Annotation and Cancellation of MortgageWhen the Financing Company (Mortgagee) no longer exists and Release Mortgage Contract is missing
What this is For:Annotation and Cancellation of MortgageWhen the Financing Company (Mortgagee) no longer exists and Release Mortgage Contract is missing
Where to File:Land Transportation Office
How to File:
1. Proceed to the transaction counters and submit all the required documents to the Evaluator for evaluation and computation of fees.
2. Actual inspection of motor vehicles with duly accomplished MVIR (Motor Vehicle Inspection Report).
3. Proceed to the Cashier when your name is called for the necessary fees and obtain an Official Receipt (OR).
4. Proceed to the Releasing Counter when your name is called to obtain the Certificate of Registration (CR), plates, stickers, and other requested documents.
Other Documentary Requirements:
1. Original Certificate of Registration (CR) and latest original Official Receipt (OR) of payment
2. Affidavit of Undertaking executed by the registered Owner stating, among other things, the following:
- that the account has been fully paid
- that the Release Mortgage Contract was lost and could no longer be found despite diligent efforts
- that the Affiant is willing to be held liable in case the lien still exists
3. Certification from the Securities and Exchange Commission stating that the financing company is no longer in existence
4. Surety Bond equivalent to the fair market value of the motor vehicle for one year
5. Confirmation of CR/OR (CIR-91-137) if issued by other LTO Agency
6. Taxpayer's Identification Number (TIN)