What will happen if mortage property is purchased without knowing
My father purchased a property in Kolkata. After staying for 4 years we came to know that the property is mortgaged with some bank. But we have original papers of flat. The mortgage loan was taken by husband of the 1st purchaser. We are 3 rd in number. We purchased from 2nd purchaser. Some bank people came and told us. Now what to do.what will happen to our property. What can bank do.
Asked in Property Law from Kolkata, West Bengal
if it is mortageged in that bank will recover his dues and if required auction it
Advocate, New Delhi
if you have original papers of property how was property mortgaged? you must be having original chain of title documents .
did you not do due diligence before purchase of property ? . find out from bank details of mortgage . if loan was taken by husband of 1st purchaser and if he fails to repay loan bank will seek to sell the property for recovery of its dues .