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Will bank auction property of guarantor if person does not pay back
22-Mar-2023 (In Banking / Finance Law)
Dad is guarantor for his friends loan and as he didn't pay money bank auction my dads property please guide me over it
If borrower did not pay and/or after sale of the principal borrower's property the due of the bank still remain bank can auction or sale the property of the guarantor to recover the loan amount , you can file legal proceeding by changeling the bank action an court of law
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Adv. Prabhat J Dubey
Mumbai | 25+ Answers
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Is it OK to buy auction property?
A buyer, regardless of the sellers identity, must check other aspects of the property. The buyer should check to see if the property has any outstanding debts. You may have pending property taxes, electricity bills or water bills. 26-Aug-2023
How can I stop my house from being auctioned in India?
It is essential that you provide evidence of your ability to pay the debt and financial stability. Stopping the auction without such proof is impossible. 13-Oct-2023
What can I do after my house is being auctioned?
The bank will not cooperate with you after the auction. It may take many years for you to obtain physical possession. You may also need to file a lawsuit to gain physical possession. You can now collect the Tender Form, and deposit EMD along with it.
Can bank auction property without physical possession?
The ability of banks, to auction property without taking physical possession, depends on many factors including legal provisions and loan agreements. Although it may be possible in certain cases, banks prefer to have physical possession of the property to ensure a smoother process. 10-Oct-2023
Dear Client,
If dad was guarantor, it means he has taken the guarantee of his friend- stating that in his default, ur dad will pay the due amount.
Now as this things are document based, it would be advised to have proper consultation with empaneled advocates of LawRato to get correct advice.
Expert Jurist LLP
If dad was guarantor, it means he has taken the guarantee of his friend- stating that in his default, ur dad will pay the due amount.
Now as this things are document based, it would be advised to have proper consultation with empaneled advocates of LawRato to get correct advice.
Expert Jurist LLP
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Adv. JV Bhosale
Mumbai | 400+ Answers
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You will have to challenge the notices sent by the bank or by the appropriate court of law. You need to provide me the details of your case and documents. After going through the documents then suitable advice can be given to you.
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Adv. Alim Husen Patel
Pune | 25+ Answers
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Yes sir. If the creditor is unable to recover from the principal borrower and / or other co-borrowers then yes creditor - bank can come after the guarantor. If guarantor is unable to pay then they can auction off guarantor's property - in this case your dad's property.
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