Affidavit of Redeem Mortgage

REPUBLIC OF THE PHILIPPINES)
PROVINCE OF LA UNION ) S.S.

CITY OF SAN FERNANDO
x-------------------------------------x
AFFIDAVIT TO REDEEM REAL ESTATE MORTGAGE
That I, LAURENCE DELIM of legal age, Filipino citizen, married to

Emelita Delim and resident of Panicsican, San Juan, La Union, do hereby
depose and state:
1. That I am the Attorney-In-Fact of Clarissa Mendoza and

Jacquiline Mendoza of Bugayong, Binalonan, Pangasinan, as
per attached herewith Special Power of Attorney duly
notarizaed by Atty. Jose B. Ellazar under Doc.: 498; Page
No.: 100; Book No.: VIII; Series of 2012, set as ANNEX “A”
and forms an integral part hereof;
2. That by virtue of this SPA (for brevity) I have entered into a

Mortgage Contract with Rang-Ay Bank, Inc., San Fernando
City, La Union and granted a loan amount in the amount of
Php1, 871.400.00 with a 5-year term agreement, attached is
the Mortgage Contract set as ANNEX “B” and forms an
integral part hereof;
3. That prior to the above loan, I have made several payments

as per attached Bank Statement set as ANNEX “C” and
made an essential part hereof;
4. That I am in receipt of Notice of Foreclosure issued by the

said bank, stating among others as herewith attached
transmittal set as ANNEX “D” and made an integral part
hereof;
5. That I am signifying thru this affidavit to REDEEM THE

MORTGAGED PROPERTY and set aside the foreclosure
proceedings for it might endanger the properties set as
1
collaterals to the loan and to not stained my credit status as
well;
6. That in lieu further, I am opposing said foreclosure

proceedings based on the following grounds, to wit:
6.1 The notice of foreclosure issued by Rang-Ay Bank

showed that the total amount due as of December 5, 2018,
was only Php1,877,189.40 and the undersigned paid in
good faith a partial payment vis-à-vis Bank Statement as
per attached herewith. There is already compliance on the
part of herein borrower, considering that I have paid at
recent date regarding my obligation. By accepting the
said amount, Bank is now on the process to foreclose the
properties;
6.2 That as ruled by the Supreme Court in Ysmael vs. CA,

G.R. No. 132497, 11-16-99, "Although it is required that full
payment of the redemption price must be made within the
redemption period, the rule on redemption is actually liberally
construed in favor of the original owner of the property. The
policy of the law is to aid rather than to defeat him in the
exercise of his right of redemption. As the Court of Appeals
observed, this Court has allowed parties in several cases to
perfect their right of redemption beyond the period prescribed
therefor." Otherwise, the defendant would be enriching itself at
the expense of herein plaintiffs. As clearly borne out by the
records of the instant case, bank’s application for foreclosure
and public auction sale of the mortgaged property was filed
under Act No. 3135. Moreover, the real estate mortgage
(Exhibit "6") explicitly provides that "... the mortgagee may
immediately foreclose this mortgage judicially or extrajudicially
under Act No. 3135, as amended." Since the mortgage contract
in this case is in the nature of a contract of adhesion as it was
prepared solely by defendant, it has to be interpreted in favor of
herein plaintiffs. However, defendant tries to renege on this
contractual commitment by seeking refuge in the 1989 case
of Sy vs. Court of Appeals (G.R. No. 83139, 04-12-89),
wherein the High Court ruled that "the redemption price is
equal to the total amount of indebtedness to the bank’s claim
inasmuch as Section 78 of the General Banking Act is an
amendment to Section 6 of Act No. 3135, despite the fact that
the extrajudicial foreclosure procedure followed by the PNB
was explicitly under or in accordance with Act No. 3135."
Defendant is hereby estopped from invoking Section 78 of the
2
General Banking Act in as much as it would be unfair to the
other contracting party (herein plaintiffs) who, in good faith,
believed that defendant would comply with [its] contractual
agreement. Hence, it is only just that plaintiffs be allowed to
redeem their mortgaged property by paying only the winning
bid price, which is P181,956.72 plus interest at the rate of 1%
per month until fully paid. Since the period of redemption
begins only from the date of the registration of the certificate of
sale in the Registry of Deeds, the computation of the interest on
the purchase price should also be made to commence from that
date. Hence, the interest due on the auction price for 12
month, i.e., October 18, 1993 to October 18, 1994, is only
P21,834.806 (P181,956.72 x 1% x 12 months). The total
redemption price therefore is P203,791.52. Considering the
payments already paid by herein plaintiffs in the total amount
of P90,000.00, the same shall be deducted to the total
redemption price of P203,791.52, i.e., P203,791.52 –
P90,000.00 = P113,791.52. Plaintiffs [are] hereby allowed to
redeem the property by paying the remaining balance which is
P113,791.52 at 1% per month until fully paid. ” - G.R. No. 184301
GE MONEY BANK, INC. (Formerly KEPPEL BANK PHILIPPINES,
INC.), Petitioner, vs.SPOUSES VICTORINO M. DIZON and ROSALINA L.
DIZON, Respondents. March 23, 2015
7. That I take refuge in the above jurisprudence and request

