Bank Possession Notice 13 (2) Bank Possession Notice 13 (2)

11 months ago

I have received a letter from bank to vacate the property as I was not able to clear overdue within the time frame given by bank as I was not having a job so I missed 3 EMI.. how can I stop bank from taking possession...I am ready to clear the overdue EMI..

Anik

Responded 10 months ago

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A.Hello,
This is a serious situation. The bank will mark you as a defaulter and the bank will send you a notice about it.
At this point make sure you do not ignore the bank notice and reply to them asap explaining to them about your situation and the reason why you missed paying the EMI’s. If your credit history is good and your reasons are very genuine, there is a possibility that the lender may give you some grace period for repayment.
If the bank is sure that they want to move ahead after you are marked as Defaulter, they will then send a full and final 60 days notice under a law called SARFESI Act.
This 60 days period is your final chance to repay your EMI’s, else the lender can take hold of the property and sell it off after 60 days’ notice. After this 60 days period, you are expected to settle down all the money you owe to the bank which is the outstanding loan amount. Either you pay it back to the lender on your own or the lender will auction the house and recover back their money.
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Abhimanyu Shandilya

Responded 11 months ago

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A.Dear Client

If you have received the notice from the bank then you need to go an talk to the bank people seeking their cooperation in settling the loan account. They are the one who can help you come out of this situation.
In case the default is not because of you then you can challenge the notice U/S 13(2) by filing a case in DRT.
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Kishan Dutt Kalaskar

Responded 11 months ago

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A.Dear Sir,
If no orders are passed by Chief Judicial Magistrate to auction the property you are not supposed to vacate the property. If any such order passed then challenge the same before Debt Recovery Tribunal and get a interim stay order from auctioning your property.
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