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What is Mortgage Redemption Rights Explained about?

The Tirambulos owned several parcels of land that they mortgaged to Dumaguete Rural Bank to secure loans. They then sold the mortgaged lots to the Dys and Maxinos without informing the bank. When the Tirambulos defaulted on their loans, the bank foreclosed on the mortgage and auctioned off all the lots together for P216,040.93. The Dys and Maxinos attempted to redeem three of the lots by tendering P40,000 but the bank refused, arguing they had to pay the full auction amount. The Supreme Court ruled that the

Author

attymaryjoyordaneza

Language

EN