OCA CIRCULAR NO. 25-2007, March 05, 2007
OCA CIRCULAR NO. 25-2007, March 05, 2007
|
TO:
|
ALL JUDGES AND CLERKS OF COURT OF THE REGIONAL TRIAL COURTS |
|
SUBJECT:
|
PROCEDURE IN EXTRAJUDICIAL OR JUDICIAL FORECLOSURE OF REAL ESTATE MORTGAGES |
The Supreme Court En Banc, acting on the
recommendation of the Committee on Revision of the Rules of Court, in
its Resolution dated February 20, 2007 in A.M. No, 99-10-05-0Resolved
to adopt the following additional rules with respect to Extrajudicial
or Judicial Foreclosure of Real Estate Mortgages:
(1) No temporary restraining order or writ of preliminary
injunction against the extrajudicial foreclosure of real estate mortgage
shall be issued on the allegation that the loan secured by the mortgage
has been paid or is not delinquent unless the application is verified
and supported by evidence of payment.
(2) No temporary restraining order or writ of
preliminary injunction against the extrajudicial foreclosure of real
estate mortgage shall be issued on the allegation that the interest on
the loan is unconscionable, unless the debtor pays the mortgagee at
least twelve percent per annum interest on the principal obligation as
stated in the application for foreclosure sale, which shall be updated
monthly while the case is pending.(3) Where a writ of preliminary injunction has been
issued against a foreclosure of mortgage, the disposition of the case
shall be speedily resolved. To this end, the court concerned shall
submit to the Supreme Court, through the Office of the Court
Administrator, quarterly reports on the progress of the cases involving
ten million pesos and above.(4)
All requirements and restrictions prescribed for the issuance of a
temporary restraining order/writ of preliminary injunction, such as the
posting of a bond, which shad be equal to the amount of the outstanding
debt, and the time limitation for its effectivity, shall apply as well
to a status quo order.
Upon effectivity of these additional ruies, ail rules resolutions,
orders and circulars of this Court, which are inconsistent therewith,
are hereby repealed or modified accordingly.
These additional Rules in the Procedure in Extrajudicial or
Judicial Foreclosure of Real Estate Mortgages shall take effect on March
10, 2007 following their publication in a newspaper of general
circulation., not later than February 28, 2007.
The above resolution was published in February 27, 2007 issued in the Manila Bulletin.
For strict information and guidance.
March__5__,2007.
|
CHRISTOPER O. LOCK
|
|
|
Court Administrator
|