3 Replies to “How to buy a property in resell, which is already mortgaged with a bank?”

  1. You purchase the property with YOUR OWN loan at which time his is paid off and he pockets any remaining moneis after the sale. If you are talking buying a property without clearing his mortgage first then the bank must approve such a contract.

    Remember if you do the wrap around mortgage then the property is not yours until paid off and the owner can get other loans on he property etc…

  2. I have gone through your query.
    First you have to verify all the title deeds regarding to the property and also all the revenue records of the property as on date and make a personal visit to the bank and examine the original title docs relating to the property and check also get information from the bank officails that whether any procceedings for loan recovery pending before the any debt recovery Tribunal or Court.
    I am a Lawyer.

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