Some general problems relating to Mortgage:At the time of mortgage, the property secured was only a plot. Then I erected a house on the plot. Whether this house is also the subject matter of mortgage? For the purpose of security, the commercial lender is entitled to the plot as well as the house. A co owner mortgaged his share of the property, but failed to pay the mortgage money along with interest. The mortgaged money along with the interest has exceeded the value of his share in the property. Can I realize the mortgage money as a whole and give the remaining to the other co owner? You have to realize the mortgage money from one-half share belonging to the mortgagor and give the exact half share to the other owner. You cannot take the share of the other co owner as a matter of right. I and my brother mortgaged our property and the mortgaged money was equally shared by us. Can I pay my share to relieve me from mortgage of my share in the property? It is not possible to relieve you from mortgage of your share. Because once you entered into a mortgage on a property you have to settle the entire mortgage amount to relieve from mortgage. |
