kino14:
Meron po akong (2) chattel mortgage documents. Agreement with my tita last April 2007 pa po worth 400,000 and the other one is 700,000 dated August 2007. Nasa akin po yung original and signed copy of the documents. Gusto ko na po sana sya singilin ngayon kasi dati nagbabayad naman po sya for the monthly interest hanggang sa nalugi daw po yung negosyo nya kaya nakiusap po sya sa akin kung pwede na di na muna sya magbayad. Pumayag po ako noon dahil sa kanila naman po ako nakikitira at sya po ang umampon sa amin ng naulila na po ako noong 2006. Student palang po ako noong nagpirmahan kami ng contract pero hindi ko po masyado naintindihan yun. Meron din po ako copy ng mga bank check nya. Ano po ba ang dapat ko gawin para masingil ko na po ang tita ko. Lumayas na din po kasi ako sa bahay nila after ko makatapos ng pag aaral.
Your question is about what legal remedy or remedies could you resort to about the chattel mortgage executed by your aunt which involving staggering sum of money as the principal debt.
Stripped of being emotional or sentimental, a debt under the law could, based upon your choice, be a civil obligation or a natural obligation. Civil, if you could enforce it in accordance with what the law provides and natural, if the obligation ceases to be civilly enforceable (either because of lapse of time, estoppel, laches or based on sentimentalism such as UTANG NA LOOB).
your choice: EITHER FORECLOSE THE MORTGAGE, MENAING GO AFTER THE SECURITY FOR THE LOAN (if the thing is still available) or go after the principal debt, interest, penalty etc.. by a simple collection of a sum of money.
Now, if you want to play sentimental, just think whether the utang na loob would feed you everyday and fill your empty stomach or just think that the amount of money you loaned to your aunt already served her interest and welfare for the past years..
BE PRACTICAL!
thanks
Atty karl Rove