TCT ANNOTATION

Hi Attorneys:

I would like to ask, I recently paid my home loan from the bank, I know that there are annotations at the back of my tct, what are the requirements to delete or remove the annotations considering that the loan has been paid off and the tct is already in my possession.
Thank you.

In my opinion, they will not delete the previous annotations.
At the start, pre-mortgage, had only RESTRICTIONS (if any) at the end
Then, the BANK MORTGAGE ANNOTATION was added
Then, the CANCELLATION OF MORTGAGE ANNOTATION was added kasi fully paid ka na
So you leave it at that.

did you ask the Land Registration Administration or the Register of Deeds where the TCT is registered on how to remove the annotations?

You can cancel the mortgage annotated on the title. You and between the bank have to execute a release/cancellation of mortgage in favor of you. Then, you have to pay for a DST at the BIR and you can now proceed at the registry of deeds.

Good day Honorable Sirs/Mams,

I have been reading yesterday regarding TCT annotations, loans etc, due to an issue that my friend is currently having with her credit card company as she's defaulted on payments due to some financial problems.

I would apologize in advance as my questions would be on other matters as well, and not just TCT annotation.

I would just like to ask if it is possible for a credit card company to have the TCT of their account holder who defaulted on payments get annotated?  And what is the process for this?  Does the credit card company have to file a case first before a court, before they can have the TCT annotated at the Registry of Deeds?  Or do they have to wait for the court's decision for the property stated in the TCT to be garnished?

If the property is under a bank loan, there would be an annotation on the TCT in favor of that bank, due to the real estate mortgage.  Can the credit card company have this TCT further annotated in their favor?  If Yes, and assuming they win the court case against the defaulting credit card debtor, the credit card company would have to wait for the first bank to be paid by the debtor, before they can claim the property. Is this right?  The credit card company would just be a second priority.

My friend has 15 years left in paying the housing loan.  Is there a statue of limitations on credit card debts in the Philippines, and how long?  Assuming the statute of limitations is 10 years, could the credit card company still claim the property after 15 years?

Also, my friend is the head of the family and her parents and a sister live in the house, could the court have her house garnished?

I would wait for your replies with much interest.

Thank you very much,

Mikey

Pwd po b ipa annotate ang minortgage nilang lupa s amin kht dpo nmin hwak ang titulo?

Message body...kumuha ka Ng Release of Mortgage from the bank or kanina nakansanla UNG property. Tapos dalhin mo yon at ung titulo na may annotation sa Register of Deeds, na maliban da mga Ito ay may irerequire pang ba Ang ROD.

Message body...Kmi bumili Ng property sa Isang real estate company at pgkatapos Ng required deposit nmin itrinasper Ng company sa bank at Dion na kmi nybbayad, pero may TCT na sa name nmin at Ang bank may hawak Ng title. Mtatapos na Ang loan at say Ng bank if need nmin first extend o full pay na. If full pay myrerequest kmi ng Statement of Acct pra mgbyad at Ng Ang Release of Mortgage with the collateral title be given to us. Then take these docs to register of deeds.

If sau ang credit company syang ngbbayd sa bank may sabit ka if insufficient funds ang credit card mo at hnd naforforward Ang byad sa bank o naiforforward nila, whichever applies. Suggest ko ireview mo ung deed of Mortgage with sale mo o anumang deeds o docs Ng transaction dyan sa property mo.