Dear PAO,
I am writing to seek your guidance on a matter related to the sale of my house and lot, which is currently mortgaged to a bank. A buyer has offered to purchase the property and has proposed an unconventional payment arrangement that I would like to verify with your office. The buyer, a Filipino citizen currently residing in the United States of America, has offered to pay in full my outstanding bank loan for the same properties. He intends to settle the loan directly with the bank using United States dollar (USD). I would like to confirm whether this payment arrangement is acceptable to the bank and if there are any specific requirements or procedures that need to be followed. I would appreciate any clarification or additional information you can provide regarding this matter.
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