CHARACTERISITICS Equity of Redemption Nature of Right Availabilty Right of Mortgagor in Special Considerations Purchase Price Judgment debt, expenses of the sale and costs Consequences 1. Non exercise of the Right after sale is confirmed, cannot redeem 2. Exercise of the Right · the equitable right of the mortgagor to redeem · available before auction sale · available only judicial foreclosure EXCEPT when the Mortgagee is banking institution Exercised when (Period to exercise) · The period for the exercise is within 90 days but no more than 120 days from entry of foreclosure judgment (BEFORE CONFIRMATION OF THE SALE) acquired by Junior or second Mortgagee because his right are strictly subordinate to superior lien of first mortgagee extinguishment of mortgage and retain ownership of the propert
Sheet1CHARACTERISITICSEquity of RedemptionRight of
RedemptionNature of Right the equitable right of the mortgagor to
redeem the statutory right of the mortgagor to redeemAvailabilty
available before auction sale available after auction saleRight of
Mortgagor in available only judicial foreclosure EXCEPT when the
Mortgagee is banking institution available only in extra-judicial
foreclosure, but by exception is allowed in judicial foreclosure
when the mortgagee is the PNB or a bank or a banking
institutionExercised when (Period to exercise) The period for the
exercise is within 90 days but no more than 120 days from entry of
foreclosure judgment (BEFORE CONFIRMATION OF THE SALE) one year
from redemption is within one year from date of registration of the
sheriffs certificate of sale but not after, the registration of the
certificate of sale with the applicable register of deeds which in
no case shall be more than three months after foreclosure,
whichever is earlierSpecial Considerationsacquired by Junior or
second Mortgagee because his right are strictly subordinate to
superior lien of first mortgageeEXCEPTION: 1. voluntary agreement
to pay redemption price fixed date2. Agricultural land sold to
third person without the knowledge od the sale by agricultutral
lessee under RA 3844 (CAR Law): 180 days3. Homestead or Free Patent
under RA 720 Rural Bank Acta. Mortgagee with Rural banks (7)2 years
+ 5 years from expiration of 2 years redemptionb. Mortgagee other
than Rural banks (6)1 year + 5 years from expiration of 1 year
redemption under section 119 of Public Land ActPurchase
PriceJudgment debt, expenses of the sale and costsPrice at auction
sale without attorney's fees bec. Not judgment debtConsequences1.
Non exercise of the Right1. Non exercise of the Rightafter sale is
confirmed, cannot redeemconsolidation pf title to purchase2.
Exercise of the Right2. Exercise of the Rightextinguishment of
mortgage and retain ownership of the propertno more cancellation of
Title of Mortgagor
