Foreclosure of mortgage

Saikat Sen (Querist) 12 February 2013 This query is : Resolved
Dear Sir/Madam,
In case of foreclosure of mortgage of an undivided property ,may other cosharers of the property debarred the bank from taking posession of the property?

Thanks & Rgrds,
Saikat Sen

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R.K Nanda (Expert) 12 February 2013
is any case is pending in court?

R.K Nanda (Expert) 12 February 2013
state all details.

Rajinder KumarAhuja9990725300 (Expert) 12 February 2013
Banks donot accept any property as mortgage unless borrower or guarantor declare the property to be their absolute property. Once it comes to their (Banks/financier)knowledge that you had given false statement while taking loan etc.,it may increase your liabilities-civil plus criminal.Better avoid such situations.
God bless you.

Raj Kumar Makkad (Expert) 12 February 2013
Yes. The other co-sharers can debar the mortgagor bank to take possession of any specific portion of the joint land but the banker is within its right to take symbolic possession of the joint land may make auction thereto for the recovery of its debt.

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