Posts

Showing posts from December, 2022

Fully Paid Your Car Loan? Here’s How to Cancel Your Chattel Mortgage in the Philippines (2026 Guide)

-
Image
Finishing a 3- or 5-year car loan is a major win. However, many owners forget that the bank still technically has a "lien" on the vehicle until the Chattel Mortgage is officially cancelled. Without a "Clean" CR, you cannot sell the car or transfer ownership. The Step-by-Step Process: Claim your Documents from the Bank: Once your final payment is cleared, contact your bank’s loan department. They will provide a "Release of Chattel Mortgage" (or Deed of Release), the original CR, and the original Official Receipt (OR). Visit the Registry of Deeds (RD): Go to the RD branch where the mortgage was originally registered (this is usually indicated on your CR). You will need to pay a cancellation fee. They will stamp or provide an annotation that the mortgage is now cancelled. LTO Annotation Removal: Take your annotated documents from the RD to the LTO District Office where your car is registered. You will need: Original CR and OR Release of Chattel Mortgage  V...
Post a Comment
Read more

SIMBANG GABI

-
Image
PASKO NA NAMAN! Longest Christmas Season It's Christmas season once again. Pasko or Christmas is one of the most celebrated events in the Philippines. In fact, we have the longest Christmas season in the whole world. It's known as the "Ber months", with September as the starting month. At this time, we can already see christmas decorations and hear christmas songs played, on malls,  public transportations and even at homes. On the streets, lanterns or "parol" are already on display for sale. These are signs that once again it's Christmas season. Misa de Aguinaldo Back to my home place, the barrio where I was born, it was a tradition to hold a  nine (9) day novena in preparation for the birth of Jesus on Christmas Day, December 25. The novena would start dawn of December 16 and ends on 24th of December. As a child back then,  I really looked forward to these "Aguinaldo novenas", as we call it, because right after the novena, there will be "...
Post a Comment
Read more

Section 4 Rule 74 Annotation on Title

-
What is Section 4 Rule 74 These past days, I was busy working on four Extra Judicial Settlement of Estate processes. Three of which were about Annotation of Extra Judicial Settlement of Estate to claim sum of money, and the other was Extra Judicial Settlement of Estate with Absolute Sale. From these experiences, I was able to understand the logic behind annotation of Section 4 Rule 74 on the title.  As I understand, within the two (2) years after the settlement of estate and its distribution, if there's an heir or a person who will come up to say that he/she is deprived of his/her lawful participation in the estate, then he/she can compel the settlement of the estate in the courts per provision of Section 4 Rule 74, Rules of  Court.  As we can see,  annotation of  Section 4 Rule 74 on the title, when we are processing settlement of estate, is really important.  Anyway, once the two (2) year period has passed and no claimant has showed up,  you can have...
Post a Comment
Read more