I had purchased a house at Mel Ayyanambakkam in the year 2009 with the builders influence the builder had arranged a housing loan through a nationalized bank by exaggerating the value and the painful side is the builder along with the manager had gulped the overcharged value of the property. I came to know the correct value only when I occupied the property in 2010. I was paying my emi for nearly a year and due to the stagnation of my business I was not regular for nearly 9 months and meanwhile there was a change of guard in the bank and the new manager visited my house and he cautioned me to close the account as the value of the property is far less than the laon amount. I pleaded for the time and he was not even ready to accept one or two emi’s and he sorted out the sarfaesi notice followed by the paper possession and then followed by the auction notice for which I moved the DRT through an advocate and though the court order stay for the auction with the following conditions;
a) Rs. Three lakh to be deposited with the bank immediately for stay.
b) The bank should come out with the detail account along with the charges and the balance amount to be paid within 30days.
I met the condition partly that is by depositing Rs. Three lakh and I could not met the other condition as the bank along with the various charges had demanded Rs.Six lakh and my advocate want me to deposit this amount so that we can go for trial. But I could not able to make it out due to the prevailing business situation and the court was also not willing to hear our side and the court had vacated the stay. My advocate informed me that let them go for auction again we will move the court. Can you guide me what I have to do in this situation? Only I need time of at least a two years so that I can redeem my property. I am very much confused what I have to do as I have got 2 school going kids and this is the only property I have. Please help ?
