NAME: ANNOTATION AND CANCELLATION OF MORTGAGE (MISCELLANEOUS TRANSACTIONS)
OFFICE OR DIVISION: LTO District Offices (DO) / Extension Offices (EO)
CLASSIFICATION: Simple
TYPE OF TRANSACTION:
G2C - Government to Citizen
G2B - Government to Business
G2G - Government to Government
WHO MAY AVAIL |
Motor vehicle owners |
CHECKLIST OF REQUIREMENTS |
GENERAL REQUIREMENTS
1. Original Philippine National Police - Highway Patrol Group (PNP-HPG) Motor Vehicle Clearance certificate
Where to secure: Philippine National Police - Highway Patrol Group (PNP-HPG) Motor Vehicle Clearance Division
2. Duly accomplished Motor Vehicle Inspection Report
Where to secure: Land Transportation Office District Office/Extension Office
3. Proof of electronically transmitted appropriate insurance Certificate of Cover (Third Party Liability)
Where to secure: Accredited insurance companies
4. One (1) photocopy of any valid government issued ID with photo and signature of vendor and vendee
Where to secure: Any issuing government agency
5. Client or Business ID of the new owner
Where to secure: Land Transportation Management System (LTMS)s
ADDITIONAL REQUIREMENTS
I. Annotation of Mortgage and other Liens or Encumbrances
1. Original Certificate of Registration (CR)
Where to secure: Registered Motor Vehicle owner, issuing Land Transportation Office (LTO)
District Office / Extension Office
2. One (1) copy of duly annotated chattel mortgage contract with Official Receipt(OR) duly stamped and signed
Where to secure: Registry of Deeds
II. Cancellation of Mortgage or other Liens and Encumbrances
1. Original Certificate of Registration - Encumbered (CRE)
In the absence of original CRE, original copy of Affidavit of Loss
Where to secure: Registered Motor Vehicle owner, financial institution, issuing Land
Transportation Office (LTO) District Office / Extension Office
2. Certified copy of cancellation or release of Chattel Mortgage duly stamped and signed by the Registry of Deeds
Where to secure: Financial Institution
3. Original Official Receipt (OR) of recording fee
Where to secure: Registry of Deeds
4. Duly accomplished Motor Vehicle Inspection Report (MVIR)
Where to secure: Land Transportation Office District Office/Extension Office
III. Cancellation of Mortgage when the financing company (mortgagee) no longer exists and the release Mortgage Contract is missing
1. Original Certificate of Registration - Encumbered (CRE)
In the absence of original CRE, original copy of Affidavit of Loss
Where to secure: Registered Motor Vehicle owner, financial institution, issuing Land
Transportation Office (LTO) District Office / Extension Office
2. One (1) Original Affidavit of Undertaking
Where to secure: Registered Motor Vehicle owner
3. Original Certification stating that the financing company is no longer in existence
Where to secure: Securities and Exchange Commission (SEC) / Bangko Sentral ng Pilipinas
(BSP)
4. Original Surety Bond based on the fair market value of the motor vehicle valid for one (1) year
Where to secure: Accredited insurance companies
4. Original Affidavit of Publication
Where to secure: Newspaper of general circulation |
Note:
a. Government issued ID's - Philippine Identification (PhilID) Card, Philippine passport, Social Security System (SSS) Card, UMID Card, PhilHealth ID, TIN
Card, Postal ID, Voter's ID, Barangay ID, Professional Regulation Commission (PRC) ID, Senior Citizen ID, OFW ID, Overseas Workers Welfare
Administration (OWWA) ID, National Council of Disabled Affairs (NCDA) ID, Solo Parent ID,Voter's Certification, Government Services and Insurance System
(GSIS) e-Card, Seaman's Book, Government Owned and/or Controlled Corporations (GOCC) ID, Home Development Mutual Fund (HDMF) ID, Department of
Social Welfare and Development (DSWD) Certification, Integrated Bar of the Philippines (IBP) ID