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1
Why? Because you require an affidavit of good faith which says that the debt is existing.
2
This paragraph disallows recovery of balance and costs of suit; however, if debtor intentionally refused or concealed the chattel, creditor will be forced to file an action for replevin in which case,
he will be allowed to recover reasonable costs.
3
After an extrajudicial foreclosure, typically, one can exercise the right of redemption within one year from registration of sale. However, if BANK is the mortgagee, and JURIDICAL PERSON is the
mortgagor, there is no right of redemption; only equity of redemption. The latter may only be exercised before the registration of foreclosure sale with the Register of Deeds, which in no case
shall be more than 3 months after foreclosure.