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Mortgaged land but unable to repay how long is the mortgage deed valid
02-Feb-2023 (In Civil Law)
I have mortgaged my land in the year 2006 but due to some financial implications I could not repay the amount. As such I would like to know for how many years the mortgage deed is valid so that I can repay the amount without much difficulty?
it depends . have u mortgage the land with bank or some private finance .if you have mortgage it with bank then terms and conditions are mentioned about the grace period give in case of non payments of dues , what action they can initiate if u fail to pay the dues against the property. in case of pvt finance it also depends on agreement/mortgage deed once we go through it we can say what should be done . usually they seize and auction the mortgage property to recover the amount .
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Adv. Syed Yakoob Zainulabedin
Hyderabad | 100+ Answers
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