If you are worried about your property being sold through auction by a bank or by Artharin Adalat in Bangladesh, there are steps you can take to prevent this. This guide explains what you can do and how you can act quickly to protect your rights.
1. Understand Why the Bank Is Selling Your Property
Before taking any action, it’s essential to understand why the bank is selling your property. Usually, this happens when:
- You have defaulted on loan repayments.
- The loan is secured by a mortgage, and the bank has decided to recover the loan amount by selling the property.
2. What You Can Do to Stop the Auction
Here are some practical steps you can take:
a. Repay the Outstanding Dues
- The fastest way to stop an auction is to repay the overdue amount. The concerned Bank will cancel the auction if you clear your arrears.
- If full repayment is not possible, negotiate with the bank for a revised repayment plan.
b. Negotiate with the Bank
- Request an extension of time to pay off your dues.
- Banks often prefer a settlement rather than going through the auction process.
- You can also apply for a restructuring of your loan under special schemes if available.
c. Consider Alternative Financing
- Explore options like refinancing your loan with another bank or lender.
- Seek help from friends or family to arrange the required funds temporarily.
d. Check for Violations in the Auction Process or Loan Process
- The bank must follow specific rules for selling property:
- providing you with notice.
- Publishing auction notices in newspapers.
- Compliance with legal notice requirements under the laws of Bangladesh.
- If there are any violations, you can use them to legally challenge the auction.
e. Seek Legal Recourse
- You can challenge the auction process in court if the bank did not follow legal procedures. For example:
- If you did not receive proper notice of the auction.
- If the auction violates provisions of the Artha Rin Adalat Ain or other applicable laws in Bangladesh.
- Engage a lawyer to file a case to stop or delay the auction. In most cases, your lawyer can assist in halting the auction or securing additional time for you to repay the loan.
3. How a Lawyer Can Help You
- A lawyer can review your case and identify any legal violations by the bank.
- They can file appropriate case to stop the auction and represent you in court.
- They can also negotiate with the bank on your behalf.
4. Prevention Is Better Than Cure
To avoid such situations in the future, consider these tips:
- Pay your EMIs on time.
- Communicate with the bank if you face financial difficulties.
- Keep track of all loan documents and bank communications.
- Seek professional advice early if you suspect trouble.
FAQs
Q: Can I stop the auction after the notice is published?
Yes, you can take legal steps or negotiate with the bank even after the notice is published. However, acting quickly is crucial.
Q: How much time do I have to stop the auction?
The time depends on the notice period mentioned in the auction notice. Usually, banks in Bangladesh must give you a specific minimum notice period (e.g., 15 days) before proceeding with the auction.
Q: What happens if I don’t act in time?
If no action is taken, the bank may sell your property to recover the loan. You may lose ownership of the property and still be liable for any remaining loan balance if the sale amount is insufficient.
Final Thoughts
Stopping a bank from selling your property through auction in Bangladesh requires immediate action and proper legal advice. By understanding your rights and exploring the options mentioned above, you can protect your property and resolve the situation effectively. If you are unsure about any step, consult a qualified lawyer in Bangladesh to guide you through the process.
