Elias Colorina bought on installment a multicab from Magna Financial Services Group, Inc. He made a down payment and the balance was secured by a promissory note and a chattel mortgage over the thing. He failed to pay, hence, the seller filed a complaint for foreclosure of the chattel mortgage with replevin (recovery of possession) and to pay the unpaid balance. The defendant surrendered the motor vehicle after he was served with summons. He was declared in default, hence judgment was rendered ordering him to pay the unpaid balance.

Is the judgment correct? Why?

(Please include relevant Philippine law articles if you can as grounds and such, thank you!)