Home loan surrender - property dispute
Guest
(Querist) 08 January 2017
This query is : Resolved
Hi -
I have a home load that's on my and my mother in law's name. The property also has my and my mother in law's name in documents.
Due to domestic violence I have stopped living with my husband and his family and I am not paying the loan installments (My husband is paying it) I would like to surrender the loan to bank so that I dont have any liability on my name but the bank tells me that they would need signatures of my mother in law as well to initiate voluntary surrender. Is that true ? When we took the loan it was only my documents that were used in loan application and my name is registered as primary loan applicant.
If my mother in law doesn't want to surrender the loan and its only me who wants to surrender how can I make this happen ?
please suggest.
thanks.
Sudhir Kumar, Advocate
(Expert) 08 January 2017
You are probably planning to pay entire balance from your pocket so go ahead and deposit in bank
Sudhir Kumar, Advocate
(Expert) 08 January 2017
You are probably planning to pay entire balance from your pocket so go ahead and deposit in bank
Sudhir Kumar, Advocate
(Expert) 08 January 2017
You are probably planning to pay entire balance from your pocket so go ahead and deposit in bank
P. Venu
(Expert) 08 January 2017
How is it that the author "Mr. J.S. Singh" having a husband.
Guest
(Querist) 08 January 2017
Thanks for your response. I am posting this question on behalf of my sister, hence the query about husband :)
My sister wants to surrender the loan and let the bank possess the property for recovery. Can she do this being the primary applicant of loan ?
Kumar Doab
(Expert) 08 January 2017
In case you refuse to pay the other borrower can pay.
The lender has asked you to get the same signed by MIL since both are owners of property and borrowers.
Guest
(Querist) 08 January 2017
Thanks Mr Kumar. Is there no way to legally force her in laws to remove my sisters name from the property and loan ? She wants to buy a new property on her name and she won't be able to do so with current loan . Please suggest .
Rajendra K Goyal
(Expert) 08 January 2017
What is the problem in continuation of sisters name in the loan documents?
Bank would not agree to exclude any name from the loan documents till loan is outstanding.
Your sister would continue to be owner of 50% of the property if other party pay the loan. If no borrower pay the loan, Bank would auction the property and recover the loan. Any surplus would be given to both owners.
Guest
(Querist) 08 January 2017
Sir, the issue is that my sisters husband forcefully got a power of attorney signed by my sister for this property. My sister has been paying instalments for this property for last 6 years and now when they are not living together her husband can legally sell the property due to power of attorney whereas due to loan being on my sisters name she can't buy another property and her credit rating will get spoiled if her husband stops paying the instalments . We just want to surrender the loan before the property is sold so that the bank sells the property themselves and give my sister her share of sale amount . Is his feasible somehow ?
H.M.Patnaik
(Expert) 08 January 2017
There is nothing like surrendering of Housing loan without clearing the entire loan dues.
In case there is any default in repayment of loan instalment and the bank being forced to take legal action for recovery of dues, the borrower's credit rating is going down and she can not be considered for grant of fresh loan.
In the instant situation both the borrowers must agree and approach the bank for replacement of the principal borrower by her husband.This may also require relinquishment of right in the house property in question to which bank may agree following due procedure.
Rajendra K Goyal
(Expert) 08 January 2017
Your sister can withdraw Power of Attorney.
She can send registered AD / legal notice to POA holder to withdraw the attorney, can give news paper insertion.
Kumar Doab
(Expert) 08 January 2017
The bank/lender may not agree to POA on property mortgaged with it and on which loan is still outstanding.
Agreed with Mr. Rajendra K Goyal that POA may be cancelled.
You have discussed with bank/lender and bank/lender has already suggested one way out to you.
Sudhir Kumar, Advocate
(Expert) 09 January 2017
Why you could not give all facts in one go. Are you taking exam of experts.
Kumar Doab
(Expert) 09 January 2017
Agreed with Mr. Sudhir Kumar.
Author could have posted the facts in 1st query.
rajeev sharma
(Expert) 09 January 2017
Mr. Singh you said"The property also has my and my mother in law's name in documents."So your sister and her mother in law are joint owners of the property and the property was jointly mortgaged by both and both are joint mortgagor.Both are equally liable for paying the whole loan even if your sister pays a part of loan which she thinks she owes she will not be absolved of the liability of loan.
