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Can the debtors forfeit the property in case of non payment of loan?
22-Jun-2023 (In Property Law)
Hi, My brother in law is missing since 2 weeks and the commercial property is in his and his younger brother's name. The area of concern is that my brother in law has borrowed few lakhs of rupees from the market under the properties name and unfortunately unable to repay the loan now the debtors are claiming the shop. can they forfeit the property but to inform you that my brother in law's brother has not signed the papers and he is not in India.
If your brother in law is missing in that case , the loan giver will approach the next person for payment of money or person who has undertook guarantee in the capacity of guarantor. Even after this if loan amount remain unpaid they will take away property and sell the same to recover the money given on loan,
Helpful?
23+
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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thanks for writing to us
as per your question we like to know the indepth details of the case as like the property card, co owners of the property, value of that property loan taken by your brother in law and the people who gave him loan on what basis.
with that we like to know the location or place of your property to so according to that we can work it out plan for you
Adv. Santosh Suryarao
as per your question we like to know the indepth details of the case as like the property card, co owners of the property, value of that property loan taken by your brother in law and the people who gave him loan on what basis.
with that we like to know the location or place of your property to so according to that we can work it out plan for you
Adv. Santosh Suryarao
Helpful?
19+
19+
Adv. Santosh Suryarao
Mumbai | 100+ Answers
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