Reynaldo Tolentino v. Bpi Family Bank

Summary

Petitioner Reynaldo Tolentino assumed a P4.7 million mortgage from Spouses Tolentino through a deed of sale with assumption of mortgage. When BPI Family Bank refused to recognize him as transferee, he stopped payments, leading to foreclosure. Petitioner attempted judicial redemption but the Supreme Court denied his petition, affirming the Court of Appeals' ruling that despite having the right to redeem as a transferee, he failed to exercise it properly. The Court emphasized that valid redemption requires actual and simultaneous tender of the full redemption price, not merely expressing intent. Petitioner's ten-month delay without tender of payment demonstrated lack of genuine intent to redeem, despite the significant property value exceeding the redemption price.