Survival from mortgage loan.
Querist :
Anonymous
(Querist) 14 November 2011
This query is : Resolved
Hello,
We have 5 floors appartment in Howrah-West Bengal INDIA, the first 2 floors (ground and 1st floor) were sold out long time back and rest 3 floors (3 flats - 1 each floor) are covered in a single title deeds in the name of my father. In 2002 my father has initiated a business project, for that taken a loan from nationalise bank by mortgaging that particular property which is in his name only. In 2005 the project failed due to some reasons and from then onwards he was not able to repay single penny of the loan amount.
Out of total 3 flats in 3 floors 2 are given as a RENT and in one our family is staying. Now bank is trying to auction that property against that loan as we are not in the position to repay that amount.
Is there any way out to sale 2 flats to two different buyers (same tenant) and 1 flat we can keep with us as we don't have any alternate place to stay. After selling the 2 flats and repaying the loan amount if any further loan amount still remains, can I take a EMI option in my name (as I am working but not having capability to repay the WHOLE amount) for the remaining amount only by keeping out flat (the 3rd one) mortgaged so that we can also get an option to repay and also my family will be in safe..... Any suggestion / advise will be highly honoured.
Devajyoti Barman
(Expert) 15 November 2011
First clarify which portion is mortgaged to the bank. If it is whole property then the bank can proceed ahead to attach all the properties mortgaged with it.
But that does not mean you have loose all the properties.
DO tell me whether the Bank has sent notices u/s 13(2) or 13(4) of SARFAECI Act. If yes then appropriate action could be taken. Fortunately for you the current presiding officers of the DRT at Kolkata are in favour of the borrowers and giving reliefs to the borrowers.
Rajeev Kumar
(Expert) 15 November 2011
Well replied by Barman
Querist :
Anonymous
(Querist) 17 November 2011
Hello Barman da,
the whole property is covered under single title deed in my father's name and that title is mortgaged with the bank.
My concern is that is it possible to break that single deed into three portion for 3 flats and sell 2 flats to 2 different buyer who also want to take HOME LOAN from there bankers.
Bcoz while mortgaging the property was shown as a single property not 3 different flats, but now I want to break that into 3 different flats for selling purpose. Any advice / suggestion pls.
Thx
Guest
(Expert) 21 November 2011
Dear Anonymous,
Property papers must be making mention of the built up portion, if that does not belong merely to purchase of a plot. Please recheck what the original deed indicates? The possible solution may probably lie only if lesser built up portion would have been shown in the deed.
Querist :
Anonymous
(Querist) 28 December 2011
Hello Barman Da,
Can U suggest me any good / responsible / expert advisor/advocate on this field from Kolkata / Howrah, who has very good knowledge, expertise resolution skills who can guide me/ my family with proper planning so that we can get relief from this.
And also as mentioned by you that the presiding officer of Kolkata DRT is good enough to give relief to the borrowers, that advisor can also help us to take this advantage to get the solution.
Pls share your thought and advise.
Thanks
