Related personal loan against the home mortgage
Situation : Hi,
My father has taken 1.5 lakh personal loan from Tulu shree co-op credit society bank (local bank) 10 years ago and my father has mortgaged our home and original papers against this loan.
My father died 1 year back and just 2 years back we got to know about this loan, now the amount gone to 5.5 lakh.
Today they have come along with local police and warn us verbally that after 4 days they will seal our room.
Now as per police papers, bank peoples was attending hearings from past 1 year and as my father was not present at the time of 4-5 times hearing, the court has announced a decision in favor of the bank and now bank people are threatening for home seal.
Also, the 1 witness is dead and another witness has shifted to an unknown place.
Now pls advice, in this type scenario what should we do?
In this type of case where the person itself died and witness also dead, will the bank able to take this type of action.
Pls suggest the further action plan, is we have to pay the amount or can we denied as my father is dead.
Also if the bank may have insurance against this loan and as my father is dead, will they able to recover loan amount from insurance.
waiting for your reply.
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Normally as per RBI directions all loans are insured and on the death of borrower the banks will get insurance amount. Please get issue a legal notice to the concerned bank.
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