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UHi everyone, I’m reaching out here to get some advice or insight into a frustrating situation.
My dad had a mortgaged property which was on auction that he’s been trying to settle through a One-Time Settlement (OTS) with the asset recovery bank. After a lot of effort, he finally found a buyer for the property, and here’s the key part: the buyer’s home loan has already been approved by their bank.
Despite this, the asset recovery bank manager handling the loan has threatened to rejected the OTS proposal if the amount is not transferred within the said date. Buyer has already paid 10% to remove the mortgaged property off the auction as instructed by recovery bank and had requested a timeline of 2 months to apply for a loan and settle the OTS, through a request letter has been signed and acknowledged by the recovery bank. In the OTS letter issued by the bank, they have mentioned a date before the 2 month timeline and they are now threatening to put the property on auction if the buyer didnt pay on the said date mentioned in the OTS, Where as the bank that is issuing the loan has processed the loan a day before said date in OTS letter and they need a statement from the recovery branch stating that he will release the mortgaged property once amount is transferred. What’s even more confusing is that the approved home loan from the buyer is enough to cover the settlement amount.
I’m at a loss as to why the OTS is may be denied, especially when it seems like a win-win for everyone involved. The bank will recover their dues, the buyer gets their property, and he can finally close this chapter. Is the recovery bank manager just trying to give us a hard time?
Has anyone else faced a similar issue? Do you have any advice on how I can escalate this or ensure the bank reconsiders? I’m also wondering if there are any legal options I should explore.
Looking forward to hearing your thoughts and suggestions. Thanks in advance for your help!
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