Banking law kwenye mortgages (dhamana za nyumba/majengo)

[Radical]

Hi, in Banks when borrowers offer their properties as securities under Legal Mortgage; in the event of default is it legal to sell a registered property immediately on auction even without going to the courts?
Because experience shows court processes take longer and drag for years....
Please mwenye ujuzi anijuze!

 

[Mwana Mnyonge]

inategemea ukishaweka kitu dhamana sio chako so u cant sell it,unachoweza kufanya ni kuongea na bank kuwaeleza the situation kwamba unataka kuuza hiyo property yako ili ulipe deni lao na wewe ubaki na chako so bank inaweza kuorganize na wewe ukaja na mteja so even imekaa ki legal bt bank hawapendi kupata hasara ukizingatia unipotekea umeshindwa kulipa kuna provision for bad depts inakuwa created ambayo inapunguz profit ya bank so bank wapo tayar kuuza ili kufidia hilo deni kwa utaratibu maalum.

 

[Mr Rocky]

You can sale the property
Kama ni ardhi ni kuwa wanakubaliana na mnunuzi kuwa land anayonunua iko under mortgage na anainunua akijua kabisa kuwa ipo under the mortgage
Kinachofanyika ni kuwa pesa zote za mauzo zitapitia bank kwenye account yako ambayo unayo pamoja na bank husika na then wao watakachofanya ni kudeduct amount wanayoukudai ili waweze kurejesha title yako. Kinachobaki ndo kinakuwa mali yao baada ya kuhakikisha kuwa deni lote limeisha
Na then wao kama bank watakutayarishia zile documents za kudischarge your mortgage na kurelease tittle yako
Vile vile wana right ya kuuza mali zako in case of default ya kushindwa kulipa deni na iwapo utakuwa ushatumiwa barua za kukujulisha kuwa wana intention kuuza property yako kwa kushindwa kulipa deni
Mwanzoni kulikuwa hakuna oprion ya kukamata mali za mteja anaposhindwa kulipa deni ila nadhani marekebisho ya Land Act ya mwaka 2004 yaliweka option kwa bank kuweza kuattach property za mteja anayeshindwa kulipa deni

 

[Caren]

Hi, in Banks when borrowers offer their properties as securities under Legal Mortgage; in the event of default is it legal to sell a registered property immediately on auction even without going to the courts? Because experience shows court processes take longer and drag for years.... Please mwenye ujuzi anijuze!

It is possible but you must comply with the requirements of section 127 of the Land Act, 1999 as amended by Mortgage Finance Act of 2008 which requires you to give a 60 days notice before sale.