LTO Revision of Records: Change Name After Marriage or Annulment

Legally going through name change after marriage and having it reflect on identity documents like the LTO driver’s license is an important part of getting married or getting annulled, separated, or divorced. It is, in fact, a subtle way of informing everyone about the apparent change in their marital status. However, unlike in the olden times, doing so is no longer mandatory. It has, in fact, become optional for a woman who recently got married to get her last name on official documents changed to her husband’s. Nevertheless, thanks to the cultural influences, many people still prefer not to keep their maiden name and to use their husband’s name instead.

However, the process of changing names after getting married can seem like a lot of work. It’s really not! In this comprehensive guide, we will take you through the entire process of changing names at the Land Transportation Office (LTO), from the requirements, to the different rules, guidelines, and fees related to changing the name on your driver’s license. This article is relevant to any Filipino who wishes to change the name on their driver’s license after getting married, annulled, or legally separated.

lto revision of records change name after marriage or annulment

LTO Revision of Records: Changing Name After Marriage or Annulment

Changing your name after marriage or divorce is usually a simple process. It’s no longer automatic like it used to be in the old times, but making the change after you get married or after you get divorce remains something doable. 

There are several ways of changing your name in your LTO records. Some are simple changes while others may require a court order and a personal appearance. These changes can either be completely changing your name to your spouse’s last name or using a hyphenated version of your last name and your husband’s last name after marriage. Other name change requests include reverting to your old last name after divorce, annulment, or legal separation.  

Eligibility for Name Change at LTO

But who can make a request to change or update LTO records with a new (last) name? Well, anybody who owns a registered Driver’s License (DL) who recently got married, annulled, or legally separated can put in a request to do so as long as she intends to update his Driver’s License Record with LTO

Like every other DL holder though, the applicant also needs to satisfy the following conditions:

  • Able to read and write in Filipino, English, or any major dialect
  • Holder of Valid DL or a DL that has not renewed two (2) years after the expiry date
  • Driver’s License or Appropriate Affidavit if DL is Lost or Mutilated
  • Has no unsettled traffic violation

Benefits of Name Change in LTO 

Some of the benefits associated with record change for names after marriage or annulment, include:

  • The ability to use a driver’s license to drive freely without worrying about getting caught with or accused of using a DL with a “faked” name.
  • A valid driver’s license can serve as a useful government-issued photo ID that is valid almost anywhere in the Philippines.
  • It can serve as your proof of change in marital status, whenever and wherever necessary.
  • As it also usually comes with change in marital status, the updated driver’s license can serve as subtle proof of your personal relationship status which affects other things like your motor vehicle insurance premium.

Requirements for LTO Revision of Records: Change Name

The requirements for making a record change for your (last) name with LTO requires submission of the following documents:

  • Properly Accomplished Application for Driver’s License
  • Current or Expired License
  • Proof of change in marital status
    • Court Order Authorizing name change
    • Marriage Certificate
  • PSA Birth Certificate

If the applicant is a Muslim:

  • Affidavit of at least two (2) disinterested individuals 
  • Certification from OMA (Office of the Muslim Affairs).

Procedures for LTO Revision of Records: Incorrect Birth Date

Getting your name changed after getting married is simple. All you need to do is show your marriage certificate to request the change. Reverting to your maiden name after annulment, divorce, or legal separation, however, requires other documents like a court order authorizing the name change. Once you have these documents, you can change your name on your driver’s license. Once you do, you can use that to change your name elsewhere. This procedure can be done in person, via any LTO offices in the Philippines, or online, via the Land Transport Management System (LTMS) online services portal. 

Here’s how to do so:

In-Person, via the LTO office

To initiate the request to revise or update your incorrect birth date on LTO records, you may simply follow these steps:

Step 1: Before you actually go for an LTO visit, you need to first prepare the documentary requirements for the information you wish to revise under your current LTO driver’s license. 

Step 2: Once the documents are prepared, you will then need to submit them for evaluation and wait for the transaction ID to be generated by the system so you can present it for verification and confirmation of the details.

Step 3: The Evaluator will then check the authenticity and completeness of the documents, then proceed with processing the replacement ID.

Step 4: You will need to get your photo and signature taken for the records.

Step 5: Then, you will be sent to make the payment amounting to P30.00 (regardless of the number of fields revised) at the cashier.

