A bank recovery process is a procedure involving the bank seizing the properties of a customer who has failed to repay a loan made. With this process, a bank begins a debt recovery system when it seeks money it is owed. Although, a bank takes recovery for a lot of reasons in a lot of circumstances, but the most common situation is when a customer fails to make loan repayments. This article, thus, focuses on how a customer can defend his or her property from a bank recovery process.
Realistically, most customers believe that bank recovery actions are absolutely a process against the borrowers. Due to this, many of them surrenders their property unconditionally and start begging for enough time and decide to pay the capital with interest even if it’s the highest interest rate. There is always a two-side communication in a bank recovery process. While the bank manager is continuously communication with the borrower, the legal wing is also sending SARFAESI notices on the other side.
After trust is built, they release recovery proceeding at the right time by taking possession. The banks, most time, knows when to completely take the recovery action by the borrower do not. The borrower is totally meek and do not get enough time. One of the ways of defending your property from a bank recovery process is by rushing to Debt Recovery Tribunal immediately after getting a notice under 13 (4) SARFAESI notice. If you need someone who specializes on bank recovery process, contact the team at All Lanes today.