What happens if guarantor dies, and gave property as gurante
Querist :
Anonymous
(Querist) 19 February 2018
This query is : Resolved
Hi,
My father gave property papers to bank as a guarantee for one of his relative. He expired 10 years back.
Is it possible for us to get back the property paper?
Also, loan borrower is defaulter and case is pending against him
Isaac Gabriel
(Expert) 20 February 2018
The death certificate and legal heir certificate be filed with bank staking the claim for the mortgaged property.Unless the loan is cleared, the bank is at liberty to bring it for sale.
Guest
(Expert) 20 February 2018
Property papers can be claimed back after clearance of loan dues, including interest, either by the heirs of the borrower or of the guarantor.
Sudhir Kumar, Advocate
(Expert) 20 February 2018
the bank in all likelihood claim dues by sale of property. AS the interest swells day by day you may clear the loan and get the property.
Vijay Raj Mahajan
(Expert) 20 February 2018
Bank is only interested in their money, who pays them is not their concern. The interest amount on defaulted payment can be worked out with bank and along with due principle amount paid to the bank and get the property papers back. The heir-ship certificate can be obtained from the SDM Office of your district.
Raj Kumar Makkad
(Expert) 20 February 2018
The ownership documents deposited by your father, since deceased, are collateral security with the banker which cannot be released until the dues are cleared even though your father has died.
SHIRISH PAWAR, 7738990900
(Expert) 20 February 2018
As the loan is defaulted and case is pending on judgement Bank will try to recover the dues by attaching and selling the mortgaged property.
Dr J C Vashista
(Expert) 21 February 2018
If you are seeking obligation of experts FREE OF COST you will have to disclose your identity as per rules of this platform, NO reply for "anonymous" author.
