see - sc.judiciary.gov.ph/jurisprudence/2013/april2013/179665.pdf
"x x x.
The En Banc Resolution in A.M. No. 99-10-05-0, Re: Procedure in
Extrajudicial or Judicial Foreclosure of Real Estate Mortgages, further
stacks the odds against SBI and MFII. Issued on February 20, 2007, or
some two months before the Court of Appeals promulgated its decision in
this case, the resolution embodies the additional guidelines intended to aid
courts in foreclosure proceedings, specifically limiting the instances, and
citing the conditions, when a writ against foreclosure of a mortgage may be
issued, to wit:
(1) No temporary restraining order or writ of preliminary injunction
against the extrajudicial foreclosure of real estate mortgage shall be issued
on the allegation that the loan secured by the mortgage has been paid or is
not delinquent unless the application is verified and supported by evidence
of payment.
(2) No temporary restraining order or writ of preliminary injunction against the extrajudicial foreclosure of real estate mortgage shall be issued on the allegation that the interest on the loan is unconscionable, unless the debtor pays the mortgagee at least twelve percent per annum interest on the principal obligation as stated in the application for foreclosure sale, which shall be updated monthly while the case is pending.
(3) Where a writ of preliminary injunction has been issued against a
foreclosure of mortgage, the disposition of the case shall be speedily
resolved. To this end, the court concerned shall submit to the Supreme
Court, through the Office of the Court Administrator, quarterly reports on
the progress of the cases involving ten million pesos and above.
(4) All requirements and restrictions prescribed for the issuance of a
temporary restraining order/writ of preliminary injunction, such as the
posting of a bond, which shall be equal to the amount of the outstanding
debt, and the time limitation for its effectivity, shall apply as well to a
status quo order.47
x x x."
