Our Home Auction Stay Lawyer will first review what stage your loan is at in the recovery process. This includes notices issued by your Secured Creditor, Notice of Possession, Property Valuation, Reserve Price and Auction information. As well as options you may have to stop or challenge your home from being auctioned off.

There are many remedies that we can look into to prevent your house from being auctioned off. Depending on your situation we may have to file something with the Debt Recovery Tribunal or we may only have to send a letter to the bank or negotiate a settlement with them.

The SARFAESI act was enacted in the year 2002. It allows the secured creditor to take certain measures to recover their dues without the intervention of civil courts. There are certain sections under the SARFAESI act which speak about Auction. Section 13 which describes the enforcement measures that can be taken. Section 14 Which describes assistance to be given to the secured creditor for taking possession of the secured asset. Section 17 explains You can file an application for a remedy against the measures taken u/s 13(4). And lastly section 18 allows you to file an appeal before the Debts Recovery Appellate Tribunal.

If you or someone you know is receiving an auction notice for your house, flat or land parcel in Greater Noida. Contact Loan Settlement Lawyer today. We can assist you to see if your lender followed all proper procedures to recover their loan from you. If we find any discrepancies we can use these to negotiate with the bank.

Lets understand why a home auction really matters so much

There are thousands of properties which are financed by banks in Greater Noida. These can be builder flats, plots or commercial buildings. If you default on your home loan or asset based business loan. Not only will your credit score take a hit but you could also lose your home.

There has been a common mistake that people make when thinking every notice they receive from the bank are reminders to recover the debt.

Think once the bank has initiated the recovery of the secured asset (your flat). You have very less time to gather all the documents related to your case. Identify loopholes in the notices served to you and file suitable pleadings before the Debt Recovery Tribunal.

A Home Auction Stay Lawyer in Greater Noida will see where your case stands. Did the bank just send you a Demand Notice under section 13(2). Did the bank act under section 13(4). Was the property taken in their possession? Were you issued with u/s 14 or are they just notifying you of the Sale.

A Loan Settlement Lawyer will also assess the monetary aspect of your case. Maybe the person who owes money to the bank wants to pay off/settle the dues but only requires a little time. Or maybe the customer has some dispute on the amount, wrongful deductions made by bank, or the valuation of property was too high. Were proper notices served etc.

A Few Quick Facts About Home Auction Stay Requests

• As stated earlier under this Act different types of debts can be enforced by the secured creditor if he is an eligible secured creditor
• Section 13 – Deals with the enforcement of security.
• Section 14 – Allows assistance to be taken for the purpose of taking possession of the secured asset.
• Section 17 – Provides a borrower with a remedy against such steps. Which can be filed before the DRT
• Merely because the borrower has disputed the amount which the bank claims is due from him. Does not entitle the borrower to get a stay of auction of his property
• If the parties are negotiating a settlement or going for an OTS. Does not mean that the proceedings under SARFAESI will automatically come to a halt.
• All the above mentioned documents notice of auction, order of taking possession of the asset. Loan agreement, reply papers and all correspondence should be read in concurrence with one another.

What Does A Home Auction Stop Lawyer Actually Look Into?

Our Home Auction Stay Lawyer in Greater Noida will see if the bank/fidelity has made any mistakes while taking action under the SARFAESI Act & Security Interest (Enforcement) Rules, 2002. This Rules talks about,

• The procedure of serving the demand notice.
• The process of giving notices to the borrowers.
• The process of taking security.
• If these rules were followed properly.

Date of sanction of loan, mortgage deed executed, loan statement account sent to customer. Date of demand notice sent, borrower’s reply to notice if any. Date of notice of taking possession issued, date of newspaper publication. Date of valuation, Issue of notice of Sale, Any e-mails passed between the parties. Any correspondence regarding settlement that has been passed.

Date would help you create a timeline of events.

Just because your current home loan account has an issue. It doesn’t mean there might not be issues when it comes to taking possession or selling your property.

Can a borrower apply for stay of auction just by offering a settlement to bank?

There can be every possibility that your offer of settlement has merits. But that does not mean you will get a stay of your property from being auctioned off/possessed.

This part always confuses people.

You tell your bank via e-mail. I am ready to pay you xxx amount of money only if you don’t go ahead with recovering my property. And you think they will wait till they get back to you to recover the property.

What if they didn’t agree to give a stay on their end or what if you can prove in front of a competent judge that your property should not be sold. You shouldn’t be basing your whole case on the OTS letter that you have sent to the bank.

If a Home Auction Stay Lawyer in Greater Noida sees this.

Our Loan Settlement Lawyer will then tell you the best course of action to send the bank a proper OTS. See if the bank has responded back to you in writing and if you may have to approach court as well.

