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Q. Mortgage deed

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Anonymous

posted 1 year ago

Q.Mortgage deed
I had lent a sum of Rs 1,00,000 to someone in 2003 against which he mortgaged his property. There is a mortgaged deed. He assured to pay the amount in 2 years which he did not. My query
1. Can I take action now(in 2018)?
2. What is the procedure.? How much time can it take?
3. Should we need to send any notice?

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Deepak Yashwantrao Bade

Experience: 9 Year(s)

Responded 5 months ago

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A. ) dear client in your matter kindly See the limitation period for mortgage is 12 years form the date the mortgage was created. So, from that date your limitation has expired. Did you get any debt acknowledgement document signed later on or what was the last payment that you got. From that date if 12 years have not elapsed then you can otherwise you cannot

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Abhimanyu Shandilya

Experience: 14 Year(s)

Responded 1 year ago

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A. ) See the limitation period for mortgage is 12 years form the date the mortgage was created. So, from that date your limitation has expired. Did you get any debt acknowledgement document signed later on or what was the last payment that you got. From that date if 12 years have not elapsed then you can otherwise you cannot

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