Question:

A client is urgently seeking advice on preventing the foreclosure of a condominium and is contemplating selling it to a partner. They are inquiring whether this law firm is appropriate for assistance, or if guidance can be provided on finding a suitable advisor.

Answer:

1. Understanding Foreclosure in the Philippines:

Foreclosure is a legal process where a lender takes control of a property when the borrower fails to meet the mortgage payment obligations. In the Philippines, foreclosure can be a judicial or extrajudicial process, depending on the mortgage agreement.

2. Preventing Foreclosure:

Negotiate with the Lender: If you are facing difficulties in making payments, it's wise to communicate with your lender as soon as possible. Some lenders may offer restructuring or refinancing options.
Legal Assistance: Hiring a lawyer experienced in real estate law can help negotiate terms with the lender, review the mortgage agreement, and provide legal strategies to prevent foreclosure.
Sell the Property: If you are unable to meet the obligations, selling the property to clear the debt may be an option. It requires proper valuation, agreement with the buyer, and compliance with legal procedures.

3. Selling to a Partner:

Agreement Between Parties: A clear and legally binding agreement between you and your partner should be drafted, outlining the terms of the sale.
Compliance with Laws: Ensure compliance with the relevant laws, including tax considerations. Legal assistance can guide you through this process.

4. Choosing the Right Advisor:

Law Firm’s Expertise: Many law firms specialize in real estate law and can assist in foreclosure prevention and property sale. It's vital to review the firm’s expertise in these areas.
Consultation: Schedule a consultation with the firm to discuss your specific situation. They can evaluate your case and propose solutions tailored to your needs.
Referrals: If the current firm is not suitable, they may recommend another professional or firm specializing in your particular situation.

Conclusion:

Preventing foreclosure and selling a condominium in the Philippines requires careful consideration of legal procedures and timely actions. Engaging a law firm with expertise in real estate law is advisable. They can assess your specific situation, provide legal advice on preventing foreclosure, and guide you through the process of selling the property to your partner.

Please note that the above information serves as a general guide and may not apply to all specific situations. Consultation with a lawyer specializing in real estate law is highly recommended for personalized and detailed advice.