Mortgage

Querist : Anonymous (Querist) 20 July 2011 This query is : Resolved
Is it in India, foreclosure process has to be done through court? i.e with the intervention of court.Mortgagee has to file suit for forclosure and get the decree for sale.

or

can Mortgagee sell the mortgaged property directly to seller through registration?

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prabhakar singh (Expert) 20 July 2011
can Mortgagee sell the mortgaged property directly to seller through registration?
YES, IF BUYER AGREES TO BUY.

Raj Kumar Makkad (Expert) 20 July 2011
No foreclosure process is available in courts in India rather it is a relationship between mortgagor and mortgagee to be decided by them and intervention of court is sought only when one of the parties disobeys the terms of mortgage.

Raj Kumar Makkad (Expert) 20 July 2011
second part of your query is eightly replied by prabhakar singh

Querist : Anonymous (Querist) 20 July 2011
Raj kumar thanks, Yes in this case Mortgagor did not pay the mortgage amount.Can Mortgage directly sell the property or should approach court for decree

Chanchal Nag Chowdhury (Expert) 20 July 2011
Yes.If the terms of the mortgage allows it & upon final notice.

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