Rights of a mortgagor All that you need to know about mortgages!
Rights of a Mortgagor!
The transfer of Property Act confers certain rights to a mortgagor. The mortgagor has these rights after payment of the mortgage money to the mortgagee.
A mortgagee should deliver the mortgage deed and all documents relating to the mortgaged property which are in his possession to the mortgagor. In case the mortgagee is in possession of the mortgaged property, he is liable to deliver possession to the mortgagor.
The mortgagee is also liable to re-transfer the mortgaged property to the mortgagor or to any other third person as he may direct. He may also have to execute and have registered an acknowledgement in writing that his rights in the property have been extinguished. This right is called right to redeem. In case of any violation, the mortgagor may file a suit to enforce it. This is called a suit for redemption.
Generally, a person interested in a share only of a mortgaged property cannot ask redeem that share only, on payment of a proportionate part of the amount remaining due
on the mortgage. A mortgagor is entitled to redemption only on...
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