Back

Chailease Finance vs Sps Romeo Ma & Mariafe Ma

CHAILEASE FINANCE, CORPORATION, petitioner, vs. SPOUSES ROMEO I. MA and MARIAFE L. MA, respondents.

G.R. No. 151941 | 2003-08-15

D E C I S I O N

YNARES-SANTIAGO, J.:

Respondents, the spouses Romeo and Mariafe Ma, obtained a loan in the amount of P3,500,000.00 from the Chinatrust (Phils.) Commercial Banking Corporation. As security for the loan, they executed a real estate mortgage over their two parcels of land covered by Transfer Certificates of Title Nos. 68587 and 68390, situated in Barangay Kay Biga, Parañaque City. They defaulted in the payment of their obligations, prompting the said bank to institute extrajudicial foreclosure proceedings against their real estate mortgage.

At the sale at public auction held on June 30, 1999, petitioner Chailease...