sir/madam

Once you have mortgaged your personal property with the financial institution on the asking of your previous employer, legally you can do nothing except to make him pleased to clear the outstanding dues otherwise you should be ready to see your said property auctioned and sold by the creditor private fiancier.

Yes.  Request him to clear the mortgaged amount in an amicable way.

In which capacity you had stood offered security - as an employee or in your personal capacity?

Contact a local advocate and explore the possibility of showing it as a voidable contract on the basis of undue influence or making some others also as co sharers and raising your mortgage is not legal etc.,  and you can only extend the issue.  Let the lender take action and defend yourself.   But, contacting a local advocate is a must to defend and save yourself from further torture by all.

You did not reply to the query raised by expert Mr. P Venu, whether your property documents were hypothicated by financier as borrower or guarentor ?