Regarding recovery of loan by bank
Querist :
Anonymous
(Querist) 11 May 2017
This query is : Resolved
Sir we had borrowed a property in 2007 with proper documentation nd also get it register in our name on mutation records. In 2010 we come to know the the person from whom v borrowed the property had taken home loan on same property way back in 2005 by equitable mortgage. In mutation records property stand clear from any loan nd we too got last 15 year non encumbrance certificate from sub registrar. Sir in may 2017 we got a legal notice from bank regarding recovery of the loan from us as the person who had taken loan is non traceable. Wht should v do in such a situation ?? Is our registry is vaild?
Guest
(Expert) 11 May 2017
In equitable mortgage the Original documents would have been surrendered to Lender/Bank.Have you received the Original Parent documents from the Seller.Either you have to repay the Loan Or the Bank has every Right on your Property.Better Consult and Discuss with Local Good Senior Advocate.
Querist :
Anonymous
(Querist) 11 May 2017
Thanks sir
Guest
(Expert) 11 May 2017
Welcome Please
Kappil Cchandna
(Expert) 11 May 2017
Sir,
File a case of cheating against the seller of the property and in the mean time seek a stay from the court regarding the recovery of the property.
Warm Regards
Kapil Chandna Advocate
9899011450,9911218741
https://kapilchandnaadvocate.wordpress.com/
Kumar Doab
(Expert) 11 May 2017
AQ,NO reply.
Pls post with your id and you will get many responses.
Querist :
Anonymous
(Querist) 11 May 2017
amritpals72@gmail.com kindly guide to take appropriate action against the seller.
Rajendra K Goyal
(Expert) 11 May 2017
No reply to query from an author who is anonymous.
Querist :
Anonymous
(Querist) 11 May 2017
Sir Its Amritpal singh who posted the query..sir v hadn't taken the orginal parent documents from the seller ..Loan was taken way back in 2005 by the seller do bank have right to serve legal notice to us for recovery of loan as already alot time had lapse and also do v log a fir against the seller to wait for bank to take action against the person who had taken loan....all response r welcome
Amritpal singh M 9815784288 email amritpals72@gmail.com
Sri Vijayan.A
(Expert) 11 May 2017
In this circumstance, advice given by Expert Narasimha is right.
The only remedy is to pay the amount to the bank and get it refunded from the original seller or file case against him for cheating as advised by Expert Kapil Chandra.
Rajendra K Goyal
(Expert) 12 May 2017
Property is mortgaged with the Bank.
If claim of Bank is small / manageable, pay and get rid of it.
Loan from the mortgaged property can still be recovered.
If not possible to pay the loan, Reply the notice received from the Bank through your lawyer, deny any liability.
Obtain all documents from the Bank, account statement of the borrower loan account, copies of all documents with the Bank, information what steps were taken by the Bank to recover the loan till date. Use RTI if Bank is not providing information and the Bank is PSU. discuss in detail with your lawyer.
Oppose the claim of the Bank if case is filed in the court, explore the possibility whether the loan is time barred.
If Bank proceeds under SARFAESI Act, discuss with your lawyer and oppose the move.
Guest
(Expert) 12 May 2017
Sorry to Disagree with Mr.Rajendra K Goyal.When the Property/Asset is in Mortgage with the Bank which is holding the Original Documents What Notice could be Served to the Bank.It is a blunder on the Part of the Buyer/Querist for not insisting on the Original Parent Documents at the time of Purchase.Normally during the Purchase of any Property all Original documents with EC to be submitted to an Lawyer for Legal Opinion.If it is avoided obviously such problems would certainly arise.Now Even the Registrar Office of Many States had made it mandatory to Present the Original Parent Documents at the Time of Registrations.Now Days the buyers are even publishing New Paper ads before they could purchase.Any Grievance of the Querist/Author/Buyer to be sorted/settled with the Seller Only and he has got No Right to interfere with Bank's affairs.
Guest
(Expert) 12 May 2017
Any how I appreciate Mr.Rajendra K Goyal for his acceptance and attending the Querist who had Posted as" Anonymous' Please.Hope he would continue this in future with out insulting them as "Anonymous No Reply " From Now On Wards.Appreciated.
Kumar Doab
(Expert) 12 May 2017
Mr. Amritpal Singh,
Proper legal opinion from a very able counsel at your own location specializing in revenue/property/civil matters can defend the hard earned monies and long term interest.
Prefer the examination of documents from beginning ( Mother Document: Shajra-e Aks).
The counsel may charge a fee but it is worth it.
