HDB Financial Service Mortgage Loan
5 months ago
Its regarding the Mortgage loan of Rs.12 Lacs where my father received from HDB financial services on 2016 under my brother name of XXX woodworks small shop which is in main road side(not a registered shop). The loan is signed by father,mother, 2 brothers and 1st brother wife. on 2020 my father expired because of heart attack and later we approched the bank for insurance claim to settle the loan. we received a shocking response that the bank insured against my 1st brother and his wife and they said not to close the loan. we fight with the bank that they didn't explain that they are taking insurance for my brother name (my father, mother, brother are illiterates as they are only studied up to 5th standards) we didn't pay the loan after 2020 and now they are saying the loan account is moved to ARC XXX company and the ARC Company peoples are forcing to pay the loan. My question "whether can i approach the court to get a stay against any legal actions as we are didn't sign anything anywhere in the loan aggreements.(in 4 members family 2 signed in loan agreement and 2 others are not signed). Any benefit if i approach the court please explain
If the property exclusively belongs to your father then the children cannot file any suit and cannot get any stay on such recovery proceedings or selling the mortgaged property.
Once a mortgage loan is not repaid 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 Tribunal 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 against the loan recovery agents appointed by the Bank 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.
If you believe that the loan agreement was not explained properly and that your family members were not fully aware of the terms and conditions, you may have grounds to approach the court. Seeking legal assistance can help you understand your options and whether you have a case for disputing the loan agreement or the actions taken by the bank or ARC Company. If you approach the court and file a case, you may be able to request a stay against any legal actions initiated by the bank or the ARC Company until the matter is resolved in court. A stay can provide temporary relief and prevent the ARC Company from taking any immediate coercive measures against you and your family.
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