DEAR EXPERTS, I am a registered money lender. I Have given a loan to a
party in the year 2002,by pledging his property and also registered
the document.Since the duration of the agreement is going to end (12 years) in the month of MAY 2014, I want to renew the pledge,by
writing a note on the (cellu vaipathu in TAMIL) back of the
document,and subsequently registering it. sir, I want to know whether it is legally maintainable? Is there any chance of a foul play on the part of the borrower? I also sent him a legal notice ,6 months back to settle his amount.He assured me to repay my amount ,after his family partition suit ends in court ,and sent me a letter in his own hand writing and he is also ready to renew the pledge.In what way i should renew the pledge sir ? WHAT SHOULD I DO NOW SIR? IN WHAT WAY I SHOULD RECOVER MY MONEY SIR?
Before completion of mortgage period, if you are sure about the customer credibility, you can go for Extension of Mortgage deed with deposit of title deeds, and if you are not convinced about his credit worthiness, file a suit for recovery of money now itself.
Twelve years is enough for the recovery of money specially in mortgaged property, thou you have free will to go for either suit or renew as per credibility on mortgager, consult lawyer for further step. Do accordingly.
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