amendment of mortgage

OSMAN (Querist) 02 May 2010 This query is : Resolved
a property is already mortgaged to a bank. now the party need another loan and he wanted to mortgage the same property. now if he redeem the mortgage and create new mortgage it will cost him a lot. he wanted to create an amendment to that mortgage. please tell me the legal consequence. thanks in advance

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Raj Kumar Makkad (Expert) 19 January 2012
It shall depend upon the earlier bank to amend the terms or not. If it is agreed then an amendment to mortgage deed may be got registered.

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