Payment of under-recovery amount after foreclosure.

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venkat04
Posts: 1
Joined: Mon Aug 20, 2012 9:56 pm

Payment of under-recovery amount after foreclosure.

Post by venkat04 »

Hi,

I brought a house in Apr 2007 for 45 lakh and taken loan for 40 lakh from ICIC. I paid the EMI(40 K) for 2 years and House was never completed. But ICICI disbursed complete amount 40 Lakh to builder.
I lost my job due to visa issues, couldn't pay EMI and handed over the house to ICIC in April 2009. Now ICICI mention that I owe 67 lakh, out which they sold the house for 23 lakh and asking me to pay remaining
44 lakh.
I given the downpayment 5 lakh + 2 years EMI (10 lakh) = 15 lakh I invested in House and above that ICICI is asking me pay 44 Lakh without house.
Now I'm in situation can't pay this amount.
Please help what I can do to get rid of the payment...

Thanks
Venkat
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Sid
Posts: 1846
Joined: Sun Jan 21, 2007 3:40 pm

Payment of under-recovery amount after foreclosure.

Post by Sid »

What was the interest rate you agreed upon? Check and double check their math. Maybe talk to a CA. If you have a reasonable claim, file a case in civil court.
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