You said that a power of attorney was got executed by husband of your sister. ANY POA regarding immovable property require registration. If it is not registered then it is of no use so far selling the property is concerned. However serve a notice on husband regarding cancellation of POA and publish an notice in a news paper having wide circulation in the area.
Please note if the property is sold by bank in recovery of loan then your sister will not be entitled to receive amount left residual having adjusted dues.
Best way is to give notice for division of the property and send a copy to bank and thus make the property disputed in the eyes of bank.
Bank cant make a settlement with one co- borrower and discharge him
Guest
(Querist) 09 January 2017
Thanks a lot everyone for your inputs . Apologies for not sharing details about POA earlier as in thought we could just surrender the loan through some legal process . As suggested we will go ahead and serve a notice.
Do you know any good divorce lawyer in west Delhi ?
Thanks
Rajendra K Goyal
(Expert) 09 January 2017
You can take help of some friend / relative. Any Lawyer can serve the notice.
Dr J C Vashista
(Expert) 14 January 2017
Either the author has fabricated the story and unable to find exit route when confronted with relevant questions raised by experts;
or
Mr. J S Singh (author) is a confused person and unable to explain the facts of his question.
Sorry for unsubstantiated averment made in the academic question (but surely not a query).
If the author is confidently correct he must consult a local lawyer with relevant documents qua the property.
Kumar Doab
(Expert) 14 January 2017
Local counsel after examination of docs on record and inputs can help you.
Guest
(Querist) 14 January 2017
Mr Vashista- Neither am I confused nor have fabricated a story. I joined this forum to get some guidance as I am not an expert at legal matters and have limited insights to legal process . I raised the query about surrendering a loan and post suggestions from experts resolved my issues by cancelling the POA. Please don't waste your and everyone else's time by posting useless comments about authenticity of query. This query stands closed.
Experts - Realy appreciate your guidance . Thanks a lot .
Rajendra K Goyal
(Expert) 14 January 2017
Author,
You should keep decorum and abstain to post such comments on experts providing service to guide needy without any gain.
Expert Dr J C Vashista is very senior, respectful, learned expert, everyone respect his knowledge.
It is not necessary all replies from expert may be pleasant to author.
Author is free to accept any or all the advices.
Dr J C Vashista
(Expert) 15 January 2017
Mr. J S Singh,
Thanks for your advise for my (along with other experts on this platform) saving valuable time, efforts and money on such fabricated stories wherein you had started the query with foreclosure of shared home load (not loan) with "your own husband", that subsequently you changed your stance to substitute the borrower as "your sister" on being pointed out by an expert Sh. P Venu.
When responses progressed involving lot to time, efforts and intellectual proprietary of the Experts qua the debatable subject posted by you (not a query, as alleged) you changed the subject and asked for a the particulars of "...a good divorce lawyer in West Delhi".., did you not digress from the main issue of foreclosure of the house load (not loan) taken by you (or your sister) with your ( or her) husband?
Again you were questioned by another expert Sh. Sudhir Kumar and Sh. Kumar Doab to come with all the facts in one go and not take exam of experts, isn't it?
Mr. Rajeev Sharma gave a detailed opinion and advise qua the loan and title of mortgaged property guiding you to cancel POA and issuance of legal notice to co-borrower and your sister's husband, the subject matter concerning present query was again changed by you , isn't it?
You are well aware that the experts on this platform are giving a Social Service FREE OF COST to needy litigants despite several limitations and constraints such as professionalism, time and efforts involved in rendering the service to the NEEDY PUBLIC, unlike your good-self, wherein you have not paid a single penny to either of the 8 experts, who have wasted their precious time/efforts/money in responding your query/question/debatable subject(s).
Please ignore my "useless" and "waste" comments/opinion/advise and consult some prudent lawyer in your locality. However, I do not need any sort of certification from your honour, for that you are incompetent.
I shall feel obliged to Mr. J S Singh for closing this thread and I do not require and expect any clarification or explanation from him qua my observation/opinion.
Warm Regards and Best wishes.
Rajendra K Goyal
(Expert) 15 January 2017
Agree with the expert Dr J C Vashista.
Kumar Doab
(Expert) 15 January 2017
You have posted; query stands closed.
Agreed with the expert Dr J C Vashista.
Rajendra K Goyal
(Expert) 15 January 2017
No further post for an author having account deleted.
Kumar Doab
(Expert) 15 January 2017
Author has deleted the a/c, so no reply.
rajeev sharma
(Expert) 16 January 2017
Dr Vashistha
i appreciate your comments. No one be allowed to exploit this foroum
