Practice question
A private nonbank judicial foreclosure judgment grants the Rule68 payment period. Before its expiration the debtor tenders the required full amount into court. No default in that judgment’s payment direction has occurred. The creditor demands auction anyway, arguing every foreclosure judgment immediately requires sale. Which is correct?
- The judgment provides payment to avoid sale; auction is the consequence of nonpayment within the specified period
- Every judgment eliminates the opportunity to pay
- The sheriff may ignore timely compliance
- The creditor automatically owns the property on judgment entry
- The tender necessarily creates only an unrelated loan
Legal references
- Rules of Court: https://lawphil.net/courts/rules/rc_1-71_civil.html Rule68 Sections2–3.
- RA8791: https://lawphil.net/statutes/repacts/ra2000/ra_8791_2000.html Section47 redemption amount and bank judicial foreclosure.
- Spouses Lontoc v Spouses Tiglao GR217860 January29,2024 MAIN: https://lawphil.net/judjuris/juri2024/jan2024/gr_217860_2024.html Equity and statutory rights distinguished.
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