Clarification in failure to pay loan taken from bank by mortgage
13-Aug-2023 (In Recovery Law)
Sir my father took lone in State bank of Mysore about 10lakhs by mortgage process.but now he is refusing to pay the loan amount.what shall the bank can do if the loan is not settled by us . What is the next step taking by bank.
Respected
Normally when you not returned the loan amount, the bank person will take symbolic possession through court over your mortgage property. If you want to settle the amount, please talk to the bank and try for OTS ( one time Settlement) .
Once the Symbolic possession is taken, they will take absolute possession in few days by filing necessary application before the Recovery "Tribunal " and for auction to settle their dues.
Better you approach bank and try for One time Settlement. Please Proceed.
Normally when you not returned the loan amount, the bank person will take symbolic possession through court over your mortgage property. If you want to settle the amount, please talk to the bank and try for OTS ( one time Settlement) .
Once the Symbolic possession is taken, they will take absolute possession in few days by filing necessary application before the Recovery "Tribunal " and for auction to settle their dues.
Better you approach bank and try for One time Settlement. Please Proceed.
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 Divorce Lawyers at lawrato.com to address the specific facts and details.
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