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Need advice for morgage of property to third party colateral
10-Sep-2023 (In Documentation Law)
i want to morgage of my property to a person who inturn will pledge it to the bank for a loan and in return will pay me a percentage for using the funds availed by the bank. I want points as per law where my property is secured and incase even if he defaults in repayment my property stands free from any judication in the court of law. and if he defaults in paying the bank . the company should be liable for it and not that the property is sealed by the bank.Regards,
Clive Daniel
VERY VERY DANGEROUS PROPOSAL...
please do understand that once property is mortgaged that the Bank will have Charge on the property and the moment there is default , the Bank will attach property and at that time, you will be forced either to give up the property or pay the entire loan.
So, take your decision after careful consideration
please do understand that once property is mortgaged that the Bank will have Charge on the property and the moment there is default , the Bank will attach property and at that time, you will be forced either to give up the property or pay the entire loan.
So, take your decision after careful consideration
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Adv. Namitabh Kothari
Mumbai | 400+ Answers
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