A property has been mortgaged in my name by simple mortgage registered in the Sub Reigstrar office. But it is doubtful that the mortgaged property may not fetch even 75% of the mortgaged amount due to current market conditions - but has the potential to go up for a better price in the future. In the circumstances if the mortgage does not fetch the amount, can the mortgagee insist on compulsory registration of the property in the mortgagee's name? The mortgage deed format was taken from TNReginet - but this format does not clearly include a clause about section 69 and 69-A wherein the mortgage can be undertaken without the intervention of the court.
Does not the mortgage deed registered at the Sub Registrar office already qualify for that clause?
Thanks...
