Guarnter property on not single name.
10 months ago
My father is guarnter for some loan he is unable to pay the loan, now the bank has send notice to us on fathers name. Our property is build by my father and uncle and the flat is on both the names. So my question is that can the bank take any action on the property which is on two names and second person ia unaware of the fact. Pls guide and what action should be taken if the dare to do so...
A.Dear Client,
Once the borrower fails to repay a secured loan, Bank started the routine process to recover the loan from the borrower marking it NPA, and in the case of a secured loan, the Bank has to exhaust all the remedies available for recovery of debt lying unpaid against the borrower failing which, the lender Bank can take action against the surety/guarantor for recovery of outstanding debt of the borrower. When the property is jointly owned by the Borrower and the Guarantor, on the failure of repayment of loan by a borrower, the guarantor is liable to settle the debt and in case the guarantor failed to repay the loan, then the property jointly owned by them can be attached by Bank filing a case before Debt Recovery Tribunal under Sec.19 of DRT Act. Bank may also simultaneously pursue its remedies under the SARFAESI Act 2002 as well as the DRT Act. Reach out to an Advocate for guidance and steps.
Once the borrower fails to repay a secured loan, Bank started the routine process to recover the loan from the borrower marking it NPA, and in the case of a secured loan, the Bank has to exhaust all the remedies available for recovery of debt lying unpaid against the borrower failing which, the lender Bank can take action against the surety/guarantor for recovery of outstanding debt of the borrower. When the property is jointly owned by the Borrower and the Guarantor, on the failure of repayment of loan by a borrower, the guarantor is liable to settle the debt and in case the guarantor failed to repay the loan, then the property jointly owned by them can be attached by Bank filing a case before Debt Recovery Tribunal under Sec.19 of DRT Act. Bank may also simultaneously pursue its remedies under the SARFAESI Act 2002 as well as the DRT Act. Reach out to an Advocate for guidance and steps.
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A.Dear client,
You can approach the bank if you have a substitute guarantor or if the loan was given without your consent. You can also ask to be removed as the guarantor: if you couldn't afford to repay the loan without difficulty;
Generally if you have signed the loan agreement then you cannot back out as a guarantor
You can approach the bank if you have a substitute guarantor or if the loan was given without your consent. You can also ask to be removed as the guarantor: if you couldn't afford to repay the loan without difficulty;
Generally if you have signed the loan agreement then you cannot back out as a guarantor
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