1. What is a MORTGAGE
It is a Contract whereby the debtor assures the creditor the fulfillment of a principal obligation with the proceeds of sale of said property in case the said obligation is not complied with.
2. Possession of Property
As a general rule, it is retained by the mortgagor.
The mortgaged property is only subjected to a lien but ownership remains with the mortgagor.
3. Can I transfer it even if not fully paid?
If mortgagor has transferred the mortgaged property to a third person, it doesn't relieve him from his obligation to pay his debt to the mortgagee.
(Promissory Note is the primary document unless there is novation)
The mortgage lien is carried over and has priority over any other claims.
( the Real Estate Mortgage is an accessory document)
4. Can It be foreclosed even if it is a family home?
Yes. Family Code is specific:
Art. 155. The family home shall be exempt from execution, forced sale or attachment except:
(3) For debts secured by mortgages on the premises before or after such
constitution;
