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USo brief background.
My grandparents built a house and they had six children. One Uncle decided that he needs money to expand the business and he wanted loan in ancestral home. But my other uncles didn’t want to loan on the house since they lived in it. Uncle created havoc and said he will commit suicide. So grandparents transfered part of property in her children’s name and then he took loan.
Well he lost all money and now bank is saying give me the money or they will take part of the property. The issue is my parents live on that property and they are the only one impacted by it. Other uncle and aunt property is not impacted.
I have two options :-
1. Can I do something about this? I am grandson.
2. Bank is saying they will take ground floor also and first floor also. Is the loan there for both or is it only there for ground floor?
3. I have built a small room on ground floor and invested money in that. Now will bank take over that also?Please advise. Every day bank is threatening that they will put a lock and kick us out.
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Ucfbr,
Not A lawer.it might not be possible, as your uncle has partial ownership (not complete) hence can’t sell entire house (or use it as colatrall in bank). unless other uncles were tricked to be co signers of the loan you may have a solid case againt bank.
go through loan documents and check if they have considered entire house as colateral.
consoult a lawer, have a conversation with bank manager.
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UOther uncles are co-signer sir they were tricked. I didn’t even know about this.
Also, can bank take only ground floor or upper floor also? On upper floor my old parents live. The loan defaulter uncle had tried to commit suicide by jumping from a roof and broke both his legs. Uncle is not losing any part of his property also. I’m damn pissdd at the fraud.
I went to bank to buyout the part where my parent lives but bank is saying pay full or GTFO.
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PYou need to know which part of the property was mortgaged to the Bank. Bank is entitled to its security and you can only prolong the litigation not win it. Since your uncle us broke, the only thkng you can do is to buy the property either cash down or ask the bank to give you a loan when auction process is completed.
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RThe most elementary analysis requires documents. Was this really an ancestral property? How was the part in question transferred? Is that transfer valid? Was there fraud or misrepresentation that led to the transfer? Has there been a partition? Based on the answer you could issue appropriate proceedings to protect your parents’ rights. But anyone wanting to advise you properly will have to look at documents.
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QYou can sue the bank and your uncle both because it cannot take over part of a house when you are already occupying it you will draw the bank to negotiating (mediation) table and get the loan reworked to pay only the principal or the bank In the nutshell the bank will not be able to vacate the house legally
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ICheck properly if the property is ancestral in nature or not.
1. If yes, then as a grandson, you have an interest in the ancestral property, and you can take legal steps to protect your family’s interests.
2. The bank’s claim is limited to the property that was validly mortgaged to them. If your uncle is bequeathed the property and has then mortgaged both floors, they can take over both floors; otherwise, no.
3. If the ground floor was validly mortgaged to the bank before you invested in the room, your claim to the room is subordinate to the bank’s mortgage. There is some wiggle room pending relevant factors.
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