Dante borrowed P1 million from Ben. The loan was secured by a real estate mortgage. Lito signed the mortgage as one of the witnesses to its execution. The mortgage was not registered with the Registry of Deeds. Subsequently, Dante sold the mortgaged property to Lito. If Dante cannot pay the loan, can Ben still foreclose the mortgage?

• Yes, because the sale is rescissible intended to defraud Ben.
• No, because Dante is no longer the owner and Lito is a third person with respect to the mortgage.
• Yes, because the mortgage is binding upon Lito.
• No, because the mortgage is not registered with the Registry of Deeds.