HOW FORECLOSURE OF REAL ESTATE MORTGAGE MAY BE DONE

1. Judicially under rule 68; or

- Should be enforced within 10 years from the time the right of action accrues. When the
mortgagor defaults in the payment of his obligation to the mortgagee.
- Otherwise, it will be barred by prescription and the mortgagee will lose his rights under
the mortgage
- Prescription commences from the time the obligation becomes due and demandable,
or upon demand by the creditor, as the case may be.

2. Extrajudicially pursuant to provisions of Act. No. 3135 or GBL of 2000, as the case may be.