Answer
In an extrajudicial foreclosure of a real estate mortgage under Act No. 3135, the mortgagor generally has one year, counted from the registration of the certificate of sale with the Register of Deeds, within which to redeem the property.
An important exception applies to bank mortgagees: where the mortgagee is a bank, quasi-bank, or trust entity and the mortgagor is a juridical person (such as a corporation), Section 47 of the General Banking Law of 2000 (Republic Act No. 8791) shortens the period to redemption only until the registration of the certificate of foreclosure sale, and in no case more than three months after the foreclosure, whichever is earlier. The Supreme Court upheld this shorter period as constitutional in Goldenway Merchandising Corporation v. Equitable PCI Bank (G.R. No. 195540, 2013). A natural-person mortgagor keeps the full one-year period even against a bank.
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