Homeloan - My sisters husband had taken mortgage loan
6 months ago
My sister's husband had taken mortgage loan where home is mortgage. This is a joint loan. Her husband died recently. My sister is requesting to the bank to consider regarding some possibilities either ots or reduce interest or plan something which she could pay. But bank is not listening anything. What to do.
A.Dear Client,
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated by the Bank as NPA. Accordingly, the Bank sends notice to the Borrower asking him/her for repayment of the entire dues lying against the loan. In the absence of any response from the Borrower, the Bank started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and the Guarantor. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loans for any reason whatsoever. Moreover, legal actions may also be taken against you including filing a civil suit in court or initiating criminal proceedings against you. The banks may also make use of debt recovery tribunals in order to recover the dues they are owed from the defaulter borrower. However, you may negotiate or settle your dues against loans by following the steps like lowering your interest rate, arranging for a reduced interest rate is one of the most common requests a defaulter borrower can make to the Bank, creating or restructuring a repayment plan or extending the tenure of repayment of a loan, looking for debt forgiveness. considering loan consolidation, offering a one-time settlement payment. Following these steps, you may write an application requesting for settlement of dues to the concerned Bank stating why you cannot repay your outstanding dues lying against the loans. Also, write that you want to explore alternative repayment terms. Specify the amount that you can pay, as well as what you expect from the creditor Bank in return. A good starting point for negotiation could be offering around 30% of the amount that you owe. However, if they did not pay any heed to your appeal, then you need to bring the matter to the notice of the concerned Bank and its higher authority and the regulatory authority, RBI online on its grievance redressal portal under the integrated Banking Ombudsman Scheme either online or offline. A complaint can be made at https://cms. rbi.org.in or by calling the helpline number 14440. The complaint may be lodged online or by filing an offline complaint and submitting the same at the Centralised Receipt and Processing Centre (CRPC) at RBI, 4th Floor, Sector 17, Chandigarh, PIN-160017. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path to resolve or settle the matter.
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated by the Bank as NPA. Accordingly, the Bank sends notice to the Borrower asking him/her for repayment of the entire dues lying against the loan. In the absence of any response from the Borrower, the Bank started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and the Guarantor. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loans for any reason whatsoever. Moreover, legal actions may also be taken against you including filing a civil suit in court or initiating criminal proceedings against you. The banks may also make use of debt recovery tribunals in order to recover the dues they are owed from the defaulter borrower. However, you may negotiate or settle your dues against loans by following the steps like lowering your interest rate, arranging for a reduced interest rate is one of the most common requests a defaulter borrower can make to the Bank, creating or restructuring a repayment plan or extending the tenure of repayment of a loan, looking for debt forgiveness. considering loan consolidation, offering a one-time settlement payment. Following these steps, you may write an application requesting for settlement of dues to the concerned Bank stating why you cannot repay your outstanding dues lying against the loans. Also, write that you want to explore alternative repayment terms. Specify the amount that you can pay, as well as what you expect from the creditor Bank in return. A good starting point for negotiation could be offering around 30% of the amount that you owe. However, if they did not pay any heed to your appeal, then you need to bring the matter to the notice of the concerned Bank and its higher authority and the regulatory authority, RBI online on its grievance redressal portal under the integrated Banking Ombudsman Scheme either online or offline. A complaint can be made at https://cms. rbi.org.in or by calling the helpline number 14440. The complaint may be lodged online or by filing an offline complaint and submitting the same at the Centralised Receipt and Processing Centre (CRPC) at RBI, 4th Floor, Sector 17, Chandigarh, PIN-160017. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path to resolve or settle the matter.
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A.Dear
Contact the Bank: It's essential to continue communicating with the bank to explain her situation and request potential alternatives. Some banks may be willing to work with borrowers in such circumstances. Make sure she documents all her interactions with the bank.
Review Loan Documents: Carefully review the loan agreement and related documents to understand her obligations and any clauses related to the death of a co-borrower.
Insurance: Check if there was any mortgage insurance on the loan that may cover part or all of the outstanding balance in case of her husband's death.
Legal Consultation: Consult with a lawyer who specializes in real estate and financial matters. They can help review the legal implications and obligations in her specific situation.
Probate and Estate Settlement: Depending on the applicable laws, she may need to go through the probate process to handle her husband's estate and settle his financial affairs.
Refinancing or Loan Modification: In some cases, the bank might allow for a loan modification or refinancing to make it more affordable for the surviving borrower.
Sell the Property: If keeping up with the mortgage payments is not feasible, selling the property might be an option. However, this should be considered after understanding the financial implications and the impact on her and her family.
Regards
Contact the Bank: It's essential to continue communicating with the bank to explain her situation and request potential alternatives. Some banks may be willing to work with borrowers in such circumstances. Make sure she documents all her interactions with the bank.
Review Loan Documents: Carefully review the loan agreement and related documents to understand her obligations and any clauses related to the death of a co-borrower.
Insurance: Check if there was any mortgage insurance on the loan that may cover part or all of the outstanding balance in case of her husband's death.
Legal Consultation: Consult with a lawyer who specializes in real estate and financial matters. They can help review the legal implications and obligations in her specific situation.
Probate and Estate Settlement: Depending on the applicable laws, she may need to go through the probate process to handle her husband's estate and settle his financial affairs.
Refinancing or Loan Modification: In some cases, the bank might allow for a loan modification or refinancing to make it more affordable for the surviving borrower.
Sell the Property: If keeping up with the mortgage payments is not feasible, selling the property might be an option. However, this should be considered after understanding the financial implications and the impact on her and her family.
Regards
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