Tuesday, December 18, 2007
Abineses sue banks to stop sale of lots
THE Abines family has filed a civil suit against two Cebu City-based banks and two private corporations to stop the sale of properties they previously lost to foreclosure.
Crisologo and Priscilla Abines, former congressman of Cebu’s 2nd district and former mayor of Santander town, respectively, said the banks already agreed to sell them the properties back, but they learned these were already being sold and at a much lesser price.
By selling the properties to another party, the banks violated the contract of buy-back, said the Abineses. They accused the banks of fraud.
Obligation
They said the banks assigned part of their loan obligation to another party, the Philippine Asset Investment Inc., which in turn conveyed the same rights to the Philippine Investment One Inc., and had the latter run after them for P19,227,174.53.
All the while, they said, the banks were also trying to collect the same amount from them in a civil case that reached all the way to the Court of Appeals.
Now they want the banks to pay them damages of P900,000 plus a temporary restraining order against the sale of the foreclosed lots.
Based on the complaint, the foreclosed lots involve 11 parcels of land located inside Cebu City. The lots were used as collateral against a lawn drawn from the banks in 1999.
Extra-judicial
The Abineses admitted that they weren’t able to pay off the loan with the banks, hence the filing of an extra-judicial foreclosure proceeding against the properties.
But “saddened by the impending loss of their real properties,” the Abineses quickly offered to buy the properties back at the amount the banks set – P65.5 million.
“While the parties were doing their best effort to raise up the amount of the buy-back price, they learned from reliable sources from the defendant banks that the latter have negotiated already to sell the subject real properties to another party at the reduced price of P53 million,” they said. (KNR)
For Bisaya stories from Cebu. Click here. (December 18, 2007 issue)
Write letter to the editor.Click here.
Join the Sun.Star message board.Click here.
|
