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Selling of mortgaged property. What are my legal options ? Please help
27-Apr-2023 (In Banking / Finance Law)
Can the bank file a cheating case against a borrower if he or she sells a mortgaged property.
If the borrower having an intention to cheat the bank, mortgaged his/her property and later sold it then cheating case is maintainable whereas If the borrower commits default in repaying the loan, then cheating case will not lie. Moreover your case depends upon the terms of agreement entered into between the borrower and the bank. Anyway the borrower have no right to sell a mortgaged property until the loan stands closed. How the borrower sold the property without its title deed. The first charge will always remains on bank. Let the buyer beware of buying such mortgaged property.
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Adv. Sreenivas V Pai
Kottayam | 25+ Answers
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