Notice from bank for property to be auctioned.

Well , with all details you find a lawyer  and  act accrodingly 

The property seems to be registered in the name of your father.

Apparently you have NO document pertaining to debt from Bank and private lenders.

Even now despite demonitisation property is being purchased and sold.

Approach a very able counsel specializing in banking/DRT matters, at your location for expert advise based on documents and details that you have and on how to proceed further.

If the proeprty is mortgaged bank may not allow you to sell.

You need to take bank,buyer in confidence.

Don't delay.

Explain the facts and circumstances and take time from the Bank for giving you time on compassionate grounds.   Further, your bank must have obtained insurance linked loan, through which the loan will automatically liquidated from loan.  Just get the documents RTI Act.  Do not spend more amounts for litigations and try to compromise explaining the bnak about your difficulties.

The bank has already noticed you.

Certainly you can obtain all dcos from bank pertaining to debt and even insurance whose premia is obtained from borrower.

It is time to approach a very able counsel ASAP for a considered opinion.

When a person decides to sell his mortgaged property, he should ensure he has all the important documents- Sale Deed and housing society share certificate, etc. (depending on the type of property). A Sale Deed is required to confirm the ownership and the authority of the owner to sell the property. However, if the property has had previous ownerships, it is the buyer’s responsibility to demand for a copy of the previous deeds. Along with the sale deed, the buyer should also ask for copies of the stamp duty and other registered property documents. Naturally, if the property to be sold is mortgaged, it’s documents will be held by the bank as security. In such a case the buyer should ask for the photocopy of all those documents.

When a person decides to sell his mortgaged property, he should ensure he has all the important documents- Sale Deed and housing society share certificate, etc. (depending on the type of property). A Sale Deed is required to confirm the ownership and the authority of the owner to sell the property. However, if the property has had previous ownerships, it is the buyer’s responsibility to demand for a copy of the previous deeds. Along with the sale deed, the buyer should also ask for copies of the stamp duty and other registered property documents. Naturally, if the property to be sold is mortgaged, it’s documents will be held by the bank as security. In such a case the buyer should ask for the photocopy of all those documents.

It is secured loan and property is mortgaged.

Regret: you should avoid acting on your own and must preferably discuss with your able counsel.

Bank as secured creditor can sale the property. But there are thousands of such properties all over India and no buyers even by e auction.

So you will get some time but find out even after sale you can repay all the loan of the bank.

Mr. Trilok is right.

Bank shall sell at the price it decides.

Get the market price valued from approved valuers.

Find buyer and sell by taking bank into confidence.

Bank can recover from secured assets and estate of borrower.

1.  It would be a Criminal offence to sell a mortgaged property.  Hence such property cannot be sold, in any way.  As far as "hand-loan" money lenders are concerned, they can be simply told to shooo away.

2.  Banks derive irrefutable right over the mortgaged property under the "Sarfaesi Act",  and in the event after period of non-recovery, Banks can just simply Auction the property, by following due procedure of law.

  
Keep Smiling .... Hemant Agarwal
VISIT:  https://www.maharashtra-society-help-forum.com

Expert Mr. Hemant Agarwal has further illsutrated.

Agreed.

I understand that your problem is that you want to repay loan by selling the mortgage house.remember that bam\nk too get the property evaluated before sale. If the value of yourproperty is more than the bank loan then bank will no be able to sell it for a lesser amount and the present fiscal condition effect the salof bank also.

Best course of action is you approch the bank and make negotiation for sellement this way you will get some time for repaying loan and by that time probleme of demonotization too will be over.

Approach a very able counsel specializing in such matters.