Foreclosure

If the real estate mortgage is silent, the mortgagee-creditor can choose to either institute extrajudicial foreclosure or judicial foreclosure of real estate mortgage.

• True

• False

The parties can agree on the venue in an action for extra-judicial foreclosure of real estate mortgage.

• True

• False

Publication is mandatory in extrajudicial foreclosure of mortgage.

• True

• False

Written notification is required to be given to the mortgagor on an impending extrajudicial foreclosure of mortgage.

• True

• False

The issuance of a writ of possession can be stayed by a pending case for nullification of the extrajudicial foreclosure on the ground of usurious interest rates.

• True

• False

In a chattel mortgage, the mortgagor still has a right of redemption to redeem the property after the sale.

• True

• False

Both real and chattel mortgages can cover present and future loans to be taken by the borrower.

• True

• False

An unregistered mortgage is always void.

• True

• False

If the proceeds in a judicial foreclosure of chattel mortgage is insufficient to cover the indebtedness, the mortgagee can still recover any unpaid balance.

• True

• False

Once the mortgaged chattel had been delivered by the debtor to the creditor due to non-payment of the loan, the liability of the debtor is extinguished, notwithstanding the institution of extra-judicial foreclosure proceedings.

• True

• False