Validity of mortgaging the property.
agreed that the mortgagor shall repay the amount within 1 (one) year along with interest @24% per annum from the data of this deed of mortgage. that the parties hereby agree that in the event of proceeding against the property by the mortgage to recover the mortgaged debt as per court of law to recover such account. subject to the above conditions, the mortgagor assures that he has full authority to mortgage the the said flat is not subject to any prior encumbrances. this is the agreement of simple mortgage executed on the 5th august 2013 .now what can i do please give me a best suggestion .
Mortgagee is authorized to move the court to realize the outstanding money advanced +interest from the mortgagor by way of selling the mortgagor's property, if the mortgagor does not honor the agreement between Mortgagee & Mortgagor and failed to make payment of Principal + Interest within the agreed period of 1 year.
- 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.
Get Started >>
Answers by Our Lawyers
- I want to promote music online what kind of law do I need to follow
- Recovery of Full & Final from Company
- Wrong allowance details filled while filing TDS
- Owner died 50 yrs ago no claim staying in it for 35 yrs how to tansfer
- Wife is already married and concealed this fact, please advise.