Further to this, the Court’s intent to depart from
the broad application of the Almeda ruling to foreclosure proceedings is
clear from its issuance on February 20, 2007 of an En Banc Resolution
in A.M. No. 99-10-05-0, Re: Procedure in Extrajudicial or Judicial
Foreclosure of Real Estate Mortgages. The resolution embodies the
additional guidelines intended to aid courts in foreclosure proceedings,
specifically limiting the instances, and citing the conditions, when a
writ against foreclosure of a mortgage may be issued, to wit:
(1) No temporary restraining order or writ of
preliminary injunction against the extrajudicial foreclosure of real
estate mortgage shall be issued on the allegation that the loan secured
by the mortgage has been paid or is not delinquent unless the
application is verified and supported by evidence of payment.
(2) No temporary restraining order or writ of
preliminary injunction against the extrajudicial foreclosure of real
estate mortgage shall be issued on the allegation that the interest on
the loan is unconscionable, unless the debtor pays the mortgagee at
least twelve percent per annum interest on the principal obligation as
stated in the application for foreclosure sale, which shall be updated
monthly while the case is pending.
(3) Where a writ of preliminary injunction has been
issued against a foreclosure of mortgage, the disposition of the case
shall be speedily resolved. To this end, the court concerned shall
submit to the Supreme Court, through the Office of the Court
Administrator, quarterly reports on the progress of the cases involving
ten million pesos and above.1âwphi1
(4) All requirements and restrictions prescribed for
the issuance of a temporary restraining order/writ of preliminary
injunction, such as the posting of a bond, which shall be equal to the
amount of the outstanding debt, and the time limitation for its
effectivity, shall apply as well to a status quo order.
PHILIPPINE NATIONAL BANK, Petitioner,
vs.CASTALLOY TECHNOLOGY CORPORATION, ALLIED INDUSTRIAL CORPORATION,
ALINSU STEEL FOUNDRY CORPORATION, GLORIA C. NGO and TOMAS C. NGO, JR., Respondents.SECOND DIVISIONG.R. No. 178367 March 19, 2012
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