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Subramanian B   11 May 2017

Rescue mortgage property from bank

Dear Sir/Madam, During 2015 Dec, We purchased a flat for Rs: 53lakhs (Includes interior works and fixed amenities) Out of which Rs: 38lakhs loan was taken by my wife and Rs: 15lakhs loan was also taken by my wife against my parent’s property by mortgage. My wife is the whole and sole owner of that new flat according to house document. My parents are the document owner for the mortgaged house. Since she was earning more, she accepted the pay both the loans and I take of household expenses was the agreement between us. Suddenly lots of disputes raised from my wife and she didn’t pay the EMI for both the loans for past 5-6 months. Even she applied for Divorce also. Now Bank pasted a generic notice to public in the new house. My parents being old age (Sr.Citizens) bank given 2-3 weeks time to us for the full settlement of Rs: 15lakhs. Banks says that my wife is not interested in paying both the EMI`s. I want my parent’s house back to them.. Bank is not giving any option except asking for full settlement. How to rescue the mortgage property? Please advice and help…


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 3 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     11 May 2017

When a tract of land/flat is purchased with a mortgage and then split up and sold, the "inverse order of alienation rule" applies to decide parties liable for the unpaid debt.

Kumar Doab (FIN)     11 May 2017

Same Query:

https://www.lawyersclubindia.com/forum/details.asp?mod_id=149758&offset=1

K. GOPALAKRISHNAN (ADVOCATE)     17 May 2017

Dear Queriest,

 

First of all, take of note of the following points:

1.  Quantum of repayment made towards both the loans and the outstanding as on date.

2.  Assess the value of new property and the total outstanding of the loans and see whether you could able to close both loans and this could possible only if your wife agreed to it as she is the absolute owner of the flat.

3.  Speak with the bank people for an amicable settlement by paying part of the outstanding instalments to gain some more time.

 


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