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Property purchased by registered agreement by the close relative in the name of POA (Power of Attorn


02-Mar-2023 (In Civil Law)
Property purchased by registered agreement by the close relative in the name of POA (Power of Attorney). The property belongs to me and my brother's name and had a Bank loan from Nationalize Bank. Close relative was the guarantor for my loan. In the Beginning, all the EMI was paid by jointly with a single cheque. It was decided in the family dispute both will pay individually and paid continuously for a certain period. Suddenly my Brother stopped paying EMI from his side, only I continued for a certain period after that, my father intervene between me and my brother and said he will settle the remaining amt. for us by selling his property. By that time EMI completely stopped from me and Brother end and notice of SARAFESI was published by the Bank in Newspaper and sent to my loan Guarantor as well. Before this notice of Bank, loan Guarantor( Close relative) executed AgnnBefore this I and my Brother want to sell the property but not able to come to conclusion for the price of the prope
Answers (1)

Answer #1
657 votes
Well, you guys need to figure out the Market Value of the Property first and the loan amount which Bank wants from you to release the Mortgaged Property from its possession. You can seek my assistance to figure out such market value before selling.
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