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Hi.
Would like to inquire how dacion en pago works. Say there's a property with contract to sell to a buyer which is mortgaged with a lending firm. The company who mortgaged the property to the lending firm can no longer pay its loan. With the suggestion of the lending company, the company agreed to do a dacion en pago with the property mortgaged with the lending company.
What happens now to the claim of the buyer to that property? The CTS still holds and the buyer is continuously paying to the company who mortgaged the property he bought, which unknown to him is already in the process of dacion.
Who is now responsible to deliver the said property to the buyer?
Hope you can enlighten me on the effects of dacion en pago. Many thanks and kind regards.
Would like to inquire how dacion en pago works. Say there's a property with contract to sell to a buyer which is mortgaged with a lending firm. The company who mortgaged the property to the lending firm can no longer pay its loan. With the suggestion of the lending company, the company agreed to do a dacion en pago with the property mortgaged with the lending company.
What happens now to the claim of the buyer to that property? The CTS still holds and the buyer is continuously paying to the company who mortgaged the property he bought, which unknown to him is already in the process of dacion.
Who is now responsible to deliver the said property to the buyer?
Hope you can enlighten me on the effects of dacion en pago. Many thanks and kind regards.
