Wants to cancel mortgadge deed
Vijay Dattatraya
(Querist) 30 May 2018
This query is : Resolved
Hi,
one of a financial company agreed to give me the loan of 5lacks ruppes on my property which was mortgage in other bank.
Financial company paid remaning dues on my behalf to the bank..
I almost provided all the required documents to the financial company except 1.
Except 1-Release deed of 50k owned by 1st owner(Whose property was purchased by me and on which i am asking the loan)
Actualy release deed has been produced by me but that is on stamp paper because it was happened before year 2000/--
Finance company is not accepting it ...
Hence i want to cancel my mortgage deed ...
how can i do it and how the things will happen now !
Can u suggest ?
Regards
Vijay
09372306495
Ms.Usha Kapoor
(Expert) 31 May 2018
Yes! You better cancel the Mortgage Deed and come to a settlement of loan repayment
with the financier. Approach lok Adalat along with Financier for settlement of your loan on amicable terms and on a give and take basis.Its decree is equivalent to a civil court decree and final and binding on the parties. From which order no further appeal lies.It will decide your matter in a Jiffy No court fee and Stamp duty.
Asgher Mahdi
(Expert) 31 May 2018
You have sufficient ground to proceed with case against the bank. Yes , you can cancel your Mortgage Deed by payment of settlement amount to the bank.
Guest
(Expert) 01 June 2018
First of all, your description of the problem is quite vague. Your story does not seem to be convincingly true. When you have already received money for the bank on mortgage of property, where comes the question of the release deed of the owner from whom you purchased the property?
Secondly, it is not a simple matter to be expected to be solved through casual type of advice at this thread, as mortgage deed cannot be cancelled at your own, as a mortgagor, without the express release by the financial institution.
So, if there is even the slightest truth in your story, better take help of some well experience lawyer to get the problem solved.
