DEBT
4 years ago
i am sanjay
my father had a personal loan from a bank of 50000 rs. he died five years back.
i am unemployed and my mother is handicap blind. we have very low anual income. we can hardly sustain our bread.
after death of father his land which has low value. transfered to us. from last five years bank was asking from garenter. now he also died.
bank has sent notice on my name. saying- come to meet us in bank or we will auction the land.
i have questions.
1. can bank auction land transferred to another person, in case i transfer it to some one else?
2. can bank exempt loan amount due to low income and poor family condition after fathers death?
Shreyash Mohta
Responded 4 years ago
Yes the bank can auction the property if the same was given as collateral against the private loan taken by your father who is no more. If the property was not given as security or collateral then the bank has no rights.
As for question 2
Yes. [The bank has the rights to waive off your loan]. However no bank would actually do that so they might allow you to repay the loan amount in very small installments taking into consideration your financial status. OR ELSE, they might settle the whole claim at a certain percentage payment. Say for example settle it at 20% IE. Rs. 10,000/-
Thanks
Suneel Moudgil
Responded 4 years ago
Rameshwar Dadhe
Responded 4 years ago
It is very hard for them to recover if you transfer the property to you.
For bank loan
Bankruptcy and Debt
Strong Legal Notice--Recovery of amount
Bajaj Fin Overdraft loan default
Unsecured busniess loan default
