang encumbered sa CR mo, yung date ng new CR sa present date na ba? for example, meron po ako bibilhin na xtrail2006 pero sa CR ng seller, 2008 ang date na nakalagay. He was explaining na tapos na po ang financing kaya pinalitan na nya to his name nung 2008. How would i know if 2nd hand or 1st owner ba talaga sya? TIA

Yes, present current date ang nasa CR,- pero may reference number itong nakasulat na tumuturo sa old CR.

If he still has the old CR,- then you will know if 1st owner or 2nd owner siya....

(walandyo - 2009 pa pala ang tanong na ito... )

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