Hello,
We have 5 floors appartment in Howrah-West Bengal INDIA, the first 2 floors (ground and 1st floor) were sold out long time back and rest 3 floors (3 flats - 1 each floor) are covered in a single title deeds in the name of my father. In 2002 my father has initiated a business project, for that taken a loan from nationalise bank by mortgaging that particular property which is in his name only. In 2005 the project failed due to some reasons and from then onwards he was not able to repay single penny of the loan amount.
Out of total 3 flats in 3 floors 2 are given as a RENT and in one our family is staying. Now bank is trying to auction that property against that loan as we are not in the position to repay that amount.
Is there any way out to sale 2 flats to two different buyers (same tenant) and 1 flat we can keep with us as we don't have any alternate place to stay. After selling the 2 flats and repaying the loan amount if any further loan amount still remains, can I take a EMI option in my name (as I am working but not having capability to repay the WHOLE amount) for the remaining amount only by keeping out flat (the 3rd one) mortgaged so that we can also get an option to repay and also my family will be in safe..... Any suggestion / advise will be highly honoured.
