Foreclosure

===Philippines===
There are two modes of foreclosure in the [[Philippines]]. A mortgagee may foreclose either judicially or extrajudicially, as governed by Rule 68 of the 1997 Revised Rules of Civil Procedure and Act. No. 3135, respectively. A judicial foreclosure is done by filing a complaint in the Regional Trial Court of the place where the property is located.<ref name="auto">{{cite web|url=http://www.chanrobles.com/specialcivilactions.htm#RULE+68|title=1997 RULES OF CIVIL PROCEDURE – CHAN ROBLES VIRTUAL LAW LIBRARY|first=Joselito Guianan Chan, Managing Partner, Chan Robles and Associates Law|last=Firm|website=www.chanrobles.com|access-date=8 May 2018|url-status=live|archive-url=https://web.archive.org/web/20171221110413/http://www.chanrobles.com/specialcivilactions.htm#RULE+68|archive-date=21 December 2017}}</ref> The judge renders judgment, ordering the mortgagor to pay the debt within a period of 90–120 days. If the debt is not paid within the said period, a foreclosure sale satisfies the judgment.<ref name="auto"/> In an extrajudicial foreclosure, the mortgagee need not initiate an action in court but may simply file an application before the Clerk of Court to secure attendance of the Sheriff who conducts the public sale.<ref>{{cite web|url=http://www.lawphil.net/courts/supreme/am/am_10_05_2001.html|title=A.M. No. 99–10–05–0, August 7, 2001|website=lawphil.net|access-date=8 May 2018|url-status=live|archive-url=https://web.archive.org/web/20170903065458/http://www.lawphil.net/courts/supreme/am/am_10_05_2001.html|archive-date=3 September 2017}}</ref> This is done pursuant to a power of sale. Note that these two modes specifically apply to real estate mortgages. Foreclosure of chattel mortgages (mortgage of movable property) are governed by Sec. 14 of Act No. 1506, which gives the mortgagee the right to sell the chattel at a public sale. It has also been held that as regards chattel mortgages, the law does not prohibit that the foreclosure sale be done privately if it is agreed upon by the parties.<ref>{{cite web|url=http://www.lawphil.net/judjuris/juri1971/apr1971/gr_27132_1971.html|title=Philippine National Bank vs. Manila Investment and Construction, Inc., 38 SCRA 462 (1971)|website=lawphil.net|access-date=8 May 2018|url-status=live|archive-url=https://web.archive.org/web/20170903064842/http://www.lawphil.net/judjuris/juri1971/apr1971/gr_27132_1971.html|archive-date=3 September 2017}}</ref>