Legal Question in Banking Law in India
My father had taken cash credit facility of Rs. 8.0,0,000 (eight lakhs) against the stock. and as additional security mortgage of flat. my mother is 1st guarantor and i am 2nd. due to death of my father last year. bank demands money from me and my mother .but the company is now running in proprietorship of my mother and managing by younger brother. my mother is staying in other flat. i am staying in this ( which is mortgaged to bank). my mother refuse to pay the bank. so bank is demanding me to pay or to give possession of the flat. i am small man and since last 10 years i am working in wholesale textile shop @ very small salary. this flat is in the name of my mother, 2nd name is of father. can bank take possession or what can i do? is there any law like OTS one time settlement. because our flat value is approx. Rs.60,00,000/-.
1 Answer from Attorneys
the bank may take possession of mortgaged property but you may seek help of lawyer to compel the proprietor mother to pay the debt instead of getting your flat re possessed.
Related Questions & Answers
-
One of my friend was taken a education loan for the bank. His father was a... Asked 9/08/10, 6:42 am in India Banking Law
-
In case of personal loan default, police clearance certificate for visa stamping?? Asked 9/08/10, 12:20 am in India Banking Law
-
I have heard that we did not need succession certificate in case investment is of Rs... Asked 9/07/10, 9:32 am in India Banking Law
-
Dear sir, i'm working in a garment company past 4 & half years.. as D.T.P.... Asked 9/07/10, 5:59 am in India Banking Law
-
What is the procedure of mortgage of property with a bank Asked 9/06/10, 11:28 pm in India Banking Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
