Legal Question in Wills and Trusts in India

23.10.2013

Dear Sir / Madam,

Money borrowed on mortgage of property has to be repaid within the time frame agreed for repayment between both the parties. Since the property has been pledged to the mortgager, in case of failure to repay the monies borrowed, the mortgager acquires the right to retain possession of the secured property till the entire monies borrowed are repaid by the mortgagee, and it does not amount to the mortgager trespassing into the property.

Regards,

If the Mortgagor is a FI then they must have done it under the SARFAESI ACT, but they should give you a notice under the said act. You have a right to go to DRT. If it is a private mortgage then it depends on your agreement. However file a complaint against the mortgagor u/s 442 IPC to the Area Police station and if the police does not register FIR then File a complaint to the Area Magistrate u/s 200 r/w 156(3) CrPC for registration of FIR. You may drop in a detailed query at [email protected]

To know us better, please click on the links below:

http://www.linkedin.com/pub/rajiv-chandhok/33/7b7/82

http://www.lawguru.com/answers/atty_profile/view_attorney_profile/username#more_info

JSR/241013

If the time frame has elapsed then after giving notice he can retain the secured property till the full amount is paid .