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Tuesday, August 20, 2013

SARFESI ACT - The implications of the Act is really a nightmare to many poor debtors...

The Securitisation Act was introduced with a vigor to secure the unsecured assets. Obviously, the procedure for taking possession of the mortgage property become easier and less expensive for the Banks. But who is at the receiving end?
Now many banks are engaging third parties to property under their possession. The ordeal, mental and physical (threat) are unbearable as far as the illfated are concerned. Its purely like a private deal, even in the case of Nationalised Banks. Even a failure to pay a few installments may result in the initiation of the proceedings under the SARFESI Act..... its time to rethink about the rights and fate of illfated debtor.


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