Request advice on my mortgaged property
Hi Sir/Madam. I would need some legal advise for the problems I have been facing due to my fathers actions due to his slight mental issues. Last year I came to know that my house had been mortgaged on Sep 2009 as it was kept as a security for his friends business .He does not have any share in this venture.Me and my mother were not aware of the same. Last year we have received a notice that the loan is not repayed from by the guy. The guy has stopped paying the loans now and left for Kerala.
I would like to know same advise –
- The valuation of my property when the loan was taken from the bank was Rs.44,0000 ( by the Revenue department ).This paper was givan at the time of loan.But the bank had given the guy Rs.60,0000/- on basis of our house.
I would like to know as is this possible to issue this much amount on our house value.If no what can I do to deal with it legally. Please help. I had left my job in Bangalore and moved to my hometown from last year.
Asked in Property Law from Bangalore, Karnataka
who is the owner of the property,is your father alone or your mother is a coowner.as far as loan amount is concerned if the bank has given higher loan as to value of your property it is there risk and they acn definetly attache your property since your father is surety.kindly note that all these recovery proceeding are initiated in Debt Recovery Tribunal ,which is a corrupt department,we hardly see any justice from this and the party has to finally go the high court for justice,it is advised kindly hire a advocate who is practising i specifically in DRT your your region and try to settle with Recovery Officer as they are in position to ........
Advocate, New Delhi
how can your father mortgage your house without your consent ? are you sole owner of the house? how did he get title deeds of the house? . in case bank initiates recovery proceedings contact a lawyer and fight case on merits .
if property has been mortgaged bank will in recovery of loan auction said property for recovery of its dues
as per your versions of the query, the documents in your case needs to be looked into before giving any opinion on our end. because the documents alone will answer correctly as to who is the owner or is their any co-owners for the same. or what is your right over the same. all these have to be seen and concluded only from the documents and not otherwise.
In whose name has the house been registered? The house must be registered in your father's name as it would not have been possible for him to mortgage a property the ownership of which lies with you. If the title deeds were in your name then bank would have never granted loan to your father against the property on which he does not even have ownership rights.
Although without perusing the documents is is impossible to say anything with a tinge of certainty, nonetheless if the loan is not repaid then bank can auction the house and that too at a throwaway price.