Cash credit settlement after death
1 year ago
my father took cash credit loan of Rs 62 lakhs on morgage (residing house). he died last month.
As per bank there is no insurance against this loan. i am just college pass out and not able to repay. so my question is can bank help me out with settlement and how much i need to pay for settlement. what should i do in this case. i dont no where to seek help. what will be the better option lawyer or legal avisor or seetlement agent?
A.In regards to your question, the bank may be willing to work with you to come up with a settlement plan for the loan. However, the terms of the settlement will depend on the specific policies and procedures of the bank, as well as the laws of your country.
You should contact the bank as soon as possible to inform them of your situation and discuss your options. They may require documentation, such as a death certificate, to confirm the situation. It is important to keep communication lines open with the bank and keep them informed of any changes or updates.
As for the amount you need to pay for settlement, this will depend on the terms of the loan and the agreement reached with the bank. It is possible that the bank may require you to sell the mortgaged property to repay the loan. Alternatively, they may offer a settlement plan that allows you to make smaller payments over time.
It may be helpful to seek advice from a legal professional or financial advisor to help you navigate this situation. A lawyer can help you understand your legal rights and obligations, while a financial advisor can help you explore your options for repayment and settlement.
Overall, the most important thing is to communicate with the bank and seek out professional advice to help you make informed decisions about how to proceed.
Thank You
You should contact the bank as soon as possible to inform them of your situation and discuss your options. They may require documentation, such as a death certificate, to confirm the situation. It is important to keep communication lines open with the bank and keep them informed of any changes or updates.
As for the amount you need to pay for settlement, this will depend on the terms of the loan and the agreement reached with the bank. It is possible that the bank may require you to sell the mortgaged property to repay the loan. Alternatively, they may offer a settlement plan that allows you to make smaller payments over time.
It may be helpful to seek advice from a legal professional or financial advisor to help you navigate this situation. A lawyer can help you understand your legal rights and obligations, while a financial advisor can help you explore your options for repayment and settlement.
Overall, the most important thing is to communicate with the bank and seek out professional advice to help you make informed decisions about how to proceed.
Thank You
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A.Dear Sir,
In case of mortgage loans mostly they cannot be insurance against the person who take such loan. Better to find out a buyer and sell the property and settle the loan.
In case of mortgage loans mostly they cannot be insurance against the person who take such loan. Better to find out a buyer and sell the property and settle the loan.
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