Fraud mortgage loan
4 months ago
I have 1 elder brother. We have house on mother's name. My brother and his wife has mortgage the property with JM financial. Now they are not able to pay EMI. Bank send the notice to my mother where her name is mentioned as coborrower. What my mom should do now? Also they have not taken NOC from me
A.Dear Client,
Being co-borrower of the secured loan account and the owner of the motgaged property, she has to face legal consequences for non-payment of dues lying against loan. Once a 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 your loan offering suitable terms. In the absence of any response from the Borrower, the Bank starts the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower. 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. Usually, Lenders are not legally obliged to settle a debt lowering your outstanding debt, but because they want to protect their bottom line, they may agree to a debt settlement to avoid further financial loss. You can try to negotiate a debt settlement on your own if your pocket permits to repay entire outstanding at a time for one time settlement(OTS) of dues, but sometimes it's typically done through third parties like debt relief companies, which you may hire to negotiate the settlement matter with the lender on your behalf. With this method, you will make payments to the debt settlement company rather than your creditors/lenders, along with chargeable fees/service charges. Debt settlement is an agreement between a lender and a borrower in which the borrower repays a portion of a loan balance and the lender forgives the remainder. You may consider starting the negotiation by offering to pay 25% or 30% of your outstanding balance in return for forgiveness on the rest. But, it may be noted that while there are legitimate debt relief/settlement companies, there are also many scam operations. So, if you're considering one, the Consumer Financial Protection Bureau(CFPB) suggests for contacting your state attorney general's office and local consumer protection agency to ask if they have any consumer complaints on file about that company. Some states require that debt settlement companies be licensed, which may provide some added protection. Although a debt settlement can offload some of your financial crisis, there are also few potential risks and downsides to consider. First, a debt settlement will affect your credit score. That will make it more difficult for you to get credit or good interest rates in the future. Another potential drawback is that when you settle debt, you could face tax consequences. Further, a quick counselling session with a certified credit counselor can help you to discover your options and choose the right path forward.
Being co-borrower of the secured loan account and the owner of the motgaged property, she has to face legal consequences for non-payment of dues lying against loan. Once a 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 your loan offering suitable terms. In the absence of any response from the Borrower, the Bank starts the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower. 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. Usually, Lenders are not legally obliged to settle a debt lowering your outstanding debt, but because they want to protect their bottom line, they may agree to a debt settlement to avoid further financial loss. You can try to negotiate a debt settlement on your own if your pocket permits to repay entire outstanding at a time for one time settlement(OTS) of dues, but sometimes it's typically done through third parties like debt relief companies, which you may hire to negotiate the settlement matter with the lender on your behalf. With this method, you will make payments to the debt settlement company rather than your creditors/lenders, along with chargeable fees/service charges. Debt settlement is an agreement between a lender and a borrower in which the borrower repays a portion of a loan balance and the lender forgives the remainder. You may consider starting the negotiation by offering to pay 25% or 30% of your outstanding balance in return for forgiveness on the rest. But, it may be noted that while there are legitimate debt relief/settlement companies, there are also many scam operations. So, if you're considering one, the Consumer Financial Protection Bureau(CFPB) suggests for contacting your state attorney general's office and local consumer protection agency to ask if they have any consumer complaints on file about that company. Some states require that debt settlement companies be licensed, which may provide some added protection. Although a debt settlement can offload some of your financial crisis, there are also few potential risks and downsides to consider. First, a debt settlement will affect your credit score. That will make it more difficult for you to get credit or good interest rates in the future. Another potential drawback is that when you settle debt, you could face tax consequences. Further, a quick counselling session with a certified credit counselor can help you to discover your options and choose the right path forward.
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A.Dear Client,
In this situation, your mother should take prompt and informed action to address the mortgage-related issues. Firstly, she should consult with a legal professional or seek advice from the bank to fully understand the implications of being a co-borrower. It's important for her to communicate with the bank about the situation and explore potential solutions, such as restructuring the loan or discussing temporary relief options.
If your brother and his wife haven't obtained a No Objection Certificate (NOC) from you, it's advisable for your mother to inform the bank of this discrepancy. Additionally, your mother may want to consult with a lawyer to understand her rights and responsibilities as a co-borrower and explore legal options available to her.
Documentation, including any communication with the bank and legal advice, should be carefully maintained. This will be crucial in case further legal action becomes necessary. Encourage your mother to act promptly and diligently in resolving this matter to protect her interests and explore potential solutions with the bank to avoid any adverse consequences.
Thankyou
In this situation, your mother should take prompt and informed action to address the mortgage-related issues. Firstly, she should consult with a legal professional or seek advice from the bank to fully understand the implications of being a co-borrower. It's important for her to communicate with the bank about the situation and explore potential solutions, such as restructuring the loan or discussing temporary relief options.
If your brother and his wife haven't obtained a No Objection Certificate (NOC) from you, it's advisable for your mother to inform the bank of this discrepancy. Additionally, your mother may want to consult with a lawyer to understand her rights and responsibilities as a co-borrower and explore legal options available to her.
Documentation, including any communication with the bank and legal advice, should be carefully maintained. This will be crucial in case further legal action becomes necessary. Encourage your mother to act promptly and diligently in resolving this matter to protect her interests and explore potential solutions with the bank to avoid any adverse consequences.
Thankyou
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A.Dear Sir,
Your mom must immediately approach the Bankers and settle the matter otherwise the property may be seized and put to public auction.
Your mom must immediately approach the Bankers and settle the matter otherwise the property may be seized and put to public auction.
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