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srinivas (shop owner)     10 July 2012

Simple mortgage deed validity period

According to simple mortage deed, the mortgagor agreed to pay monthly interest and return the pricipal amount within 3 years.  Its almost two years and 11 months, but mortgagor didn't pay any monthly interest and pricipal amount. Can I file money recovery mortgage suit now or after 3 years (according the aggrement).?



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 1 Replies

Rajeev Kumar (Lawyer/Advocate)     10 July 2012

Yes as per as the agreement you can sue against him soon after the elaspe of three years. Before filing the suit send him a legal notice to mortgagor and after that procced.

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