Question Regarding Simple Mortgage
Hello my name is a ashok, I have a question regarding simple mortgage, in the year 2000 I had lent a sum three lakh rupees with a person I have known, in return this person signed a simple mortgage deal with me, in which he did not transfer the property on my name but we have mutual consent that in the event if he fails to pay the money back he will sell the property and repay back my loan, and also condition was added in the simple mortgage deal that on defaulting of the said amount we can use all simple mortage remedies, the time given for him to repay the amount was 18 months, but he failed to repay me back, and after that whenever we pressurised him to sell his property and repay back the said amount, he used tell some personal reasons and always bought some time for himself, it has been 16 years now, and it seems like I can't give any extension to him and I am planning to sell his property and recover my money, so my questions are as follows,
(P.S. I had given so much time for this guy to repay this loan as I had known him personally and did not want this guy home to be sold out, but he is not listening now so I thought of taking this step)
1. What is the procedure I should follow in taking the possesion of the house and later on selling it.
2. The price of this property was small at the time of mortagage but now the property now has a good price tag associated to it, so should I give the excess money back to this person .
3. The money that I lent in the year 2000 was considered a huge sum at that time, but after 16 years due to inflation and all sorts of things the the value of it has come down, can I ask for compensation, if yes please tell me how what procedure should I follow.
These are my queries or doubts I should say, if you could answer them I would be very grateful.
(Also I still do have possesion of the simple mortgage deal)