Step 6: Once payment has been processed, you will just need to wait for the new driver’s license reflecting the correct information to be released.

Online, via the LTMS portal

To update your Driver’s License record via the LTMS portal, here are the steps to follow:

Step 1: Go to the Land Transport Management System (LTMS) portal at portal.lto.gov.ph.

Step 2: Log in or register for an LTMS account.

If the applicant is a new user:

  • Click the “Register Now” button.
  • Read all the terms and conditions and click the “Yes I accept” button. Then, enter the captcha code and finally click the “Next” button.
  • Select the registration type and click the “Next” button.
  • Fill in the personal details, contact number, citizenship, and type of license and click the “Submit” button.
  • The verification link is sent to the given email ID, using the link the applicant has to create the password.

If the applicant has an existing account:

  • Go to the login page and enter the email and password.
  • Click the “Sign in” button.

Step 3: Once logged in, the applicant has to select “Licensing.”

Step 4: Click “Accept” to accept the Terms of Use. 

Step 5: Select the type of license that you hold: Student Permit, Non-Professional Driver’s License, or Professional Driver’s License.

Step 6: Click Next. 

Step 7: Select Revision of Records, then click Next.

Step 8: Choose the type of records you wish to revise: Personal, Address, or Citizenship. For those who intend to change their names, choose Personal.

Step 9: Click Next.

Step 10: Make the change in the name field, then click Next.

Step 11: Upload one of the required documents (PSA Birth Certificate or Marriage Certificate or both) by clicking the Upload icon, selecting the file to upload, and clicking Save. Make sure the file doesn’t exceed the allowed maximum file size of 2046 kb. 

Step 12: Once done, click Next.

Step 13: Key in the License Number and Expiry date.

Step 14: Click Next.

Step 15: Continue with the rest of the procedures. 

Step 16: Once the application is completed and submitted, the concerned authority will check the submitted application and document set. If everything is in place, the application will be accepted.

Step 17: The application will then be processed further. All the status updates will be sent via SMS to the applicant’s mobile number or can be seen via the LTMS portal upon login.

Step 18: Once the process is completed, the applicant gets a call from the LTO for instructions on how to complete the transaction.

Step 19: If required, the applicant need to visit the office for the biometric/encoding process.

Step 20: You might need to wait for a while to get the updated permit from the office.

Important Reminders

For your reference, here are some useful tips that you need to remember when requesting for name changes. This ensures that your records are updated with your married name and the names of your beneficiaries on record at the LTO:

  • It is important for all driver’s license holders to ensure that their ID cards have the correct and updated names and/or other biographical information. 
  • Once you’ve uploaded a document via the LTMS portal, succeeding transactions will no longer require you to do so again. 
  • Drivers who are interested in making requests for record changes should ensure that he has no pending cases before the department. 
  • Drivers with pending cases of violations need to settle those first or his application for record change may not be approved.
  • This entire process can be completed within 30 days or as per the timeline advised by the respective department authority.
  • For your name to be revised after marriage or annulment or separation proceedings, the request for updating or revision of LTO records may be done online, via the LTMS portal, or in person, at an LTO branch office.
  • If said applicant is a Muslim, it is necessary to secure an affidavit of at least two (2) disinterested individuals and a certification from OMA (Office of the Muslim Affairs).
  • You will need to prepare enough funds for the payments of LTO fees and other incidental expenses.

Video: How to Request for Revision of Records from LTO and Change their Names  

Learn more about the actual procedures on how to change the name and your marital status on your driver’s license and how to request for an LTO Revision of Records by watching this video from Cess DDay.

Frequently Asked Questions (FAQs)

For your reference, here are some of the most common questions and answers regarding the LTO Revision of Records for name change after marriage, annulment, or legal separation: 

1. Can I make the request to change my name on my LTO Driver’s License online?

Yes. You may initiate the request online via the LTMS portal. It’s a simple change and you will need to submit either a PSA Birth Certificate, a Marriage Contract, or a court order in order to do so.

2. Can I request the name change for my LTO records when I renew my driver’s license?

Yes. You may process the revision request upon renewal. You may also process them at the same time. The fees will vary though depending on the license type and the other LTO transactions you wish to do along with it. 

3. How much does the revision request for name change cost?

All revision of records, regardless of type, if requested at LTO costs P30.00. Other additional LTO transactions you may want to do along with it may entail additional fees and requirements.

