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How to recover loan amount from default Mortgagor!?


13-Jun-2024 (In Recovery Law)
One Mr. Vamshi lent an amount of Rs.5,00,000/- @3% interest per month on 15.02.2023 to one Mr. Sharath through a simple Mortgage deed (without possession) as security under a condition to repay the loan within a year. But despite the due date is over, the Mortgagor hasn't paid even the interest amount till now. Plz suggest the best option on: 1. How to recover the money from him. 2. How to stop him from selling or alienating the mortgaged property.
Answers (1)

Answer #1
714 votes
hi if he is not repaying the amount within stipulated period of time then you could send legal notice to him asking to repay the amount and if he failed to repay the amount then you could file suit for recovery of money and to not to alienate the subject property
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