1.Please check up whether the highest bidder was confirmed as the Buyer of the property in the auction and also collect information whether the successful bidder got the property registered in his name.
2. If the property is not yet registered in the bidder's name, meet the bidder and request him of your desire to retain your property by paying little extra money.
3. Since as a borrower you have defaulted on repayment of your home loan for quite a long time and the bank would have waited for your action and would have despatched you several notices to your last known address. If instalment amount is not paid for 3 months at a stretch, the bank would have given you a 60 days period to regularise the repayment i.e.,to start repaying the home loan. Since there was no response from you and on failure to repay the home loan by you, the bank would have declared the loan a NPA and auctioned it to recover the debt.
4. Banks and financial institutions are empowered to auction the properties under the SARFESI (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, 2002 when borrowers fail to repay their loans. It enables banks to reduce their non-performing assets (NPAs) by adopting measures for recovery.