Hi,
I have given a loan to relative without interest. He has not paid it for many years. He has a house on his name. When i pressurized him to pay the money, he agreed to pay it in an year i.e. by end of November, 2018. For this we prepared a tanakha registration deed (mortgage deed), that both parties agree for the loan payment in year and the property papers will be released from borrower once the money is paid. I have no guranatee that the lender is or willing to pay the money by november. For this i like to know, what are my options as a borrower. Nobody lives in that house currently.
1. can i take the posession of the house from december 1st, if the money is not paid or
2. can i start the process in court approaching a lawyer
3. do i have to approach lawyer now or after the duration (expiry) of the loan agreement.
For you information, the mortgage deed, promisory note and property papers are with me.
I would be glad to have information on this.
thank you
basheer
