Dear Sir, you should immediately proceed towards filing an OA (original application) in the Debt recovery tribunal against the bank and the two persons for saving the property from being auctioned. You should forthwith get the stay order on such auction. Moreover, you can file a criminal complaint also pertaining to the fraud made against you.
Agreement of sale as well property is mortgaged by bank
Hello Sir/Madam Two registered agreements with me and sellers for a house on 22 Jan 2018. Property is a single house constructed on 2 piece of land one belong to x other to Y (Spouse). Theey hide a fact that property is mortgaged with a bank in 2015. After 1 month I came to know that they made a big fraud with me. Now Sellers are absconding persons. Loan liability belong to x but y is guarantor. As per cibil records. Details of hypothecation is not registered with registrar office nor with cersai. When I contacted to bank they replied that information to any one or both institute is not mandatory. Not with sub registrar nor with cersai. However I approached to bank to settlement in a legal manner. But they are going to auction. Can I go for legal stay against auction. Can bank settle the matter with me with mutul agreement. Kindly help me on this matter. Dev
Asked 5 years ago in Property Law
Religion: Hindu
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15 Answers
Hello Sir/Madam Two registered agreements with me and sellers for a house on 22 Jan 2018. Property is a single house constructed on 2 piece of land one belong to x other to Y (Spouse). Theey hide a fact that property is mortgaged with a bank in 2015. After 1 month I came to know that they made a big fraud with me. Now Sellers are absconding persons. Loan liability belong to x but y is guarantor. As per cibil records. Details of hypothecation is not registered with registrar office nor with cersai. When I contacted to bank they replied that information to any one or both institute is not mandatory. Not with sub registrar nor with cersai. However I approached to bank to settlement in a legal manner. But they are going to auction. Can I go for legal stay against auction. Can bank settle the matter with me with mutul agreement. Kindly help me on this matter. Dev
Asked 5 years ago
Hello
Register a FIR against those persons...you must be knowing their places of residence. Also due diligence should have been conducted by you before buying the property however, in this case you have been defrauded and hence you could file a wrutvoetition in the allahabad hc for stay and complete fair investigation into the matter by the bank. May be the seller sold you the property with the connivance if the bank officials which often happens.
Regards
Hello,
Since they have mortgaged the property legally they can only settle there mortgage.
You are at liberty to file a case of cheating and fraud against them.
However, if proper title search was made by you, you may take it as a defense and present a case before the DRT so that the property auction is stayed
However chances of the same is very bleak.
Get in touch with a local able advocate so that steps can be taken well in advance,
regards
This is my response to you:
1. You must firstly file a police complaint/FIR under section 34, 406, 420 and 425 of IPC against the accused persons;
2. Then you must make sure that investigation is completed within time;
3. If not then approach magistrate and HC also to speed up the process;
4. Once you do the same then ask the court where your case is pending to make the two absconders a party;
5. Consult a local lawyer who practices in the criminal side and take legal actions against the absconders.
1) for sale of property by sellers bank consent was necessary
2) you have to suesellers to recover your money
3) since bank consent was not given nor loan repaid bank can sell property by auction
4) you can bid for property in auction
5)court may not stay the auction
Bank would not settle with you unless you clear the dues
It is better you bid in auction for purchase of property
File caseof cheating against sellers
Approach DRT and seek stay on auction.
Request court to direct recovery proceeding agasint guarantor.
Settlement terms possible with bank and if bank not agree than offer proposal before DRT than court will ask the bank to consider your proposal.
Yes. You can go for stay over auction and can demand mutual settlement.
Even if you want to discharge the mortgage loan, the bank cannot release the documents to you since you are not the borrower.
No doubt you can approach court or DRT to obtain stay of all proceedings that is initiated by the bank for recovery.
Have you lodged a criminal complaint against this fraudulent activity by your vendors?
If not do it immediately which will be useful for you to initiate the stay proceedings.
Thanks to all Now Questions are if I am agree to settlement the loan amount. 1 will Bank give any privilege or priority to as myself is also a legal party in this matter? 2 if after auction bank get the higher amount of recovery amount by third person. Can I claim the excess amount from bank to partial recovery of my loss.
Asked 5 years ago
It is upti bank to accept your offer to repay loan amount
2) if bank is able to recover excess amount in auction bank would not pay you the excess amount
Dear Sir, you being a legal party can move to the court to declare that we have first right of refusal in case auction takes place. If the bank wants to sell it off it can do so by taking money from you and settle it off, as.you are the interested party before anyone else.
Better go for settlement, excess amount will go to actual defaulter not you.
It depends on the bank to agree for your settlement offer or to go ahead with their e-auction program for recovery of loan amount.
In the event of bid/sale amount is in excess of the actual loan amount, the bank is bound to return the excess amount to the borrower
No you can not claim any money from the bank if they receive excess payment