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Motion To Withdraw Petition For Foreclosure

This motion requests that the court withdraw a previous petition for extrajudicial foreclosure of a mortgage. The motion states that the debtors have paid their outstanding loan obligation of 1.44 million Philippine pesos in full, and the mortgagee has executed a quitclaim releasing the debtors from any further liability. As the parties have settled the loan obligation, the mortgagee no longer wishes to pursue foreclosure and requests withdrawal of the previous foreclosure petition.

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1K views2 pages

Motion To Withdraw Petition For Foreclosure

This motion requests that the court withdraw a previous petition for extrajudicial foreclosure of a mortgage. The motion states that the debtors have paid their outstanding loan obligation of 1.44 million Philippine pesos in full, and the mortgagee has executed a quitclaim releasing the debtors from any further liability. As the parties have settled the loan obligation, the mortgagee no longer wishes to pursue foreclosure and requests withdrawal of the previous foreclosure petition.

Uploaded by

Paris Asir
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Republic of the Philippines

National Capital Judicial Region


REGIONAL TRIAL COURT
Manila
OFFICE OF THE CLERK OF COURT
AND EX-OFFICIO SHERIFF

Petitioner/Mortgagee,

-versus- FORECLOSE NO. 17-3596

Debtors/Mortgagors.
x----------------------x

MOTION TO WITHDRAW
[THE PETITION FOR EXTRA JUDICIAL FORECLOSURE SALE]

Petitioner/Mortgagee, through the undersigned


counsel, unto this Honorable Court, most
respectfully states that:

1.On July 11, 2017, Petitioner/Mortgagee filed a


Petition for Extra-judicial Foreclosure of
mortgage under Act 3135 to foreclose the
property covered by Transfer Certificate of
Title No. 226424 with the Registry of Deeds of
Manila which was the subject of the Real Estate
Mortgage dated October 12, 2016;

2.As stated in the petition, by the terms and


conditions of the Mortgage, the Mortgagor owes
and is indebted to the Mortgagee for the
outstanding loan obligation in the amount of
ONE MILLION FOUR HUNDRED FORTY THOUSAND (Php1,440,000.00)
PESOS as of June 12, 2017;

3.On August 11, 2017, Debtors/Mortgagors paid the


Petitioner/Mortgagee the amount of ONE MILLION
FOUR HUNDRED FORTY THOUSAND (Php1,440,000.00) PESOS as
full and final payment to their outstanding
loan obligation;

4.Petitioner/Mortgagee, in turn, executed a


Quitclaim/Release/Waiver releasing mortgagors
from any past, present and future liabilities
from the said loan obligation, which is hereto
attached as ANNEX “A”.

5.In view of the settlement by the parties of


their loan obligation, Petitioner/Mortgagee
respectfully moves that the Petition for Extra
Judicial Foreclosure of Mortgage be withdrawn;

6.This Motion is not intended to delay the speedy


disposition of this petition.

PRAYER
WHEREFORE, premises considered, it is
respectfully prayed of this Honorable Office
that the Petition for Extrajudicial Foreclosure
of Mortgage under Act 3135 to foreclose the
property covered by Transfer Certificate of
Title No. 226424 with the Registry of Deeds of
Manila be WITHDRAWN.

Other reliefs as may be just and equitable


under the premises are respectively prayed for.

Mandaluyong City for Manila, 11 August


2017.

By:

Counsel for Mortgagee

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