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Questions and Answers
What is the primary obligation of the mortgagor in a mortgage agreement?
What is the primary obligation of the mortgagor in a mortgage agreement?
- To allow the mortgagee full access to the property
- To pay the debt secured by the mortgage (correct)
- To manage the property for the mortgagee
- To maintain the property regardless of conditions
Which right allows the mortgagee to take possession of the property if the mortgagor fails to pay the debt?
Which right allows the mortgagee to take possession of the property if the mortgagor fails to pay the debt?
- Right to Apostate
- Right to Appraise
- Right to Foreclose (correct)
- Right to Excommunicate
What does the obligation of the mortgagee include after the debt is fully paid?
What does the obligation of the mortgagee include after the debt is fully paid?
- To demand additional collateral
- To maintain ownership of the property until the mortgage expires
- To report the transaction to the authorities
- To lift the encumbrance and return property titles (correct)
What must a mortgagor do if they wish to redeem the property after an extrajudicial foreclosure?
What must a mortgagor do if they wish to redeem the property after an extrajudicial foreclosure?
Under what condition can a mortgagor lose their right to possession of the property?
Under what condition can a mortgagor lose their right to possession of the property?
What is the consequence if the mortgagor impairs the property?
What is the consequence if the mortgagor impairs the property?
What rights does the mortgagee have regarding the proceeds from foreclosure?
What rights does the mortgagee have regarding the proceeds from foreclosure?
What is the right of redemption for the mortgagor?
What is the right of redemption for the mortgagor?
Flashcards
Obligation of the Mortgagor
Obligation of the Mortgagor
The primary responsibility is to pay the debt secured by the mortgage.
Right to Foreclose
Right to Foreclose
The mortgagee's right to take possession if the mortgagor fails to pay.
Mortgagee's Obligation Post-Payment
Mortgagee's Obligation Post-Payment
To lift the encumbrance and return property titles after the debt is paid.
Mortgagor's Action After Foreclosure
Mortgagor's Action After Foreclosure
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Right to Possession Loss Conditions
Right to Possession Loss Conditions
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Consequence of Impairing Property
Consequence of Impairing Property
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Mortgagee's Rights on Foreclosure Proceeds
Mortgagee's Rights on Foreclosure Proceeds
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Right of Redemption
Right of Redemption
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Study Notes
Mortgage under Philippine Civil Code
- A mortgage is a contract where a debtor (mortgagor) guarantees a debt with real or personal property, without transferring ownership to the creditor (mortgagee).
- The mortgage creates a lien on the property, securing the debt.
- Key provisions on mortgage are found in Articles 2085 to 2123 of the Civil Code.
Mortgagor's Rights and Obligations
- Right to Possession and Enjoyment: The mortgagor retains possession and can use the property, as long as the mortgage agreement is not breached.
- Right of Redemption: In extrajudicial mortgages, the mortgagor has the right to buy back the property after foreclosure by paying the debt and associated costs.
- Obligation to Pay Debt: The mortgagor's primary responsibility is to pay the debt secured by the mortgage.
- Obligation to Maintain Property Value: The mortgagor must not damage the property. If the property is impaired, the mortgagee can demand full payment.
Mortgagee's Rights and Obligations
- Right to Foreclose: If the mortgagor defaults on payment, the mortgagee can initiate foreclosure, either through judicial or extrajudicial processes.
- Right to Judicial Possession: In judicial foreclosure, the mortgagee has the right to possess the property after the sale if the mortgagor doesn't redeem it.
- Obligation to Release Property: Upon full payment of the debt, the mortgagee must return the mortgage documents and remove the encumbrance on the property.
- Obligation to Account for Foreclosure Proceeds: The mortgagee must apply foreclosure sale proceeds to the outstanding debt, return any surplus to the mortgagor, and the mortgagor remains responsible for any deficit.
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Description
This quiz covers the key aspects of mortgages under the Philippine Civil Code, focusing on the rights and obligations of mortgagors and mortgagees. Topics include lien creation, rights of possession, redemption, and responsibilities of property maintenance. Test your understanding of Articles 2085 to 2123.
