Who can claim the secured collateral upon full payment? Can I authorize someone to claim in my behalf?
Only the borrower/s and mortgagors whose name/s appear on the collateral document and their authorized representatives (Through SPA) can claim the collateral documents.
Requirements to claim:
- Valid ID of the borrower(s)
- If the borrower is not physically present, submit valid ID of the borrower together with the valid ID of the representative appointed by the borrower to claim in the Authorization Letter.
- In cases where borrowers are out of the country – SPA with the seal of the Philippine Consular Office, copy of valid ID of each borrower and valid ID of representative.