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What is the risk involved if I take loan along with my partner
14-Nov-2023 (In Recovery Law)
What's the risk in signing collateral loan with co borrower who actually owns the property what happens if the other didn't pay back? Will i be responsible to pay back in full ?
HELLO !
IF THE BORROWER DOESN'T PAY HIS /HER DUE AND DEFAULTED IN PAYMENT , CERTAINLY THE THE CO-OBLIGANT WILL BE HELD LIABLE FOR THE PAYMENT OF BALANCE DUE TO THE BANK. HOWEVER YOU CAN SPEAK TO THE BANK WITH A COUNSEL PUTTING THE FACT BEFORE THE BRANCH HEAD. IN THE MEANWHILE YOU CAN PURSUE THE BORROWER TO REMIT THE AMOUNT FORTH WITH. AND YOU HAVE TO SPEAK TO YOUR DEFAULTED FRIEND THAT YOU WILL BE CONSTRAINED TO INITIATE LEGAL ACTION BOTH CIVIL AND CRIMINAL AI THE APPROPRIATE LEGAL FORAS. FOR FURTHER DETAILS CALL IN MY MOBILE
IF THE BORROWER DOESN'T PAY HIS /HER DUE AND DEFAULTED IN PAYMENT , CERTAINLY THE THE CO-OBLIGANT WILL BE HELD LIABLE FOR THE PAYMENT OF BALANCE DUE TO THE BANK. HOWEVER YOU CAN SPEAK TO THE BANK WITH A COUNSEL PUTTING THE FACT BEFORE THE BRANCH HEAD. IN THE MEANWHILE YOU CAN PURSUE THE BORROWER TO REMIT THE AMOUNT FORTH WITH. AND YOU HAVE TO SPEAK TO YOUR DEFAULTED FRIEND THAT YOU WILL BE CONSTRAINED TO INITIATE LEGAL ACTION BOTH CIVIL AND CRIMINAL AI THE APPROPRIATE LEGAL FORAS. FOR FURTHER DETAILS CALL IN MY MOBILE
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Adv. R. Sundaramurthi
Chennai | 100+ Answers
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