Assume Balance

Kindly advice please!

I had a car still under loan when I decided to sell thru a 'buy and sell' company. In our Deed of Absolute Sale, it is stated that the new vendee, the new owner which the 'buy and sell' company would soon identify, will assume the balance and continue the payment until the loan is settled.

Unfortunately, the new vendee did not make any payment, nowhere to be found as well as the unit. We are being chased by the Financial Services.

Does the 'buy and sell' company have any obligations to us given his knowledge of the condition of the unit we sold to him and by virtue of the Deed of Absolute Sale?

Thank you all in advance.

Technically the DOS you have issued is invalid since the bank is the rightful owner of the car until your mortgage has been paid. the right approach should have been involving the bank and having the loan transferred under the buyer's name.

Kindly advice pls
I have my transport network vehicle services and i want to sell this vehicle thru assume balance kasi di pa po fully paid ito sa bangko , bukod po sana sa doon s form ng deed of sale with assumption of mortgage , can i do a another contract between me and the buyer, kasi gusto ko sana na ilagay eh wag nila gawin colorum ung sasakyan kasi kapag nahuli cla impound ung sasakyan at 200k ang tubos under ltfrb eh may provisional authority na po sya... can i do dat agreement at meron po ba kayo sample agreement form na may ganun , salamat po sa sasagot ... thank u for helping us

Since naka mortgage pa yung sasakyan, I would advise involving the bank sa pagbenta since pagtinakbuhan ka ng pinagbilhan mo, ikaw parin ang liable sa bank kung hindi naman sila nag agree sa bentahan.