What Should You Do After Receiving a Possession Notice From a Bank?

Step one: do not ignore the dates

Note the date printed on the notice and the date you actually received it. Keep the envelope, courier slip or email header. These dates frequently determine which remedies remain open.

Step two: assemble the file

• The notice itself and every earlier notice in the chain
• Loan documents: sanction letter, agreement, mortgage deed
• Latest statement of account and any payment receipts
• All correspondence, including any representation you made and the reply received
• Property documents and any valuation report

Step three: identify the parties and the forum precisely

The exact name of the branch and the institution, the account number, the secured asset and its location, and any pending proceedings, including case numbers.

Step four: get the matter assessed

An advocate experienced in banking and SARFAESI matters can assess the documents and explain the position, the possible forums and the practical options. Nothing in a checklist can substitute for that assessment.

What to avoid

Signing documents you have not read, making informal oral arrangements that are not recorded, and waiting for the position to resolve itself.

General information only. This content is not a substitute for advice from a qualified advocate. No outcome is guaranteed.