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.