Summary

An LTO driver’s license is, perhaps, one of the most credible and widely accepted identity documents in the Philippines. As such, it is imperative to keep it as updated as possible whenever there’s any change in your biographical information reflected in the ID. This is where name change plays a role. Not only does it back up the change in your marital status, but a name change also subtly announces this change, whenever and wherever a valid government-issued ID is needed. Nevertheless, renewal and revision should not be considered as a burden, but as a way to continue enjoying the privilege of driving legally in the Philippines. It helps DL holders avoid legal repercussions or getting charged with a criminal offense if you are caught driving with a different name on your driver’s license. After all, the LTO driver’s license is an important and valid government-issued photo ID that can attest to your identity claims almost everywhere in the Philippines. The LTO violations also correspond to certain penalties and some of them may even lead to your license being suspended or revoked.

LTO Revision of Records: Change Address  

People generally own various official identity documents that can attest not only to their identity but also to their age and address. One such document is the driver’s license issued by the Land Transportation Office (LTO) in the Philippines. An LTO driver’s license is an identity document issued to roadworthy drivers which gives them the authority to operate certain motor vehicles on public roads. It contains the driver’s name and other more sensitive biographical information like their birth date and address and is an acceptable photo ID almost anywhere in the Philippines. 

That said, it is imperative to keep all the information on your LTO driver’s license as updated as possible. Incorrect addresses in LTO records is not always a result of human error. It can be due to moving into another residence after the driver’s license has been issued. If, for whatever the reasons, you need to change your address, you can simply check on this guide to the process of changing address at the Land Transportation Office (LTO), from the requirements, to the different rules, guidelines, and fees related to doing so. 

lto revision of records change address

LTO Revision of Records: Change Address

Solving problems on incorrect or obsolete addresses on your driver’s license is a simple matter of making a request for revision of records at the LTO. Though this type of record change sounds simple, it is an important procedure as having correct biographical information on your IDs is necessary if you want to be able to use the driver’s license properly as a government-issued photo ID and proof of residence, or just to prove that those requesting for proof of address are able to send communications to you via regular post and be able to find you if necessary.

The change in address in LTO essentially ensures that you have a government-issued photo ID that can prove that you are not lying about where you live. As the LTO driver’s license is one of the most credible identity documents around, it is the perfect ID to show as a valid proof of address and identification and that it will be accepted anywhere in the Philippines. For drivers who wish to update their address on their LTO Driver’s License, a simple revision of records should do the trick. This procedure can be done in person, via any LTO office in the Philippines, or online, via the Land Transport Management System (LTMS) online services portal.  

Eligibility for Change in Address at the LTO

But who can make a request to change or update LTO records with the correct address? Well, anybody who owns a registered Driver’s License (DL) with an incorrect address can put in a request to do so as long as he intends to update his Driver’s License Record with LTO. 

Like every other DL holder though, the applicant must also satisfy the following conditions:

  • Able to read and write in Filipino, English, or any major dialect
  • Holder of Valid DL or a DL that has not renewed two (2) years after the expiry date
  • Driver’s License or Appropriate Affidavit if the DL is Lost or Mutilated
  • Has no unsettled traffic violation

Benefits of LTO Revision or Change of Address 

Some of the benefits associated with updating your LTO records with your new address include:

  • The ability to use a driver’s license to drive freely without worrying about possible legal repercussions from false information on your ID 
  • A valid driver’s license can serve as a useful government-issued photo ID that is valid almost anywhere in the Philippines.
  • It can serve as your proof of address or proof of residence to satisfy the security requirements of many establishments and prove that you are not lying about where you live.
  • It is a valid ID issued by a recognized authority and can be used almost everywhere.

Requirements for LTO Revision of Records: Incorrect Birth date

The requirements for making a record change for incorrect birth date with LTO requires submission of the following documents:

Procedures for LTO Revision of Records: Change Address

Changing addresses in your LTO driver’s records is a lot like the other types of record changes. It requires going through a straightforward process that can either be done online via the Land Transport Management System (LTMS) or in person, by making an actual visit to your preferred LTO branch. 

In-Person, via the LTO office

To initiate the request to revise or update your incorrect birth date on LTO records, you may simply follow these steps:

Step 1: Before you actually go for an LTO visit, you need to first prepare the documentary requirements for the information you wish to revise under your current LTO driver’s license. 

