Flat mortgaged before registration
uma
(Querist) 23 December 2012
This query is : Resolved
Hello All,
I am very new to this forum so please bear with my issue description. I am really in an unknown situation from past so many years and now got an idea to get valuable suggestion from this site. Hence kindly help me.
We have purchased and got registered a 3 bed room flat from a builder 10 years ago in hyderabad. I have taken loan from the ICICI bank also in order to pay for the flat. The loan also got granted to me without any issue. After 2 years of my purchase we got a notice from other bank saying that this flat is already been mortgaged before my purchase hence they may occupy the property. I was helpless as I am regularly paying my EMIs and if this is the situation I will be no where with the flat just will retain my EMIs for another 15 years (i have taken 20 years loan). Then with suggestions from few people we have filed a case against the builder and the occupying bank so that our flat should not be occupied. This cases are moving from DRT, high court and DRT like this. However nothing has been finalized yet. Another thing is because of lack of knowledge till now I did not inform or file a case against ICICI bank. Hence this bank does not know anything about this mortgaging and cases etc till now and I am still sincerely paying my EMIs from past 10 years.
As I may get a transfer and go out of this place and I may not be able to follow up on weekly basis unfortunately, I really want to get out of this at the earliest. I would sincerely request all you expert lawyers to please advice me positively. I am tired of following up lawyer also as this is for last 10 years period.So I am afraid of going out of this place but the job demands now.Please help me.
Regards,
Uma
V R SHROFF
(Expert) 23 December 2012
If u r in use and possession/ occupation of Flat, u need not worry.
As ur Registration is 10 yrs old, and u r residing therein, , and the matter is civil, you need not attend courts, leave it to your Advocates & give ur flat on heavy deposit /rent registering it.
uma
(Querist) 23 December 2012
Hi Sir,
I am not residing there. I have given for rent from the day one. However twice the other bank has come to my flat to my tenants with notices of occupation. Hence I have filed case.
Regards,
Uma
uma
(Querist) 23 December 2012
Sorry status is still open
V R SHROFF
(Expert) 23 December 2012
When u filed case, u must have inspected Documents of another Bank.
Get it checked thru ur Adv, and as u r innocent purchaser, only builder will face conswqences, as he sold flat to two persons and recd money twice .
Let builder face criminal cases
V R SHROFF
(Expert) 23 December 2012
It seems to be time barred matter.
Devajyoti Barman
(Expert) 23 December 2012
It seesm the earlier owner of the flat had mortgaged the same with Bank. You did a costly mistake by not asking for original title deed of your vendor.
Anyway collect the information of the case filed by bank and then take proper action through your advocate.
It seems a case under SARFAESI Act has been initiated.
K.K.Ganguly
(Expert) 23 December 2012
1) Exactly same thing happened with one of my clients at Kolkata & it has now become a menace,
2) Nearly 25% of money involved in Real Estate business is out of this type of double loan. In Developer's circle this method is called 'Funding' wherein the unscrupulos Developer fixes a person having fake identity & creates a title document (mostly unregistered agreement for sale) to get loan from Bank & being in connivance with the Bank officials, the Developer gets the loan & pays around 50% to the so called borrower who now absconds. The subsequent purchaser like you suffers later on,
3) Now, coming to your point, hope you had made adequate searches from all the Registration Offices to be confirmed that no Deed of Conveyance for the said Flat has been registered,before your buying/registering the same,
4) If yes, then the said mortgage of the same Flat with other Bank must have been created by depositing Agreement for Sale,
5) Find out from the other Bank what document has been deposietd with them for creating equatable mortgage. Is it registered sale deed, unregistered agreement of sale or registered agreement of sale?
6) If it is unregistered agreement of sale then immediately file a SARFAESI Application u/s17 of SARFAESI Act,2002 before the DRT praying for setting aside the SAFAESI Proceedings and granting a stay for taking possession of your Flat,
7) No Civil Court has any jurisdiction to entertain this matter which please note,
8) Engage a lawyer having expertise in SARFAESI matters,
9) Your Developer is in league with the other buyer. You can file a criminal case against him for cheating you.
10) Take immediate action. SARFAESI is a draconian Act. The Bank will take possession of your Flat by evicting you with DM's permission with the help of Police by applying to DM u/s14 of SARFAESI Act,2002.
ajay sethi
(Expert) 23 December 2012
agree with experts
