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Hi! I mortgaged my properly to a known lending institution for 200k (value of property is 1M) last Nov 2010 for 2 years. I paid my monthly amortization but due to financial problem I was not able to pay since feb 2011 to Apr 2011). A collection agent came and I asked for a restructuring of my account but it was disapproved. I started to pay my monthly amortization again since May 2011. Last August I received a notice of foreclosure so i went to the lending company and the collection officer told me to ignore it as long as I am paying. I was not informed to pay immediately the unpaid monthly amortization and the penalties. Last October they did not accept my payment and told me that my property was already foreclosed. I asked them why when I am already paying the monthly amortization regularly (I planned to pay the unpaid amortization and penalties later when I have already an extra cash thinking that my account will still be due until october 2012). They told me that i am a delinquent borrower and that their action/decision of foreclosing my property was stipulated in the contract. I told them that I didn't have a copy of said contract and that I was not even informed nor educated of the rules/consequences of non-payment. It may be true that I had signed a contract during the application for loan since it was a requirement, but I was not given a copy of it. Recently I received a notice of extrajudicial sale on nov 9, 2011 from the office of the ex-officio sheriff. What will I do? I don't have cash today and it wont be easy to sell the property immediately so I can pay it. Can I sue the lending company for such brutal and inconsiderate act? I feel I was betrayed because they were receiving my payment. I know they have violations in the lending act. Can I file a complaint to the Central Bank of the Phil? Is there a possibility for me to recover my property? How can I stop this notice of extra judicial sale? Please advise.
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