home loan default

540 votes

If you able to pay your six installment then do it first and clear all the payment, if lender is not agree to receive installment then there are two conditions about proceedings
1. If you getting loan from govt. Company or bank they dont have right you auction the property..... Please any consent you can try through lawrato.
Thanks

Advocate Ripudaman Singh LawRato

881 votes

when you have taken any loan from bank or financial institution it is duty to pay it back , nevertheless , you could not pay some installment you should try to go into settlement with bank and certainly they will give you time and if you think that you are totally unable to pay and will be means your property will go for auction after auction whatever remains shall be returned to you and if it does not suffice loan amount /due amount bank can recover from you. you should note that after taking possession for auction till the time such even takes place all expenses regarding advertisement and guard and other expenses which bank will do all burden they can impose on you so deal with caution. you can contact for further assistance.

Advocate Devesh Tripathi LawRato

996 votes

if you will not pay the rest of your dues than that house willbe auctioned and for that procedure it will print a advrtisement in paper and a bid will take place. the highest bidder will occuppy the house and excess money will be given to you

Advocate Raj Kumar Saini LawRato

571 votes

In order to protect the interest of the lenders, a legislation called SARFAESI was passed by the parliament in 2002. This law gives the lender institution to seize and sell the mortgaged property to recover the outstanding loan amount due to it. However, in effect the banks do not resort to such extreme steps immediately, on happening of such default. As banks are not in the business of buying and selling properties, so as a lender they are only interested in timely servicing of their loan, they would try all other feasible alternatives before actually selling the house.

In case the bank has to ultimately resort to seizing and selling the property ultimately, this may not be an end of the problems for you as borrower. In case the amount realised from sale of the property is more than the outstanding amount of the loan, the bank shall hand over the excess amount to you. However, in case there is a shortfall, you are bound to pay the short fall to the bank.

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