WHERE SHOULD AN EXTRAJUDICIAL FORECLOSURE SALE BE DONE?

> Sale cannot be made legally outside the city or province wherein the
property sold is situated. In case the place has been stipulated,
it shall be made in the municipal building of the said place
NOTICE OF THE SALE
1. POSTING of the notices of the sale FOR NOT LESS THAN 20 DAYS in a
t least 3 public places of the municipality or city where the property is sit
uated
2. IF THE PROPERTY IS WORTH MORE THAN P400, such notice shall also
be published once a week at least 3 consecutive weeks in a newspaper of g
eneral circulation in the municipality or city. (You don't need to count 6 days
between publications.)
NOTE: there is jurisprudence, which held that there is sufficient notic
e when there is publication.
PUBLIC AUCTION/SALE
1. Time shall be between 9AM and 4PM. It shall be made in the direction of
the sheriff of the province, the justice or auxiliary justice of the pea
ce of the municipality, or of the notary public of the municipality,
who shall be compensated with P5 for each day of actual work
or performance in addition to his expenses.
2. Anyone may bid at the sale, unless there are stipulations in the agree
ment.

POSSESSION
> Upon foreclosure, if the mortgagor is in possession of the property, he will
retain possession during the redemption period 1 year from the date of sale
> If the winning bidder wants possession during the redemption per
iod, he may execute a bond in the amount equivalent to the use of the prop
erty for 12 months, to indemnify the debtor in case it be shown that the sal
e was made without violating the mortgage or without complying with the requirem
ents of the Act. Upon approval, a writ of possession will be issued in his favo
r.
> If the winning bidder is able to secure possession, the mortgagor ma
y petition that the sale is set aside and the writ of possession be cancelle
d on the ground that he wasn't in default or that the sale wa
sn't made in accordance with Act 3135. This must be filed within
30 days from issuance of the writ of possession.

RIGHT OF REDEMPTION
> The debtor, his successors-in-interest, or any judicial creditor or judg
ment creditor of said debtor, or any person having a lien on the property subseq
uent to the mortgage or deed of trust under which the property is sold,
may redeem the same at any time WITHIN THE TERM OF 1 YEAR FROM AND A
FTER THE DATE OF THE SALE and such will be governed by the Rules of Court
> When the property is redeemed after the purchaser has been given posse
ssion, the redeemer is entitled to deduct from the price of redemption a
ny rentals that said purchaser may have collected in case the property or any
part thereof was rented. If the property was used as his own dwelling, it be
ing town property, or used it gainfully, it being rural property, the redeem
er may deduct from the
price the interest of 1% per month provided in the Rules of Court.
RULES OF COURT, RULE 39, SECTIONS 29 TO 31, AND 35