What will happend for not paying the mortgage loan to bank?

my father have a mortgage loan from Allahabad Bank since 2000.he got a loan Rs.2lacs for years.He was an employee in a private company,but since last 11 months he was left from his job, now he is about 53years %26amp; totally unemployed.for this reason we're completely unable to pay the EMI to the bank for last 9 months, now we've nothing to give to the bank.If this situation will going on, then what will happen with us.Will bank force to leave the house?What will happend for not paying the mortgage loan to bank?
You are very lucky they haven't already thrown you out, most banks are knocking on your door if you are a month late.


They will eventually kick you out and sell the house.What will happend for not paying the mortgage loan to bank?
When payment of the loan guaranteed by a mortgage on real property is defaulted, the bank has the right to sue and execute the mortgage. This is to mean, the bank declares de loan due in its totality, sues for payment in full, after some procedural events the court enters judgment against your father for the full amount owed. If he pays, nothing happens. If he does not pay the amount in full plus legal fees and other charges contained and expressed in the judgment, the court will proceed to order the sale of the property in a public auction. The proceeds of the sale are used for payment of the loan. If the property is sold for more than what was owed, the difference belongs to your father. If the proceeds of the public sale are not enough to pay the amount expressed in the judgment, then your father remains as debtor for the difference. Normally the bank is the sole auctioneer and becomes owner of the property, If the amount offered by the bank is lower than the total amount of the debt as per the judgment, your father remains as a debtor for the difference and the bank has the right to make good the judgment on any other property owned by your father. Adian.
Bank may recall the loan and can have the right of auction of the Mortgaged property but it takes some time. And you will also be informed.

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