RFBT - Credit Transactions
RFBT - Credit Transactions
RFBT - Credit Transactions
If less than, the C shall not be entitled to recover the Are less than, the mortgagee shall be Is less than,
Proceeds
deficiency, notwithstanding any stipulation to the entitled to recover the deficiency. a. General rule: the C is entitled to the
contrary. deficiency
b. Except: if the object is subject of a sale in
installment
No right of redemption. Exists only in Real Estate Mortgage. The There is no right of redemption that exists in a
period to redeem shall depend if the foreclosure of chattel mortgage.
foreclosure is:
1. Extrajudicial:
General rule: 1 year from date of
Redemption
foreclosure
Exception: 3 months from sale or
registration of the certificate of sale,
whichever is earlier.