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An advocate, on behalf of my bank (HDFC Bank), has sent me a legal notice demanding recovery of the full outstanding amount of my home loan and credit card within 7 days, as both are from the same bank. They have also stated that action under the SARFAESI Act will be initiated and my house may be seized for recovery. Please help.
If HDFC Bank has sent a notice under the SARFAESI Act, 2002, they cannot seize your house immediately. A 60-day notice is mandatory. You can reply, raise objections, and negotiate settlement. If action is unfair, file an application before DRT under Section 17. Act quickly, send a legal reply, and try restructuring or settlement. For further legal assistance contact us on our helpline number.