Bankruptancy
3 years ago
Sir ,we have a house loan of 30lakhs .tenure period15 years.my mother and father were the nominees.un expectedly my mother has died 2 years ago due to internal diseases.and it lead my father into depression.he commited suicide 1 year ago.Me and my brother was studying during that time.bank has now sent the possesion notice.we have no idea how solve this crisis.we have no other properties or much income to continue the payment.but my parents already paid 15lakhs above.but still it stands more than 32 lakhs .
A.I think you have used the word ' nominees' in place of borrowers. Visit the Bank and see if teh laon is insured against death of borrowers. Update me about what you come to know.
Helpful
Helpful
Share
A.Most of the house loan of 30lakhs tenure period 15 years is covered by INSURANCE/ INSURED LOAN & so the dependents don't have to pay the loan. Which is the bank. Please update... there is a way out...
If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Hope this information is useful
ADV. ANISH PALKAR (High Court)
If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Hope this information is useful
ADV. ANISH PALKAR (High Court)
Helpful
Helpful
Share
Jagannath S Pawar
Responded 3 years ago
A.Plz contact through Vidhikarya
Helpful
Helpful
Share
A.Hi,
You can approach the Banking Ombudsman for assistance. If you are unable tp repay the loan, the bank will take ownership of what securities your parents had posted to get the loan sanctioned. If the house itself is the security, you should approach them to restructure your repayment plan.
If you found this helpful, please rate us.
You can approach the Banking Ombudsman for assistance. If you are unable tp repay the loan, the bank will take ownership of what securities your parents had posted to get the loan sanctioned. If the house itself is the security, you should approach them to restructure your repayment plan.
If you found this helpful, please rate us.
Helpful
Helpful
Share
Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
If you are unable to clear the loan, the bank will appropriate whatever your parents had posted as security to recover their investment. You can make a formal request to them to restructure your repayment plan. Alternatively, you can approach the Banking Ombudsman.
If you found this helpful, please rate us.
If you are unable to clear the loan, the bank will appropriate whatever your parents had posted as security to recover their investment. You can make a formal request to them to restructure your repayment plan. Alternatively, you can approach the Banking Ombudsman.
If you found this helpful, please rate us.
Helpful
Helpful
Share
Read Related Answers
Multiple unsecured loan defaults
Dear Client,
Once a borrower fails to repay his debt, the Lenders/FIs initiate a routine course of action for recovery of the loan/debt from the borrower following the provision under the SARFAESI Ac...
Unfreeze
Dear Client,
Once a cybercrime scam or fraudulent transaction is reported online to the National Cyber Crime Reporting Portal(NCCRP), on the instruction of the Cyber Crime Cell, the investigating tea...
For bank loan
Dear Client,
the loan amount must be repaid by the legal heirs of the deceased or the nominee by the deceased if the assets would be frozen by the bank. there is no other legal remedy to non payment
Bankruptcy and Debt
Dear sir,
You may join any reputed NGO and render your personal service where you can get at least free accommodation and boarding.
Strong Legal Notice--Recovery of amount
Dear Client,
Unfortunately, there are no legal remedies for illegal issues. A contract for an illegal purpose is void from the beginning and in case such an illegal act is revealed from any source, bo...
Read Blogs on Bankruptcy and Debt
Bankruptcy and Debt Lawyers
Find Lawyers by Location
