HOUSING LOAN DEFAULT BY PRINIPAL BORROWER
2 years ago
HI SIR I M A GUARANTOR OF ONE OF MY RELATIVE FOR HOUSING LOAN HE IS DEFAULT FOR PAYING EMI SINCE LONG NOW BANK NOT ATTACHING HIS MORTGAGE HOUSING LOAN PROPERTY BUT ISSUE A NOTICE AND FILE SUIT FOR SAME. WHY BANK NOT ATTACHING PROPERTY WHAT CAN WE DO AS A GUARANTOR.
A.Hello Sir
As guarantor you are liable to pay the money to the bank in case the principal debtor makes a default in payment. But you have a right to claim the money you have paid as a guarantor from the relative. Also if the bank is not attaching the mortgage property then contact the bank and contact senior officers to look in this regard.
Thanks
Please rate if you find this advice helpful.
As guarantor you are liable to pay the money to the bank in case the principal debtor makes a default in payment. But you have a right to claim the money you have paid as a guarantor from the relative. Also if the bank is not attaching the mortgage property then contact the bank and contact senior officers to look in this regard.
Thanks
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hello Sir
You have signed up as a guarantor for your relative, that means you are legally binde to pay the loan in case your relative make some default. Although you have all right to cliam that money from the relative.
Thanks
Please rate if you find this advice helpful.
You have signed up as a guarantor for your relative, that means you are legally binde to pay the loan in case your relative make some default. Although you have all right to cliam that money from the relative.
Thanks
Please rate if you find this advice helpful.
Helpful
Helpful
Share
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