Pavan 13 May 2023
Hi, My father gave money to a person he knows based on agriculture land mortgage. My father doesn't have any money lending license. He just does this once in a while. Now, if the borrower cannot pay back, what options do we have to recover money legally?
Can we sell the land? Will there be any timeline, we have to wait?
kavksatyanarayana (subregistrar/supdt.(retired)) 13 May 2023
You can file a recovery suit.
T. Kalaiselvan, Advocate (Advocate) 13 May 2023
If it is a mortgage loan, then your father has to first issue a legal demand notie demanding the borrower to repay the loan amount with agreed interest.
Failing to comply with the demands made, the lender can file a suit for mortgage for recovery of mortgage loan amount before a ivil court and proceed as per procedures of law.
Advocate Bhartesh goyal (advocate) 14 May 2023
Whether mortgage agreement is registered ? If not then your father can't sell mortgaged land and has only option to file suit for recovery of loan amount.
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