6/3/2023 0 Comments Deficiency judgment![]() ![]() Spouses Fidel Plantilla and Susan Plantilla et. In the case of Spouses Benito Baysa and Victoria Baysa vs. Is a mere agreement of both parties’ amenability to extrajudicial foreclosure enough? May parties omit the special power to sell? ![]() However, the sale must be under a special power inserted in or attached to the REM itself or was embodied in a separate document attached to the REM. This is called “Extrajudicial foreclosure.” The sale cannot be made legally outside the city or province wherein the property is situated. The creditor need not initiate an action in court but may simply file an application before the Clerk of Court to secure attendance of the Sheriff who will conduct the public sale. What is the other kind of foreclosure of REM? May a REM be foreclosed without going to court? This time, the deficiency judgment can be imposed on another property of the debtor.
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