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GSIS vs. CFI of Iloilo Branch III, Iloilo City etal

GOVERNMENT SERVICE INSURANCE SYSTEM (GSIS), petitioner, vs. THE COURT OF FIRST INSTANCE OF ILOILO BRANCH III, ILOILO CITY and NELITA M. VDA. DE BACALING & MARIA TERESA INTEGRATED DEVELOPMENT CORPORATION, respondents.

G.R. No. 45322 | 1989-07-05

D E C I S I O N


GRIá'O-AQUINO, J.:

The legal issue presented in this appeal by certiorari is whether, after the judicial foreclosure of a real estate mortgage and the confirmation of the sale, the trial court may grant or fix another period for the redemption of the foreclosed property by the assignee of the mortgagor's equity of redemption.

In 1957, a real estate loan of P600,000 payable in monthly installments within a period of ten (10) years with 7% interest per annum, was granted to the spouses Ramon and Nelita Bacaling by the petitioner, Government Service Insurance System (hereafter GSIS) for the development of the...