Monday, March 14, 2011

AMENDMENT OF MORTGAGE

As laid down in LRC Consulta No. 160, to wit:
" Where real estate mortgage is amended and the amendment involves an increase in the mortgage loan, the fees to be collected shall be based on the amount of the increase only, provided that no new security is given to guarantee the agregated loan and that the period of the original mortgage has not been extended.

If therefore the new security is given as an addition or in substitution for the part of the original that has been released, and that there is no stipulation that the same will answer only for a certain definite portion of the Mortgage Loan, registration should be collected on the basis of the aggregate amount of the consideration."

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