But like we said, make sure every settlement is in writing.

Never go by what someone says in person if your property is going to be auctioned in a few weeks.

What documents should a borrower keep ready while applying for home auction stay?

There can be so many documents in a home auction case. The more documents you have in your possession the better. It allows you and your lawyer to know what exact happened and when.

Documents a borrower should try to collect.

• Loan sanction letter and Loan Agreement.
• All mortgage/ pledge documents that was signed when loan was taken.
• Copy of your EMI’s and repayment schedule provided to you.
• Current loan statement. (if provided)
• If you received this, Notice u/s 13(2).
• Any reply you have sent to the bank. And banks reply if sent to you.
• Notice of Taking Possession.
• Newspaper clipping which they have inserted for possession.

If possible, have the envelopes too. As sometimes the date of notice is served is helpful.

Once your Loan Settlement Lawyer has these documents he can build a timeline. And see what points should be argued upon.

When should you contact a Home Auction Stay Lawyer in Greater Noida?

• This will make your problem even worse.
• Here are a few times you should get your act together and contact a home auction stay lawyer.
• When you receive a Demand notice issued to you u/s SARFAESI Act.
• When your proposal/objection is rejected by the bank.
• Issuance of Notice of Possession.
• If they have mentioned taking possession of your property.
• Initiation of Section 14 of SARFAESI Act.
• Notification of Reserve Price has been issued.
• Issuance of Sale/Auction Notification.
• When the auction is about to happen.

Loan Settlement Lawyer will then see if you need to worry about the things above. And what can be sorted by just communicating with the bank.

They will also help you determine if you have a SARFAESI case to fight. Or if you can negotiate with the bank for a settlement.

Can Wrongful Valuation Of Your Property Help In Staying Your Auction?

Yes there can be value. But as borrowers we should not look at every single valuation issue as grounds to retain a stay. We need to look if there are prescribed provisions and procedures for the valuation. Amount of loan reserved and sale of property has followed. And if that makes it a legal issue for us to challenge.

You think your flat is valued too less? Yes the market value of flats in greater noida might be higher. But bring out sales of other properties similar to yours. Valuations which are already done by the bank. Correspondence between you and bank and sale information. This allows your lawyer to see if there actually is an issue.

Loan Settlement Lawyer will examine if the property was valued higher than yours. If there is something to your valuation complaint. And if its something that can be legally used.

Can you settle your loan while having a DRT case pending?

Yes there is a possibility of this happening.

You could be fighting your case in court and still be able to settle. But it's not guaranteed because your fighting with the bank/lender that they will allow you to OTS.

If the borrower has the money to pay settlements. They can always negotiate while they fight their case in court.

Always have any conversation in writing.

Just because your bank offers you a settlement. Make sure you know exactly what you're signing up for. What you're paying, by when you need to pay it. How many EMIs will you be making? What if you miss a payment? Is the court hearing/stay of property still there since you're in payment negotiations. What documents will they provide you after you paid off what you owed.

Going into a settlement without having all your terms clear can cause you to have another dispute with the bank.

Your Loan Settlement Lawyer can go over the points above with your bank. To make sure you aren’t signing yourself into more trouble.

How Can Loan Settlement Lawyers Help You in Greater Noida?

Loan Settlement Lawyer in Greater Noida helps people who have defaulted on loan. Anything which is related to the recovery of secured debts and any other matter related to it.

If your case is related to home auctions in Greater Noida we can assist you with your documents. And see what stage your bank has reached while recovering your loan.

We also provide information on our website from the borrower's perspective. When it comes to SARFAESI and how lenders can recover their loans from borrowers.

Whether it be helping you understand your SARFAESI notice. We can create a timeline which would be beneficial for you if you have to go to DRT. We can even help you with what to look for in auction documents. And help you create a settlement letter to your bank.

If you would like us to find an Advocate to represent you. We can assign your case to Advocate BK Singh. This will all depend on your documents and what forum you want to approach.

We do not claim to say that we can stop every property from being auctioned.

What we do is make sure the defaulter knows where he stands legally. And what he can do about it.

FAQ’S:

Conclusion

Property auction is the stage which no borrower wants to see while facing a secured loan recovery. Once you see that your property is about to be auctioned off. Don’t waste your time and immediately see what you can do about your loan account.

If you would like to settle your account off with your bank. You can always go ahead and try settling with your bank. But remember asking for OTS will not stop your recovery process.

Loan Settlement Lawyers in Greater Noida help borrowers who have any sort of problems related to. SARFAESI Notices, Loan Settlement papers and property auction related matters. You can also consult Advocate BK Singh for any legal assistance you may need.