Can i tke stay on bank to sell mortgaged plot for loan on flat took by my dad who expired in dec2010
Nik
(Querist) 01 September 2011
This query is : Resolved
I am stuck in a legal situation as follows and need urgent help (Delhi/NCR).
My father died in Dec 2010. He purchased a builder flat in 2009 and took loan from SBI some how bank convinced him to mortgage another plot for the same loan.
Loan amount was 20 Lacs
So far bank has given 10 Lacs
Property price was 50 Lacs
Mortgaged plot Value is approx 25 Lacs.
We are one brother and 2 sisters along with mom and still fighting for certificate for legal hire. In between bank ppl are asking to either pay the loan emi or return the loan amount. They are saying tht they will auction the mortgaged plot and recover the loan amount from tht if we did not make the payment in next 30 days. Need to understand if I can take stay on this and until legal hire certificate comes bank hold on selling the property.
is it correct on bank's part to sell the plot for recovery of their loan or bank should wait until legal hire certificate come. I can pay but don't want to pay anything unless things gets settled down.
mahendrakumar
(Expert) 01 September 2011
sent a regd letter to the bank asking for a reasonable time,stating the situation and request them not to proceed with the auction immediately.
usually banks concede to such requests.
Advocate. Arunagiri
(Expert) 01 September 2011
You can obtain stay against the bank from the DRT.
Raj Kumar Makkad
(Expert) 01 September 2011
You cannot withheld the EMI just because you didn't got legal Heirship Certificate. That certificate is not meant for bank. This may be your internal requirement. Bank is bound to recover its debts within time. It is advised to make part payment prior to initiation of any action and seek some more time for clearance of balance demanded amount.
Advocate Bhartesh goyal
(Expert) 01 September 2011
Yes Make part payment against outstanding dues/amount to bank before taking any legal action and than seek time for ramaining payment.It will be bonafide for obtaining stay from D.R.T also.
M/s. Y-not legal services
(Expert) 01 September 2011
Yes. My advice also similar to mr.bhartesh. Just clear any part amount for the dues.. And ask time for further payment.. Even if they are prefered to auction mean its a clear case to file a writ petition under order 226 of constitution of india. There you can stay further proceedings in auction process.
Nik
(Querist) 01 September 2011
Thanks for your valuable advice. However I would like to add that the sisters are step sisters and are from second wife of my dad. Second wife is also alive and their is a seprate case going on legal hireship. Though my dad had a probabeted will which gives the ownership of everthing to me but they have chanllanged that too in the court. So I don't want to make any payment untill all the issue is resolved. hope you guys understand.
ajay sethi
(Expert) 01 September 2011
if will has been challenged in court the disposal of suit will take number of years . in the event you dont make pauyment of EMI bank will intiate recovery proceedings . ultimately mortgaged property will be sold . better arrive at an settlement with your relatives and pay back the loan
DEFENSE ADVOCATE.-firmaction@g
(Expert) 01 September 2011
You can stop the bank to sale the property if the money is over due.
However some expert legal brain may show you some ways to delay the sale on the basis of third party rights and lien created prior to deal with the bank. Such matters take years to settle.
Raj Kumar Makkad
(Expert) 01 September 2011
Has the mutation of inheritance is still under litigation?
Even if so, clear the dues of bank or face its auction in very cheaper rates.
girish shringi
(Expert) 01 September 2011
Basic understanding is that when Bank gives any loan against property.
Bank takes over all the rights of the property by way of not only mortgage but also takes over irrevokable POA to sell the property in the event of non payment of EMI,Hence your case becomes very weak at the initial stage.
Better to settle with the BaNK to avoid any letigation or else sell the property at your end to fetch more money in the market and settle.
prabhakar singh
(Expert) 01 September 2011
Since Bank has right to proceed and you do not want to pay in view of dispute of legal heirs of your father,a suitable way is to let the bank auction and buy it by the auction as exclusive owner because any stay from even D.R.T. would come conditional on regularizing
the E.M.I.
malipeddi jaggarao
(Expert) 03 September 2011
I agree with the advice of expert Mr.Rajkumar Makkad. It is your internal matter. Till the internal dispute is settled, it is better to pay the EMIs regularly so that Bank will not resort for public auction. Otherwise, the bank will sell the same in the auction, people will take advantage of situation, it will not fetch the market value, the remaining amount after appropriating the loan dues, will be kept in a suspense account by the bank, which will be paid only after a court direction to whom to pay.
Guest
(Expert) 03 September 2011
Dear Nikhil,
Don't take risk of being a penny wise and pound foolish. You can't resist creditors to auction the property, if their installments on default for some indefinite time, as your litigation may take some years. If auction happens, that may be a complete loss for you.
Better, not to lose the grip on your valuable property, start clearing the dues of the bank loan till some decision on hiership is made by the court. However, in any case, even if some part of the property goes out of your hand on inheritence issue, you would still be able to claim the amount you paid during the dispute period.
So, it is better not to let go everything out of your hand.
girish shringi
(Expert) 04 September 2011
Find out some mutual way with the Bank,explain the situation to the Bankers and contact Seniors in the Bank.
Sometime lower designation do not have the authority to manage the cases,but you also be prepared to make some arrangement to pay immediately.
For more confusion you can contact :girishshringi@gmail.com
with full detail of Name of the bank and branch,amt. etc.
Nik
(Querist) 29 October 2011
Thanks every one. It helps.
