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Rules for auctioning a property in case property values more than loan


10-Jun-2023 (In Property Law)
My father built a house using all his savings and of post retirement. After his death, my mother owned the house. My younger brother mortgaged the property for a bank loan by taking my mother as guarantor without our permission. Promised to pay back but later refused. Now bank is auctioning the house. House's valuation is more than bank's loan, yet bank undervaluing the house. Bank says amount left post auction to be given to my brother, but my mother never made a will. My share is being denied. What can be done? We are caste hindus
Answers (2)

Answer #1
802 votes
Dear client,

If your mother never made a will. Then it is undivided property , and if your brother mortgage undivided property with out consent then all successors have move application /petition before R.O. for stay the auction.
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Answer #2
605 votes
In this case you must approach high court immediately to get stay on the auction. On the basis of the facts mentioned by you it is possible that you may get stay. Meanwhile you an write a detailed representation to bank to stop auction.
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