Beruflich Dokumente
Kultur Dokumente
Question 11: What are the conditions/ requirement of your bank when obtaining a
loan?
Answer: When loans in large amount are obtained, the Bank requires that the loan be
secured or the client gives a security.
Question 12: What security did respondent execute in this case?
Answer: The spouses executed two real estate mortgages.
Question 13: During the period of this loan agreement, what happened to the
installment agreed upon between the respondent and Union Bank?
Answer: The spouses were able to pay the monthly installment until February of 2011.
Question 14: How are the payments made?
Answer: Through an agreement they made with the bank to automatically debit said
amount from their Savings Account.
Question 15: You said they were able to pay the monthly installment until February
2011, what happened after that?
Answer: The spouses failed to pay the monthly installment due for the next month.
Question 16: What did the bank do when respondent failed to pay on said date?
Answer: On March 2011, we informed them through a letter regarding their failure to
pay the installment for that month.
Question 17: What was respondents reply after you sent the letter?
Answer: They requested for an extension of 3 months to pay their outstanding
obligation.
Question 18: What happened after 3 months?
Answer: The spouses were still not able to pay, thus we sent them a formal demand
letter giving them additional 30 days to settle the entire amount due in consonance
with the acceleration clause stipulated in the loan agreement.
Question 19: What did the respondent do after you sent the demand letter?
Answer: They did not do anything even after the expiration of the 30 days given to
them.
Question 20: What did the bank do after?
Answer: The Bank foreclosed the property subject of the Real Estate Mortgage
executed by the spouses.
Question 21: When did the bank foreclosed the property?
Answer: On August 17, 2011.
Question 22: What happened to the property during foreclosure?
Answer: The property was sold to the highest bidder.
Question 23: Who was the highest bidder?
Answer: Unionbank.
Question 24: How much was the property sold?
Answer: Php 20M.
Question 25: How did you come up with that amount?
Answer: We based the bid price from the policy of the bank.
Question 26: What is your bank policy regarding public auction?
Answer: It is our banks policy that in public auctions, the basis of our bid price is
either the total exposure or 80% of the total appraised value of the property,
whichever is lower.