Step 2: Once the documents are prepared, you will then need to submit them for evaluation and wait for the transaction ID to be generated by the system so you can present it for verification and confirmation of the details.

Step 3: The Evaluator will then check the authenticity and completeness of the documents, then proceed with processing the replacement ID.

Step 4: You will need to get your photo and signature taken for the records.

Step 5: Then, you will be sent to make the payment amounting to P30.00 (regardless of the number of fields revised) at the cashier.

Step 6: Once payment has been processed, you will just need to wait for the new driver’s license reflecting the correct information to be released.

Online, via the LTMS portal

To update your Driver’s License record with a new address via the LTMS portal, here are the steps to follow:

Step 1: Go to the Land Transport Management System (LTMS) portal at portal.lto.gov.ph.

Step 2: Log in or register for an LTMS account.

If the applicant is a new user:

  • Click the “Register Now” button.
  • Read all the terms and conditions and click the “Yes I accept” button. Then, enter the captcha code and finally click the “Next” button.
  • Select the registration type and click the “Next” button.
  • Fill in the personal details, contact number, citizenship, and type of license and click the “Submit” button.
  • The verification link is sent to the given email ID, using the link the applicant has to create the password.

If the applicant has an existing account:

  • Go to the login page and enter the email and password.
  • Click the “Sign in” button.

Step 3: Once logged in, the applicant has to select “Licensing.”

Step 4: Click “Accept” to accept the Terms of Use. 

Step 5: Select the type of license that you hold: Student Permit, Non-Professional Driver’s License, or Professional Driver’s License.

Step 6: Click Next. 

Step 7: Select Revision of Records, then click Next.

Step 8: Choose the type of records you wish to revise: Personal, Address, or Citizenship. For a change in address, choose Address.

Step 9: Click Next.

Step 10: Make the change in the address field, and add information like your house number, street address or village name, municipality, province, and zip code, then click Next.

Step 11: Upload either one of the required documents (Barangay Certificate or Proof of Current Billing) by clicking the Upload icon, selecting the file to upload, and clicking Save. Make sure the file doesn’t exceed the allowed maximum file size of 2046 kb. 

Step 12: Once done, click Next.

Step 13: Enter your License Number and License Expiry date.

Step 14: Click Next.

Step 15: Continue with the rest of the procedures. 

Step 16: Once the application is completed and submitted, the concerned authority will check the submitted application and document set. If everything is in place, the application will be accepted.

Step 17: The application will then be processed further. All the status updates will be sent via SMS to the applicant’s mobile number or can be seen via the LTMS portal upon login.

Step 18: Once the process is completed, the applicant gets a call from the LTO for instructions on how to complete the transaction.

Step 19: If required, the applicant needs to visit the office for the biometric/encoding process.

Step 20: You might need to wait for a while to get the updated license from the office.

Important Reminders

For your reference, here are some few useful things you need to remember when requesting for changing your address on record at the LTO:

  • It is important for all driver’s license holders to ensure that their ID cards, regardless if it’s a Student Permit, or a Non-Pro or Pro DL, have the correct biographical information including their address so they can use the DL as a proper ID. 
  • Once you’ve uploaded a document via the LTMS portal, succeeding transactions will no longer require you to do so again. 
  • Drivers who are interested in making requests for record changes should ensure that he has no pending cases before the department. 
  • Drivers with pending cases of violations will need to settle them first for his application for record change to be approved.
  • This entire process can be completed within 30 days or as per the timeline advised by the respective department authority.
  • To request for updating or revision of your address in your LTO records, you may go online, via the LTMS portal, or visit an LTO branch office.
  • You will need to prepare enough funds for the payments of LTO fees and other incidental expenses.

Video: How to Make Requests to Change Address from LTO 

Learn about the actual procedures on how to change the address on your driver’s license and how to request for an LTO Revision of Records in general by watching this video from Wander J:

Frequently Asked Questions (FAQs)

For your reference, here are some of the most common questions and answers regarding the LTO Revision of Records for incorrect birth dates:

1. Can I make the request to update my address on my LTO Driver’s License online?

Yes. You may initiate the request for revision of records online via the LTMS portal. It’s a simple process, but it will require submission of supporting documents like a Barangay Certificate or Proof of Current Billing.

