Prajna Capital - An Investment Guide

Some conditions that enable a mortgagee to enforce this right to recover his dues A right of foreclosure is a right available to a mortgagee to recover his outstanding money. This right of foreclosure can be exercised by a mortgagee only if certain conditions are met. Here are some conditions to exercise this right: The money should have become due for payment There should be no condition in the mortgage deed waiving the right The mortgagor should not have a decree of redemption of the mortgaged property The remedy depends upon the nature of mortgage. In case of a simple mortgage, the right of foreclosure is not available. The remedy is either to proceed against the mortgagor personally or for sale of the mortgaged property. This is also the same in case of an usufructuary mortgage. In this case, the mortgagee is in possession of the property and continuous to be in possession until the debt is repaid in full. The relevant provisions are contained under Section 67 of the Transfe...