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Clarification on mortgage
01-Mar-2023 (In Civil Law)
my dad has lent 6 lakhs to a person with house of him mortgaged.... now what wil be the best thing to do...
You can file a civil suit for recovery of money or for sale of the property to recover the money. First cause a notice demanding money. In case if he fails to respond you can file suit for recovery of money.
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Adv. Vasavi Sridevi Sivanandam
Chennai | 200+ Answers
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Your Dad can ask for the return of the loan amount along with interest. Has the Borrower paid the interest amount without any default. Where is the property? In which city/town? Is it a registered mortgage? You can bring the property to sale by public auction and recover the loan amount. Unless you provide all these details I will not be able to give give a detailed advice. Kindly meet me for further advice.
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Adv. Suchit Palande
Chennai | 200+ Answers
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File a suit for mortgage amount along with interest which charge the mortgaged property in the plaint
After that you got decree in your favour you file execution petition before concerned civil court where property is located and prayed for attachment and sale of mortgaged property and sold in public auction held by court and realise your amount. As per section 62 of limitation act time to enforce payment is 12 years
After that you got decree in your favour you file execution petition before concerned civil court where property is located and prayed for attachment and sale of mortgaged property and sold in public auction held by court and realise your amount. As per section 62 of limitation act time to enforce payment is 12 years
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Adv. Saravana Kumar
Coimbatore | 100+ Answers
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