real estate and chattle mortgage

hello po.gusto ko po sana humingi ng advice tungkol po sa pagpapautang.marami po kc ang lumalapit sa kin na humiriramng pera.karamihan po ay isinasanla po nila ang kanilang sasakyan o kaya lupa,anu po ba ang dapat kong gawin at anu po ba ang papeles na dapat kong hanapin sa knila upang maging legal nmn po ang aking pagsasanla.ilang buwan po ba ang maximum para maremata ang knilang sinanla?at ok lang po ba yung 10%po monthly?sa iba daw po kc ay 20%kaya po mas gusto na nila sa akin isanla sa 10% na interest buwan buwan.may karapatan po ba akong rematin ang kanilng isinanla kung sakaling d po sila makabayad sa ilang buwan na pinag usapan nming maibalik?hindi po ba ako lumalabag kung sakaling personal na pagpapautang lang po ang aking gagawin?at sila din nmn po aang nag aalok ng collateral.saka mahirap na rin po kc ngyun ang magpautang ng walang icocollateral.kaya po naniniguro lang po ako dahil marami na rin po sa angyun ang balasubas magmabayad.ako poy humingi ng inyong advice upang mapag bigyan ko nmn po yung mga taong lumalapit sa akin.

Wow, nice information given by all of you. I really do not know about this kind of information. Every one can share their thoughts about it.Your information improve my knowledge regarding this subject.

For the Chattel Mortgage, aside from the loan agreement and the Chattel Mortgage itself, you need to execute an Affidavit of Good faith where it states that the Chattel Mortgage was executed to secure the indebtedness and for no other purpose. Also, the chattel Mortgage must be registered at the Chattel Mortgage Registry at the Register of Deeds in order to bind third parties. If it involves a motor vehicle, it must also be registered at the LTO.

For Real Estate Mortgage, the same must be registered at the RD to have it annotated at the back of the TCT in order to bind third persons.

I suggest you retain the services of a lawyer in order to avoid legal complications in the future. These are technical matters which should not be left to self-study. The amount involved are not of trifling value.

and if I may add, even if they are the ones offering 10 percent per month, if you are in a situation where you will have to file a case to collect, the court will probably strike down the interest rate as unconscionable.