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House mortgaged by father against loan in a cooperative society. Father died.
1 year ago
My father had taken a loan for business my mortgaging our home. Father died in 2022. Society has transferred the share certificates in my name as I was the nominee. Cooperative society has called me to pay for loan. What is the legal process? I am ready for an OTS, but what is the legal process. Am I liable to the mortgage. I am not the guarantor. I wish to retain the house.
A.Being a nominee and legal heirs Cooperative transfer the share in your favor so you are legally bound to pay back the dues of your deceased father. Scope of guarantor comes later when loanee fails to pay after exhausting all process to recover the loan.
So when you are ready to settle the debt through OTS you may approach the cooperative and in case they agreed jointly filed an application before the lok adalat arranged periodically to settle the dispute at pre litigation stage through mediation and mutual understanding.
So when you are ready to settle the debt through OTS you may approach the cooperative and in case they agreed jointly filed an application before the lok adalat arranged periodically to settle the dispute at pre litigation stage through mediation and mutual understanding.
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Anonymous
Replied 1 year ago
Thank you, sir. Any idea what is the typical range they can settle for?
A.Dear Sir,
As per your convenience you may get transfer the loan account in your name and then go for OTS facility.
As per your convenience you may get transfer the loan account in your name and then go for OTS facility.
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