Dear Members,
One of my quarie is as under:
Mr. ABC was the owner of the a property situated in the state of Maharashtra, he have taken a loan to purchase that property. Due to his financial position he wanted to dispose of the property. Unfartunatly, he found one customer for the propery Mrs. XYZ. As Mrs. XYZ was not having any income proof, she was not able to get the loan from bank for purchase of the subject propery.
To resolve this Mr. ABC & Mrs. XYZ entered in the MOU that Mrs. XYZ will pay sum of Say Rs. R to Mr. ABC on signing the MOU and shall take a responsibility to pay remaining housing loan of the said property. Mr. ABC accepted the offer and entered the MOU and handed over the property to her. Mrs. XYZ paid monthly EMI to the bank for few months say for 3 years. These EMIs were deposited by Mrs. XYZ in the bank in the name of Mr. ABC (As this deal was not known to the bank and the Mr. ABC is a valid owner and borrower for bank). Approx after 3 years, Mrs. XYZ absconding from city and stoped paying monthly EMI to bank. Bank pressed hard to Mr. ABC for overdue payments and was hard harrashed to clear the dues. As Mr. ABC was not left with any option but to pay the bank, and it was legal on the part of bank to recover it form Mr. ABC.
Mr. ABC published notice in the paper announcing that he has cancelled the MOU which was entered with Mrs. XYZ and all its related rightes have been taken off on the date of publicatio of notice in the news paper.
After Publicatin of Notice, Mr. ABC paid the bank dues and taken the possetion of the property with all belongings of the Mrs. XYZ.
Now the propert is in possetion with Mr, ABC and he is paying bank dues regulary.
Till date Mrs. XYZ is absconding from the City and address not known. Mrs. XYZ is a lady most wanted for other few banks and individual for loan recovery.
WANTS TO KNOW:
What are the rights left to Mrs. XYZ, what are the precautions to be taken by Mr. ABC to protect his financial interet and property.
Request your opinion
Quarist.
