Liability of a mortgagor
Manoj
(Querist) 30 June 2011
This query is : Resolved
Good Afternoon to all Experts.
I have the following query : -
“A” wants to Borrow a Loan wherein “B” will mortgage his property but “B” wants that his liability to be only limited to the value of property mortgaged as security. Now my query is
(1) What is the liability of mortgagor in case of default.
(2) Could Bank make the mortgagor personally liable to pay the mortgage money/debt.
(3) What type of mortgage is applicable in above case
(4) Is there any Book for reference particularly for mortgage of this kind
Or are there any relevant provisions available.
(5) Whether Mortgagor can be considered as a guarantor in this case.
(6) Whether this type of mortgage is possible where a mortgagor wants his liability to be limited only to property mortgaged and mortgagor will not sign any guarantee bond.
prabhakar singh
(Expert) 30 June 2011
in a case of bank loan u shall be a guarantor
and not only a mortgagor,your liability shall be joint and several not limited only to property mortgaged,but = 2debtor.
Manoj
(Querist) 01 July 2011
Thank You to experts for your prompt reply to my query. thanks
