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Loan Cooperative Service Is Taking Over My House I Used As Collateral To Secure - Properties - Nairaland

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Loan Cooperative Service Is Taking Over My House I Used As Collateral To Secure by hope4nigeria(m): 12:22pm On May 02
Good day Nairalanders, I took a loan from a cooperative society to improve my business, I've taken Loan several times from them without default for once, the first loan I took was one million naira, I paid with 10% interest in a month Wich I paid twice #600k per month, I subsequently took Loan for more six times #1.5m, with 10% interest as usual, I paid uninterrupted without default, I was recognized as one of the best customer, untill last year July, I got a contract to delivered before payment, and I approached the same cooperative to grant me loan to execute the contract this time I requested for #2m, I was told I will need collateral before I can access #2m the decision I will letter regret. Since I've been doing business with loan and never default, I believe there won't be any different this time, I decided to submit the paper of my 3bedroom flat so as to access the loan believing after the contract, I can easily pay back, I'm to pay this money in six months, I was able to pay the first 3months, then I had an accident in November 20201, this accident almost claim my life, I was in hospital for 4months till I was discharged from hospital in February 2022, imidiately the accident happened, I asked my friend to contact the management of the cooperative inform them of my situation Which they acknowledged, I returned to work in March and request to visit the office in order to discuss and the payment will be reschedule, it was at this point the man who introduced me to the cooperative also the board member of the cooperative inform me their plan to sell my house 3bedroom flat I use as a collateral, the total amount left for me to balance is #1.3m interest inclusive, Now I'm just getting back on my feet, the question is if at all they are going to sell my house that worth #7m, will the sales going to be with my consent and valued properly or are they going to outrightly take my house just like that as I'm currently don't have enough money to contend legal battle, I need advice on how to go about it because all my plead for them to give me time to pay fell on deaf ears. Lawyer in the house, advice please
Re: Loan Cooperative Service Is Taking Over My House I Used As Collateral To Secure by letustalk(m): 12:28pm On May 02
My fear for you is that you probably already signed some consent forms that already transferred ownership to the co-op society. They are likely just going to sell the property upon the strength of that transfer signed by you. It is however expected that they give you the balance on the sale after deducting both your outstanding and any other administrative fees. Your best bet now is to get some friends to help you pay off the cooperative and then you plan a periodic payment plan for your friends

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