Taking over a housing loan

Hello,

We have took over a condo under a housing loan from the original owner whom was suffering from financial difficulties. We have agreed to pay him 1M with signed contract and continue to pay the succeeding monthly amortization with the bank for almost 11 years. It has not been a very good relationship with the previous owner and now he is demanding us to pay the remaining balance within the year, if not he will stop communicating with us. I would like to know what will happen if he stop communicating with us and not sign the papers with the bank when the loan has been paid off? Are we to file a case against him? Can he demand us to pay everything within a given time frame even if that was not agreed upon originally? Please advise. Thanks,

You may have a signed contract to sell, but I suppose you have no deed of sale yet (it is executed upon full payment). If he does not execute a deed of sale in your favor, you will not be able to transfer the property in your name. https://www.alburovillanueva.com/land-titles-real-property-registration

Hi Sir,Thank you for your response . Yes, we have only signed a contract to sell and we have been paying the monthly amortization ever since. We wanted to have it recalculated the terms at first but the previous owner has been very arrogant and demanded us to pay everything. Now that he is not responding to us. What should we do?

Have you been delayed in payments? you should inform the bank regarding your contract to sell. if the owner is not communicating with you, but you have the payments ready, you can make the offer in writing and if he refuses the legal recourse is to file a petition in court for consignment of payments

yes sir,payments are up to date without lapses. Now we have decide to stick with the original terms another 10 years. The owner said that he will communicate with us in 2028 . How big are the chances on getting a favorable decision when filing a petition in court for consignment of payments?TIA