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.
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