What will happend for not paying the mortgage loan to guard?
my father have a mortgage loan from Allahabad Bank since 2000.he got a loan Rs.2lacs for years.He be an employee in a private company,but since concluding 11 months he was left from his career, now he is about 53years & totally out of work and claiming benefit.for this reason we're completely unable to payment the EMI to the bank for last 9 months, presently we've nothing to give to the mound.If this situation will going on, then what will happen near us.Will bank force to leave the house?
Answers:
Bank may recall the loan and can hold the right of auction of the Mortgaged property but it takes some time. And you will also be informed.
When settlement of the loan guaranteed by a mortgage on real property is defaulted, the edge has the right to sue and execute the mortgage. This is to mean, the ridge declares de loan due in its totality, sues for reimbursement in full, after some procedural events the court enters decision against your father for the full amount owed. If he pays, nothing happens. If he does not reimburse the amount in full plus legal fees and other charges contained and expressed surrounded by the judgment, the court will proceed to order the public sale of the property in a public auction. The proceeds of the sale are used for pay-out of the loan. If the property is sold for more than what was owed, the difference belongs to your father. If the proceeds of the public sale are not satisfactory to pay the amount expressed in the pronouncement, then your father remains as debtor for the difference. Normally the bank is the sole auctioneer and become owner of the property, If the amount offered by the bank is lower than the total amount of the debt as per the judgment, your father remains as a debtor for the difference and the wall has the right to make honourable the judgment on any other property owned by your father. Adian.
You are terrifically lucky they haven't already thrown you out, most banks are knocking on your door if you are a month past due.
They will eventually kick you out and sell the house.
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Answers:
Bank may recall the loan and can hold the right of auction of the Mortgaged property but it takes some time. And you will also be informed.
When settlement of the loan guaranteed by a mortgage on real property is defaulted, the edge has the right to sue and execute the mortgage. This is to mean, the ridge declares de loan due in its totality, sues for reimbursement in full, after some procedural events the court enters decision against your father for the full amount owed. If he pays, nothing happens. If he does not reimburse the amount in full plus legal fees and other charges contained and expressed surrounded by the judgment, the court will proceed to order the public sale of the property in a public auction. The proceeds of the sale are used for pay-out of the loan. If the property is sold for more than what was owed, the difference belongs to your father. If the proceeds of the public sale are not satisfactory to pay the amount expressed in the pronouncement, then your father remains as debtor for the difference. Normally the bank is the sole auctioneer and become owner of the property, If the amount offered by the bank is lower than the total amount of the debt as per the judgment, your father remains as a debtor for the difference and the wall has the right to make honourable the judgment on any other property owned by your father. Adian.
You are terrifically lucky they haven't already thrown you out, most banks are knocking on your door if you are a month past due.
They will eventually kick you out and sell the house.
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