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    Jee Jee
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    The document discusses the differences between judicial and extrajudicial foreclosure proceedings in relation to equity of redemption and legal redemption. In judicial foreclosure there is only equity of redemption, while in extrajudicial foreclosure there is a legal redemption period of 1 year from registration of the sale. Some additional rules apply depending on whether the mortgagor or mortgagee is a bank or juridical person.

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    The document discusses the differences between judicial and extrajudicial foreclosure proceedings in relation to equity of redemption and legal redemption. In judicial foreclosure there is only equity of redemption, while in extrajudicial foreclosure there is a legal redemption period of 1 year from registration of the sale. Some additional rules apply depending on whether the mortgagor or mortgagee is a bank or juridical person.

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    18 views2 pages

    Mortgage

    Uploaded by

    Jee Jee
    The document discusses the differences between judicial and extrajudicial foreclosure proceedings in relation to equity of redemption and legal redemption. In judicial foreclosure there is only equity of redemption, while in extrajudicial foreclosure there is a legal redemption period of 1 year from registration of the sale. Some additional rules apply depending on whether the mortgagor or mortgagee is a bank or juridical person.

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    © All Rights Reserved
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    JUDICIAL EXTRAJUDICIAL

    Mortgagor and mortgagee Equity of redemption Legal redemption


    are both natural persons
    Mortgagor and mortgagee
    are both juridicial persons
    Mortgagor is natural
    person, mortgagee is a
    juridical person
    Mortgagor is a juridical
    person, mortgagee is a
    natural person
    Mortgagor is a natural
    person, mortgagee is a
    bank
    Mortgagor is a juridical
    person, mortgagee is a
    bank
    Mortgagor is a bank,
    mortgagee is a natural
    person or juridical person

    EQUITY OF REDEMPTION: Not less than 90 days nor more than 120 days from the
    entry of judgment of foreclosure or even after the foreclosure sale but before judicial
    confirmation of the sale

    LEGAL REDEMPTION: 1 year from the registration of the sale

    GR: In juridical foreclosure, there is no legal redemption, but only equity of redemption.
    XPN: If the mortgagee is a bank or PNB, then equity of redemption + legal redemption.

    GR: In extrajudicial foreclosure, legal redemption of 1 year from the registration of the
    sale.

    XPN: Mortgagor is a juridical person, mortgagee is a bank: 3 months

    Rule in BANKS:
    If bank is the mortgagor is a bank, general rules.
    If the bank is a mortgagee, extrajudicial: legal redemption.

    If the bank is the mortgagee, judicial foreclosure, equity of redemption + legal


    redemption of 1 yr.

    If the bank is the mortgagee, but mortgagor is a juridical person, extrajudicial: legal
    redemption of 3 months

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