REAL ESTATE MORTGAGE

My name is Mirah  from Bacolod City.  I have few concerns regarding my house and lot which is in a mortgage for 5 years right now.  Principal amount is P 200000.00.  Supposedly it is payable for only one year.  Due to lack of financial resources until now it still on a mortgage.  What I did is that I’m doing my best to pay as long as I have some money. I was able to make a total payment of  P 167,660.00.  Last January 2015 I went to the said financing office and they told me that I really need to redeem my land title or else they will foreclose my property.  I beg them for another 6 months for me to redeem my property.  That was all verbal.  Unfortunately I cannot make it within six months because the money that I’m expecting this last week of April will be materialized last week of December 2015.  Right now I’m paying them P3000.00 every month starting February 2015 because that is the only extra money I have.  As of now my debt totals 220k more or less including principal and surcharge.  My question is that DO THEY HAVE THE RIGHT TO FORECLOSE MY PROPERTY EVEN THOUGH I’M PAYING THEM EVEN AT LEAST P 3000.00 A MONTH?  Hope you can help me regarding this matter because I really don’t know the legal process for this issue.  I don’t even have the contract between the said financing and me.  I’m planning to sell my house so that I can pay them but it’s heart pounding for me because this is hard earned and the only property my late husband left us.  How I wish your legal advice will give me peace of mind.  Thank you very much and God bless…  Hope to hear from you soon.