Questions & Answers
Should I fight a bank foreclosure in Dubai when the property covers the loan value?
Dear Sir/Madam,
I have a loan secured against my property and the bank wants to take the property, which is almost the same value as the loan. However, the bank has initiated legal proceedings in Dubai Courts to obtain a judgment.
Should I contest the case if the value of the property can cover the bank loan?
Do you know how much the court fees typically are?
Dear Questioner,
Please note that If you do not defend the case in court, the bank will get ex parte judgment and will execute the same accordingly.
Kindly share the case documents to advise you better.
For further assistance, kindly contact us via phone or email for further assistance.
Best Regards,
Dear questioner,
In the event that you fail to pay the mortgage amount or part of it, the property lender has the right to dispose of your property either by selling it or renting it to recover the loan amount that was granted to you.
So, in another way, we can say that the process of obtaining a mortgage is a transaction represented by two parties; one provides the necessary money to the second party (here the customer or the borrower) so that the customer can buy his property provided that the property is mortgaged in favor of the first party.