2. Can I request to update my address when I renew my driver’s license?

Yes. You may process the revision request upon renewal. You may also process change address requests along with other LTO transactions at the same time. The LTO fees will vary though depending on the license type and the other LTO transactions you wish to do along with it. 

3. How much does the request to change address at LTO cost?

All types of revision of records requests, including changing the address, at LTO costs P30.00. There might be additional fees and requirements if you intend to do it with other LTO transactions.

Summary

An LTO driver’s license is, perhaps, one of the most credible and widely accepted identity documents in the Philippines. Not only does it prove that you are not lying about who you are or where you live, but it also offers other important information to support your claim, including your birth date, photo, and signature. Having said that, it is imperative to ensure that every piece of information in your driver’s license matches with your other identity documents. However, in case you ever get issued with an LTO driver’s license with an incorrect or an old address, we really hope you would find this guide useful. 

What is LTO Certificate of Registration Encumbered (CRE)

Buying cars or other types of motor vehicles through a bank loan or secured loan makes the motor vehicle encumbered. Being labeled as such means it is being used as a collateral for the loan used to pay for things with  a hefty acquisition price, like a motor vehicle. In the Land Transportation Office (LTO), it is also known as Chattel Mortgage. 

Encumbered motor vehicles or those vehicles under Chattel Mortgage are not “owned” by the buyer. It stay under the ownership of the lender until such time that the loan amount has been paid for in full. Such a condition is signified by the annotation “encumbered” on the LTO Certificate of Registration (CR), creating the Certificate of Registration Encumbered (CRE).

lto certificate of registration encumbered

What is Certificate of Registration Encumbered (CRE)?

The hefty acquisition costs associated with purchasing a motor vehicle usually calls for a loan through a bank or a lending company. When a car is purchased this way, it becomes a collateral and is technically registered as the property of the bank or the lending company that provided the loan until such time that the loan is repaid, instead of the buyer who took out the loan. Upon registration at the LTO, it is issued a Certificate of Registration Encumbered (CRE) instead of the normal Certificate of Registration (CR).

The Certificate of Registration Encumbered (CRE) is a counterpart of the regular Certificate of Registration (CR) issued upon registration of motor vehicles at the LTO. It is given to car owners whose motor vehicle was purchased by taking out loans. These motor vehicles then serve as the loan collateral, and are technically owned by the lender instead of the buyer, hence the encumbered annotation on the car registration documents. For encumbered motor vehicles, the transfer of ownership will need to be processed once the car loan is paid in full.

Encumbered Car Check: How to Know if a Car is Encumbered?

To check if a car is encumbered, one simply needs to look at the LTO Certificate of Registration (CR). If the portion on the upper left part says “encumbered to” and is filled up with the name of a financial institution, then it means that this particular vehicle is subject to a Chattel Mortgage and was bought using a loan taken out from either a bank or a lending institution.

The encumbered annotation signifies that the lender of the funds used to acquire the vehicle remain as the legal owner of the purchased vehicle until such time that the buyer pays off the loan in full. Once the loan is paid in full, it is the buyer’s responsibility to process the LTO transfer of ownership in order to officially remove the encumbered status of the car and fully transfer its ownership.

What are the Risks of Buying an Encumbered Car?

Buying an encumbered car, otherwise known as the assumption of balance (pasalo) in the Philippines, is quite a common practice. It happens when a buyer of a motor vehicle paid for with a loan from either a bank or a lending company decides to let go and sell the encumbered vehicle before paying it back in full to the lender. 

While buying an encumbered car may be more practical budget-wise, it comes with some risks and drawbacks, which includes the following: 

  • When sold, the new buyer will assume the balance on the loan after paying the previous buyer a hefty amount (cash-out) to compensate for the equity or the previous payments made to the loan. 
  • The seller can’t easily put his/her encumbered car up for sale as it requires a written statement from the bank or the lending company (who owns the car) that gave the loan to avoid breaching the loan contract you have signed with the lender.  
  • It is a little risky as the buyer can’t know for sure whether the seller is honest and transparent in regards to the actual state of the car, unless they check it personally.
  • The buyer will need to confirm with the seller if the car is still subject to financing, and the loan has yet to be paid in full.  
  • There may be legal repercussions as selling a mortgaged property, regardless of whether it’s a house or car, without written consent is punishable by law.
  • If the new owner fails to make the payments for the loan, the lender may legally repossess the encumbered car even after it was bought by a new owner. 

