Need advise: Utang ng mga Magulang

Good day to all!

New member here.

My name is Jeffrey, 29y.o.and would like to ask for legal advice regarding the following:

In 1994, my mothe made a business loan to a financing company and made our house as colateral. But the busines she ventured into failed and eventually failed to pay the loan.

The financing company then filed a suit against my mother but made a settlement to pay the loan balance over the course of 5years.

But unfortunately, the loan wasn't fully paid yet up to now, and house was repossessed by the bank. (in 2005)

I was only 10y.o then and my siblings were too young at that time too. Our father who was an ofw came to know about it when our house was repossessed by the bank.

My parents are now in their late 60's, unemployed, no savings, no assets, and rely support from us siblings for their expenses.

My question is, are they still obliged to pay that loan given their current situation???

Do we, us their children must pay the remaining balance of that loan even of the house has already been repossessed by the bank???

Thanks for the time and advices.

Jeff

Things to ponder.

If a debt cannot be paid in cash, property can be used as payment -when used as collateral (to be foreclosed in the future if the debtor defaulted in paying the loan)

Na-foreclosed na ba yung bahay nyo? foreclosure ( ibebenta yung bahay - may bidding - highest bidder will get the house) - for certain length of time pwedeng bawiin ng debtor yung bahay (kailangan nga lang bayaraan ung load plus interest, cost etc.)

Yung property na mismo ang bayad sa loan

Thanks for the reply P.Law..

Hinuhulugan pa din yun bahay sa bangko nung nagloan ang nanay ko. Eventually na foreclose yun bahay.

Hindi na nabayaran yun sa bahay pati yung loan sa lending company.