SuperNuvos (Own) 27 February 2013

Money not shared after bank auction

Hello experts,

My wife and I have a joint property. I have a home loan only in my name...and I am solely paying all the EMI, society charges etc.. towards the property. My wife's contribution has been very small and that too time of buying the house.Suppose I stop paying EMI and bank auctions the house. I believe that after appropriate reductions, the rest of the amount will be returned to me (as the home loan is in my name). Now, if I do not share the money with my wife. What are the criminal charges that she can levy on me? Is there a possibility for me to take anticipatory bail for that and fight the case in court?

Thanks

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3 Replies

K.K.Ganguly (Advocate) 27 February 2013

1) When the Bank has mortgaged the property with joint name then certainly they have made your wife either a co-borrower of a guarantor,

2) Without involving her in the matter as co-borrower or guarantor, the Bank can not mortgage the joint property to give loan to you,

3) In such case the Bank will certainly send her the notice before sale for which she can pay off the loan amount and own the property,

4) Moreover the Bank will issue notices u/s13(2) & (4) under SARFAESI Act which will be pasted at the wall of your Flat which she will see to understand and act,

5) So, your plan of taking away the entire money returned by the Bank after realising the dues, will not succeed.

Adv.K.K.Ganguly
High Court,Calcutta