How to Remove the Encumbered Status on Your Car’s Certificate of Registration (CR)?

Removing the encumbered status of the car on the LTO Certificate of Registration (CR) is done at the LTO. It can’t just be any LTO office. It has to be done at the originating LTO branch office (the office where it was originally registered), or the LTO office stated on the Certificate of Registration (CR).

You simply need to prepare the following documents first:

  • Original and a photocopy of the Loan Contract
  • Chattel Mortgage Form
  • Two (2) of the following valid government-issued photo ID from the registered car owner
    • Driver’s License
    • Philippine Passport
    • Professional Regulation Commission (PRC) ID
    • SSS ID
    • GSIS ID
    • BIR ID
    • TIN ID
    • Voter’s ID
  • Taxpayer’s Identification Number (TIN)

Once these documents are ready, you may now go to the bank or the lending company who financed your loan to obtain these additional documentary requirements:

  • Original Certificate of Registration (CR) of the vehicle 
  • Latest original and photocopy of the Official Receipt (OR) of payment for the vehicle
  • Chattel Mortgage Contract duly-annotated or stamped by the Registry of Deeds (RD)
  • Original Registered Promissory Note with Chattel Mortgage
  • Two (2) copies of the Release of Chattel Mortgage 
  • Official Receipt (OR) of payment of the annotation with Registry of Deeds
  • Motor Vehicle Inspection Report (MVIR) (Motor Vehicle Inspection Report)
  • Confirmation of CR/OR (CIR-91-137) if issued by other LTO Agency

Note: You will need to have some funds at hand as you will be charged for the notarial fee to get the documents notarized before it can be released. The notarial fee ranges from P300.00 to P400.00.

Once the documentary requirements are ready, you may proceed with the application for annotation and cancellation of chattel mortgage at the designated LTO office. 

Important Reminders

For your reference, here are some important things you need to remember:

  • Make sure to fully pay off your car loan first.
  • Ensure that your car’s registration is up-to-date, accurate, and that there are no pending penalties.
  • Maintain frequent contact with the lending company or bank that provided the loan and keep the records straight.
  • As with any transaction with the LTO, it pays to go early.
  • You will also need to visit the Registry of Deeds before going to the LTO. Their branches are relatively easy to find, and it’s likely that each city will have a branch. 
  • When visiting the Land Transportation Office, you need to visit the branch indicated on your car’s certificate of registration and not just any LTO branch. 
  • Once the LTO prints out a new CR minus the “encumbered” status, you are now the official owner of the vehicle. 

Video: What is CRE?

Learn more about what CRE is for and about by watching this video from Maluya Baby:

Frequently Asked Questions (FAQs) on Encumbered Cars

For your reference, here are some of the most common questions and answers regarding the CRE.

1. If the CR says LTO Diliman District Office, can I process the removal of the encumbered status in any other LTO branch?

No. You can’t process the removal of your motor vehicle’s encumbered annotation anywhere. You need to go to the exact LTO branch indicated on the car’s CRE.

2. What does a “secured car loan” mean?

A secured car loan means a loan taken out from a lending or financial institution. This loan type means that if you miss one or two monthly amortization payments (depending on the financial institution), the lender has the right to “repossess” the property.

3. Can you sell a car with an encumbrance?

Yes. You can sell a car with an encumbered annotation. However, you’ll need to acquire the consent of the financial institution in written form as selling the encumbered car without it is punishable by law.

4. How much will it cost to remove my car’s encumbered status?

Excluding the actual car loan, the total fee to get the CRE converted to CR and remove the encumbered annotation costs around P1,000.00. You’ll also have to consider making multiple copies of many documents, so you will need to allot funds for that as well.

5. Can I process the removal of the “encumbered” status before completely paying off the car loan?

No. You’ll have to finish paying off the car loan first before processing the removal of the encumbered annotation.

Summary

A Certificate of Registration Encumbered (CRE) is a document that proves that a motor vehicle was acquired through a bank or secured loan and that it is owned by the lender instead of the buyer. It is a document that is similar in nature to LTO’s Certificate of Registration (CR), but with the addition of the encumbered annotation that proves that it was acquired with the help of a loan and now serves as a collateral. A CRE can also be converted to a regular CR, but it will require full repayment of the loaned amount before doing so. 

error: Content is protected !!