quesProperty mortgaged with bank

My father purchased a property in Pune. After staying there for 6 years we came to know that the property is mortgaged with some bank. We have the original papers of the flat. The mortgage loan was taken by the husband of the first purchaser. We purchased the property from the second purchaser. What will happen to our property? What can the bank do?

  • ansYou must be having an original chain of title documents. Did you not do due diligence before purchase of property? Find out from the bank details of the mortgage. If the loan was taken by the husband of first purchaser and if he fails to repay the loan, the bank will seek to sell the property for recovery of its losses.

  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Property Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
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