Unable to repay loan after father's death. What to do?
My father took a housing loan from a bank. His unfortunate death caused us a lot of trouble in repaying the loan. Even after his death we continued to pay the EMI for about 60 months. Now we are bankrupt. Can bank consider all EMI's as principal amount and let go of the interest? is there any way to make a deal with bank ?
Payment of secured loan becomes obligatory on the part of the legal heirs of the borrower as the failure to pay it makes the property mortgaged before the creditor vulnerable for attachment and sale.
The legal heirs enjoy no special benefit as far as payment of loan is concerned.
However the bank at its discretion may provide a flexible term for repayment of loan but waiver if interest is very unlikely.
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