Mortgage and limitation act

praveen (Querist) 22 February 2012 This query is : Resolved
If the property is not redeemed within30years as per Limitation act and suit become time barred, what is the other alternative available for mortgagor.
Property mortgaged is only for small amount where as the market value is substantial, can mortgagor claim for the surplus money after setting off the mortgage debt?

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Raj Kumar Makkad (Expert) 22 February 2012
The redemption of mortgage should be within time otherwise mortgager loses his all rights in the property irrespective of the enhancement in the value of the leased property.

Rajeev Kumar (Expert) 22 February 2012
As pre as property law the right of redemption should be within 30 years otherwise the mortgagor loses his all right.

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