Mortgage Property and Ownership
I have booked 3 bhk flats and paid some amount. After 3 months, the builder mortgaged the whole scheme with bank and take project loan. The mortgage agreement (which is called 7474) between builder and bank shows that the aforesaid flat was purchased by me and shows the amount paid by me. After some times, the builder was not paying the project loan hence bank take the possession of the said scheme and now bank is going to auction it through open market. I have following questions.
(a) can my ownership in the above property is continue? as property was sold to me before it was mortgaged to the bank and bank is also aware of it.
(b) If new builder through auction came, then what will be my situation? whether i have to negotiate the price with him or he is bound to give me property on the rate decided by old builder. (The bank has shown in auction advertisement that the liability of purchaser and all will be of the bidder)
(c) what will happen to other members, who have paid through cheque and obtain receipt from builder and their name also shows against their property in the mortgage documents (7474 documents). What will be the price as there is no writing proof of the price decided by old builder and the purchaser.