Property 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?
You 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.
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