further that I will be the priority to redeem the properties
being mortgaged if the process of foreclosure has already
been lodged;
8. That to note further, in Nacar v. Gallery Frames recognized

that the legal rate of interest has been reduced to 6% per
annum, recently, however, the Bangko Sentral ng Pilipinas
Monetary Board (BSP-MB), in its Resolution No. 796 dated
May 16, 2013, approved the amendment of Section 2 of
Circular No. 905, Series of 1982 and, accordingly, issued
Circular No. 799, Series of 2013, effective July 1, 2013, the
pertinent portion of which reads:
“The Monetary Board, in its Resolution No. 796 dated 16 May

2013, approved the following revisions governing the rate of
interest in the absence of stipulation in loan contracts, thereby
amending Section 2 of Circular No. 905, Series of 1982:
3
Section 1. The rate of interest for the loan or forbearance of any
money, goods or credits and the rate allowed in judgments, in
the absence of an express contract as to such rate of
interest, shall be six percent (6%) per annum.
Section 2. In view of the above, Subsection X305.1 of the

Manual of Regulations for Banks and Sections 4305Q.1,
4305S.3 and 4303P.1 of the Manual of Regulations for Non-
Bank Financial Institutions are hereby amended accordingly.
This Circular shall take effect on 1 July 2013.”
That I am executing this Affidavit to attest to the truth of all the

foregoing facts and request to the bank concerned and to the court who has
jurisdiction that the undersigned is willing and with intent to redeem the
properties subject for foreclosure.
IN WITNESS HEREOF, I have hereunto set my hands this ____ day

of October 2019 at San Fernando City, La Union.
LAURENCE DELIM
Affiant
SUBSCRIBE AND SWORN to before me this ___ day of October

2019 at San Fernando City, La Union, Philippines.
Doc#:
Page#:
Book#:
Series of 2019

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REPUBLIC OF THE PHILIPPINES)

PROVINCE OF LA UNION ) S.S.

AFFIDAVIT TO REDEEM REAL ESTATE MORTGAGE

That I, LAURENCE DELIM of legal age, Filipino citizen, married to

1. That I am the Attorney-In-Fact of Clarissa Mendoza and

2. That by virtue of this SPA (for brevity) I have entered into a

3. That prior to the above loan, I have made several payments

4. That I am in receipt of Notice of Foreclosure issued by the

5. That I am signifying thru this affidavit to REDEEM THE

6. That in lieu further, I am opposing said foreclosure

6.1 The notice of foreclosure issued by Rang-Ay Bank

6.2 That as ruled by the Supreme Court in Ysmael vs. CA,

7. That I take refuge in the above jurisprudence and request

8. That to note further, in Nacar v. Gallery Frames recognized

“The Monetary Board, in its Resolution No. 796 dated 16 May

Section 2. In view of the above, Subsection X305.1 of the

This Circular shall take effect on 1 July 2013.”

That I am executing this Affidavit to attest to the truth of all the

IN WITNESS HEREOF, I have hereunto set my hands this ____ day

SUBSCRIBE AND SWORN to before me this ___ day of October

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