Such loans are normally for small sums and are sometimes instances referred to as petty lending. The moneylender firm, lending to a salary earner for consumption purpose is `like blowing the balloon which may burst with time if blown harder’ as a result of with the pressure of assembly loan repayment from his earnings, there will be need to augment the out there fund with an extra mortgage till such a time that his complete earnings could be swallowed by loan repayment. The tip result might be a private financial crisis which could jeopardize the firm’s mortgage publicity.
If nobody redeems the property through the statutory redemption period, the purchaser may apply to the county auditor for a deed to the property. Earlier than executing and delivering the deed, the county auditor should notify the previous proprietor that he continues to be entitled to redeem the property. 6-1.1-25-6. No notice to the mortgagee is required. If the property will not be redeemed inside 30 days, the county auditor may then execute and deliver a deed for the property to the purchaser, 6-1.1-25-4, who thereby acquires “an property in price simple absolute, free and clear of all liens and encumbrances.” 6-1.1-25-4(d).
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