Summary
RMC No. 55-2011 clarifies the redemption period on foreclosed property under RMC No. 58-2008.
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Key points
- Natural persons. The one-year redemption period on the foreclosed asset, and the period to pay Capital Gains Tax or Creditable Withholding Tax and Documentary Stamp Tax on foreclosure of Real Estate Mortgage, is counted from the date of registration of the sale in the Office of the Register of Deeds.
- Juridical persons. Under Section 47 of Republic Act 8791, the right of redemption in an extrajudicial foreclosure lasts until, but not after, registration of the certificate of foreclosure sale with the Register of Deeds. This is in no case more than three (3) months after foreclosure, whichever is earlier, and is counted from the date of approval by the executive judge.
Who is affected
- Natural persons with foreclosed assets
- Juridical persons in extrajudicial foreclosure
Deadlines and effectivity
- Natural persons: one-year redemption period
- Juridical persons: not more than three (3) months after foreclosure
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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