Bank send notice to attach guarantors Mortgaged property
11 months ago
Hi, I am having home loan in BOB and my husband took a CC loan for his business in the same bank which I am also a guarantor. I am paying my Home loan properly but due to loss my husband unable to pay. Now bank sends me civil court notice to attach my property which is already under home loan. Will the bank sell my home. Kindly help as a mother of two girls unable to find resolution
A.Dear Client,
While I sympathize with your plights, I like to inform that in case of default on repayment of any secured loan, Bank attaches the collateral Security of defaulter for recovery of debt lying unpaid against the loanee. Being a surety or guarantor of CC loan of your husband who is not in a position to repay loan, Bank will start its routine procedures earmarked for recovery of the loan by attaching the property of the guarantor/surety.
In the given situation while you find yourself sound to repay your home loan, you may opt for one-time settlement (OTS) with the Bank by selling the business property whatever is available or arranging the balance from other sources to save your shelter which should be the priority to you now in absence of any other option at the moment. Bankers render socio-friendly services to society and avoid litigation if the customers show their cooperation and loyalty.
While I sympathize with your plights, I like to inform that in case of default on repayment of any secured loan, Bank attaches the collateral Security of defaulter for recovery of debt lying unpaid against the loanee. Being a surety or guarantor of CC loan of your husband who is not in a position to repay loan, Bank will start its routine procedures earmarked for recovery of the loan by attaching the property of the guarantor/surety.
In the given situation while you find yourself sound to repay your home loan, you may opt for one-time settlement (OTS) with the Bank by selling the business property whatever is available or arranging the balance from other sources to save your shelter which should be the priority to you now in absence of any other option at the moment. Bankers render socio-friendly services to society and avoid litigation if the customers show their cooperation and loyalty.
Helpful
Helpful
Share
A.Dear Sir,
The Bank is having every liberty to sell the property to recover the amounts due by your husband irrespective of you having minor children.
The Bank is having every liberty to sell the property to recover the amounts due by your husband irrespective of you having minor children.
Helpful
Helpful
Share
Read Related Answers
Repayment of loans and credit cards
Dear Client,
Under the Provincial Insolvency Act, 1920 (which is now repealed as IBC Code 2016), you can file for bankruptcy if you are unable to repay a debt greater than ₹500. After analyzing wheth...
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.
Read Blogs on Bankruptcy and Debt
Bankruptcy and Debt Lawyers
Find Lawyers by Location
