Document background
The Notice of Intent to Foreclose is a crucial document in Philippine banking and real estate practice, required by law before initiating foreclosure proceedings. This document is typically used when a borrower has defaulted on their mortgage payments and the lender intends to exercise their right to foreclose on the mortgaged property. It must comply with Act 3135 and other relevant Philippine banking regulations, containing specific information about the loan, the default, and the property in question. The notice serves multiple purposes: it formally informs the borrower of the impending foreclosure, provides a final opportunity to cure the default, and establishes a paper trail for legal compliance. The document must include precise details about the parties involved, loan terms, default amount, property description, and the specific timeframe given to remedy the default.
