Legal Question in Credit and Debt Law in

Dear Sir/Madam:

I have a home loan for 65 lakhs. I bought this home for 84 lakhs. Owe the builder 5 lakhs. Even with out job, 3 yrs I have paid 28 lakhs in emi's. still I have 60 lakhs due in principal. Now the house value is only 45 to 47 lakhs. I can't afford any more to pay the emi's. Ready to give up my losses of 19 lakhs my down payment, 28 lakhs my emi's. If I surrender this house, and bank sells it for 42 lakhs, balance might be still 18 lakhs. Will bank come after me? Please advise. Thanks (Siva Reddy-98491-96518)


Asked on 9/23/10, 11:35 pm

1 Answer from Attorneys
Vishwa Arya Arya & Co.

try to make one time settlement with bank because you do not have any other property

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Answered on 9/24/10, 7:32 am


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