quesTook loan from financiers. Now they are pressurizing to sell house.

My husband raising a finance from local financers on heavy interest rate from 2 & 1/2 year he pay the interest at time but from august 2014 we cant able to submit the interest thats why financers giving him a pressure to sold out the house where we live. I am having a only son age 9 years we dont have any other property & other to live how could I save my home from the financers legally. we should pay our dues by installments or by renting instead of sale of our house. please help me. Thanks

  • ansDo you have any loan documents? If yes what is the condition mentioned in the loan documents?

    If one of the condition stated there is that you agree to pay the loan amount by sale of house , then you have no option.

    However incase of absence  of this   or absence of loan document you can save your house and financer has no right to recover the money by sale of your house.  Incase he intents to recover the money he will be required to file a civil suit.

    Please provide complete facts asked aforesaid, so that we can provide exact legal solution.

     

  • ansDo you have any loan documents? If yes what is the condition mentioned in the loan documents?
    If one of the condition stated there is that you agree to pay the loan amount by sale of house , then you have no option.
    However incase of absence of this or absence of loan document you can save your house and financer has no right to recover the money by sale of your house. Incase he intents to recover the money he will be required to file a civil suit
    Please provide complete facts asked aforesaid, so that we can provide exact legal solution

    Advocate Sudershani Ray

      Kailash Hills, Delhi

  • ansIf your home is financed by the bank they can take the possession of the home and auction the same.you can. Only convince the manager to give you time to repay the emi,else you will have to sell the home.

    Advocate Ritesh Isaac

      Bengali Market, Delhi

  • 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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