Legal Question in Banking Law in India
Son takes loan against mortgage of an immovable property. Father gives personal guarantee alongwith son. The financial company sold the mortgaged property in open auction. Son is alive but not traceable. Father has expired. Weather legal heirs of father are liable to pay the remaining amount of loan after auction of mortgaged property against which loan was taken by son of guarantor.
Asked on 5/03/16, 9:03 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
04.05.2016
Dear Sir / Madam,
Yes, If son is absconding, the guarantor of the loan and his / her legal heirs remain liable to repay and settle the shortfall if any arising after adjusting the auction proceeds from the total outstanding loan amount.
Regards,
Answered on 5/03/16, 8:57 pm
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