Usufractury mortgage
mahesan
(Querist) 28 June 2013
This query is : Resolved
Property situated tamilnadu
A executed unregistered usufracturay mortgage to B (Bokiam) for the amount of Rs. 3 lakhs (3 years period) u.mortgage period ends on 03.07.2013. A not in position to repay the amount to B, In meanwhile A's property goes to bank auction. B residing at A's house. What relief entitled to B? A is private Doctor, A's wife police inspector. How Can B recover the amount from A. Bank auction was published in News paper. Remedy?
Anirudh
(Expert) 28 June 2013
Dear Mr. Mahesan,
What is the monthly rent payable by you to 'A'?
What is the percentage of interest agreed upon?
Raj Kumar Makkad
(Expert) 29 June 2013
In that event, B should approach the bank in writing that the property is under his mortgage. The property must be mortgaged with the banker first so it can be requested to refund the balance amount to him after recovering the arrears by that bank. A stay order/injunction order can also be got obtained from the civil court against banker in that event.
