Sunday, August 28, 2016

Abandoned house


There's this abandoned bungalow two houses away from us. The (former) owners/occupants (the husband was an engineer and the wife a nurse) left for abroad without paying the mortgage. Abroad, the couple obtained a second mortgage on the property, and again they didn't pay.  The second mortgagee (a foreign bank) foreclosed the property but failed to register the sale because it wasn't willing to pay the taxes and fees. Neither could it dispose of the property because the certificate of title was/is in the possession of the first mortgagee (local bank) which couldn't foreclose anymore because of the first foreclosure by the foreign bank. But the loan remains and the local bank wouldn't release the certificate of title over the property until the loan is paid by the couple who had not been heard from in decades.  We'd like to buy the land but don't know where to begin.

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