query
visha lranjan
(Querist) 18 April 2011
This query is : Resolved
can someone mortgage a immovable property which is already mortgaged in favour of some one else??
if yes then, how their claim will be reconciled with each other?
Guest
(Expert) 18 April 2011
Second mortgage is permissible only with the consent of the previous mortgagor by entyering in to tripartite agreement. Both the mortgagor can settle mutually about their claims, which is usually on the proportion of the mortgaqged amount+interest due to each.
Sri Vijayan.A
(Expert) 19 April 2011
Second mortgage is possible.
The second mortgagee must have the knowledge about the first mortgage.
If the mortgagor not settled/ repaid the loan amount the property can/ may be sold by the first morgagee.
The sale proceeds shall be adjusted in the following order
1.First to the payment of first mortgagee
2.Next to the second mortgagee
3.Balance to the mortgagor
Tripartite agreement is not necessary, but the first mortgagee may be informed about the 2nd mortgage.
so that he may help the 2nd mortgagee
bhagwat patil
(Expert) 22 April 2011
agree to shri vijayan A, ethically the valution of the said property should be more than total obligation.
RAJU O.F.,
(Expert) 22 April 2011
Mortgage on second charge of immovable property is possible only with the consent of the first charge holder. If the property is got sold by the first charge holder, the surplus sale value after setting off the dues of the first-chartge holder, has to be paid to the second charge holder to set off his dues and if there is any surplus further, it will be paid to the mortgagor.
Sarvesh Kumar Sharma Advocate
(Expert) 22 April 2011
full agree-
with Expert mr. Sri Vijayan.A
"Second mortgage is possible.
The second mortgagee must have the knowledge about the first mortgage.
If the mortgagor not settled/ repaid the loan amount the property can/ may be sold by the first morgagee.
The sale proceeds shall be adjusted in the following order
1.First to the payment of first mortgagee
2.Next to the second mortgagee
3.Balance to the mortgagor
Tripartite agreement is not necessary, but the first mortgagee may be informed about the 2nd mortgage.
so that he may help the 2nd mortgagee"
Advocate. Arunagiri
(Expert) 22 April 2011
Second mortgage is possible. In case of auction the first creditor will recover his money and second creditor will recover his money after that only.
Some times the second creditor may not recover his full money.
RAJU O.F.,
(Expert) 23 April 2011
A property can be mortgaged to more than two parties,under paripassu charge eg., in cases of consortium advances, wherein all the charge holders get equal right to sell the property, but to share the sale value proportionate to their dues to be recovered, as per consortium agreement entered between the members of the consortium.
