Section 33Sec./Art. 33

A new section entitled Section 88-C is hereby included in the same Act to read as follows:

"Sec. 88-C. Right of Redemption of Foreclosed Real Property; Right of Possession During Redemption Period. - In the event of foreclosure, whether judicially or extrajudicially, the mortgagor, who is a natural person, shall have the right to redeem the property within one (1) year from the date of foreclosure sale. In case the mortgagor is a juridical person, the mortgagor shall have the right to redeem the property sold in a judicial foreclosure sale within one (1) year from the date of foreclosure sale: Provided, That in case of an extrajudicial foreclosure, notwithstanding Act No. 3135, the mortgagor shall have the right to redeem the property sold within ninety (90) days from the foreclosure sale but not later than the registration of the certificate of foreclosure sale.

Redemption shall be effected by paying the principal, interests, charges, commissions and all claims of whatever nature of the Bangko Sentral outstanding and due as of the date of foreclosure sale, including all costs and other expenses incurred by reason of the foreclosure sale and custody of the property.

"The Bangko Sentral, as purchaser in the foreclosure sale and without need of posting a bond, may take possession of the foreclosed property during the redemption period. The Bangko Sentral shall be entitled to the fruits of the property, the same to be applied against the redemption price."