Loan of father. Now money to repay. What to do?
My father passed away in may 2013. He had taken money for work from a bank against mortgage of our house. I am his eldest son 27 years old currently unemployed. The loan is of 20 lakhs. I am in not in a position to pay it back right now. So how should i approach this situation legally?
Bank will issue a notice to all the legal heirs of the deceased to clear the dues and if no legal heir is volunteering to clear the loan then the bank, after publishing a Public Notice in leading newspapers, would auction the property and the proceeds would be set off against the outstanding loan amount and if any excess money is still left with the bank, the same would be distributed equally to all legal heirs, subject to production of Legal heirs' Survivor-ship certificate from revenue authorities or certified family tree and an affidavit from all legal heirs to that effect.
- Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Recovery Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Get Started >>