Borrower does not pay the loan


Hi,

I have given a loan to relative without interest. He has not paid it for many years. He has a house on his name. When i pressurized him to pay the money, he agreed to pay it in an year i.e. by end of November, 2018. For this we prepared a tanakha registration deed (mortgage deed), that both parties agree for the loan payment in year and the property papers will be released from borrower once the money is paid. I have no guranatee that the lender is or willing to pay the money by november. For this i like to know, what are my options as a borrower. Nobody lives in that house currently. 

1. can i take the posession of the house from december 1st, if the money is not paid or

2. can i start the process in court approaching a lawyer

3. do i have to approach lawyer now or after the duration (expiry) of the loan agreement.

For you information, the mortgage deed, promisory note and property papers are with me.

I would be glad to have information on this.

thank you

basheer

 
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Dear querist,

Thing will as go as per terms and condition of mortgage deed, in case the value of house is more than loan amount balance amount will be paid back to owner of the house.

To execution of conation of mortgage deed you need to engage lawyer as same is done in court.

 

 

Deepak Joshi & Associates

Djaa.legal@gmail.com

Mb/whatsapp +919456777600

 

 

 
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OK. thank you for the reply.

 
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