EXTRAJUDICIAL FORECLOSURE PROCESS

Coordinate with , Account Officer

Compile documents and Secure copy of:

1. Promissory Note/s
2. Deed of Mortgage
3. TCT / subject of the mortgage
4. Most Recent Statement of Account
5. Deed of Assignment or any documents evidencing the assignment or endorsement of loans from (bank name) to BSP
DEMAND 6. Any other documents necessary for the implementation of the EJF sale
LETTER
Prepare DEMAND LETTER

Send Demand Letter – 5 days interval

Submit the list of demand letters we sent including the receipt pad for mailing

1 month

Prepare draft of petition for EJF

For approval:

Submit the draft to for final review and approval

For approval:

Once approved by, coordinate with account-officer, and send to her the copies of final draft petition

for their conformity and approval.

FILING OF Once approved:

PETITION FOR Prepare final draft and request from Secretary’s Certificate and Verification (at least 4-5 copies)
EJF

Coordinate with the proper OCC, RTC for the filing fees; and

Inquire if there are any other requirements they need for filing of petition for EJF.

Request payment: FILING FEES ( 2 checks)

Once payment for filing fee is secured, coordinate with the liaison personnel for filing.

After 1-2 weeks from filing, coordinate with OCC and inquire the name and contact details of assigned SHERIFF and assigned PUBLISHER

CALL: court, sheriff, publisher to obtain notice and date of public auction

2 months

Once you receive a copy of the Notice of Public Auction,:

APPEARANCE
DURING 1. Bid Price
2. Authority to Bid
PUBLIC
 EXTRAJUDICIAL FORECLOSURE PROCESS

AUCTION SALE Calendar the date of auction, and make yourself available.

If cannot attend, coordinate with our liaison personnel to attend the auction.

If auction outside Manila, secure CRS and request for cash advance for OPEs

Coordinate with the publisher and inquire publication fees.

Acquire the 3 sets of newspaper articles/issues + Affidavit of Publication. Compile.

During auction between 9am-4pm, submit the following:

1. Bid price
2. Authority to Bid
3. 3 sets of newspaper articles/issues
4. Affidavit of Publication
5. Secure OR for each account

(Note: Check carefully the newspaper if all the information concerning the petition and description of TCT are correct.)

After auction, secure a copy of the following:

1. Minutes of Public Auction

2. Certificate of Posting
3. Computation of Court’s Commission (SAJ/JDF) (for the issuance of the COS)
4. Photocopy of the Bid Price
Then,

5. Inform the sheriff that the sheriff’s fee will be paid after issuance of COS.
6. Request payment/checks from BSP: Sheriff’s Fee
7. Request payment/checks from BSP: Court’s Commission (SAJ/JDF)

(NOTE: If BSP requests for the Firm to advance the expenses,

1 week

Order of Court Transactions:

SECURE COPY
1. Pay the Court’s Commission
of the 2. Secure a copy and Issuance of CERTIFICATE OF SALE (COS) to be issued by the court.
3. Pay the Sheriff’s Fee
CERTIFICATE 4. Request for Acknowledgment Receipt (for each account) and let Sheriff sign it
OF SALE (COS) 5. Request a Copy of Sheriff’s ID

1 week

REGISTRATION
before the Submit the following ORIGINAL documents to ROD:
6. Payment for Registration
1. Owner’s Duplicate Copy of Certificate of Title (Original) 7. Representative’s ID
REGISTRY OF
2. Most Recent Tax Declaration 8. Assessment Form
DEEDS (ROD) 3. Original Copy of the Publication, if necessary 9. Minutes of Public Auction
4. Affidavit of Publication, if necessary 10. Certificate of Posting
5. Certificate of Sale
Inquire from ROD the number of days for processing.
RIO
If possible, get the number of the personnel / employee and make a personal follow-up.
Assessment
 EXTRAJUDICIAL FORECLOSURE PROCESS

Present “EPEB No.” to ROD to claim annotated title.

Usually 1-2 months

Once the annotated title is released by ROD, transmit the following to BSP:

TRANSMITTAL 1. Annotated Title

OF ANNOTATED 2. Copy of the Petition
TITLE & OTHER 3. Any other papers filed before the court
4. Any other papers required to be returned back to BSP
DOCS TO BSP
Prepare FINAL BILLING and OPEs.

END.