Dealing with debts of my deceased husband

Susmita (Querist) 15 December 2016 This query is : Resolved
Hi I am the wife of the deceased.
There is a secured loan without any life insurance.
The loan account has turned into a NPA
There is an interest + penalty ( 90000+12000) on the pending loan amount of 550000.
Bank is after me to pay it up or regularize the loan by paying the interest else they are preparing to take my house ( loan security)
They are not agreeing to reduce a single rupee .
I am the co applicant.
Please suggest

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Guest (Expert) 15 December 2016
The Property is in whose name.If it is in Husband's Name the risk would be More.Better Immediately Consult a Local Good senior Advocate and Proceed Legally to Protect the Property

Sudhir Kumar, Advocate (Expert) 15 December 2016
given facts do not show any breakthrough

Susmita (Querist) 15 December 2016
Thank you for looking through my case.
The property is in my husband's name and I am the nominee.

Regards,
Kunal Dey

Kumar Doab (Expert) 15 December 2016
You have posted that:

"There is an interest + penalty ( 90000+12000) on the pending loan amount of 550000.'

So the debt is =Rs.6,52,000/-

The net worth of the house should be much more than the debt.

So why allow the bank pile the debt further.

Meet senior officials of the bank if BM is not considering.

Have you made any offer/request to the bank : say to wave off interest + penalty or OTS etc ?

rajeev sharma (Expert) 15 December 2016
Banks in such case generally enter into a one time settlement and may waive penal interest completely and if necessary some part of interest also but it is not a rule . This all depend on the repaying capacity of the survivor and the value of he property. Since you have not disclosed anything in this regard no proper advise may be given. Secondly talk to bank straightly and put your facts honestly. Remember no court can force any lender to make a comprise

Kumar Doab (Expert) 15 December 2016
It is secured loan.

Bank can stake charge on security.

The net worth of the house should be much more than the debt.

Nominee is not owner.

Rajendra K Goyal (Expert) 15 December 2016
Bank is having adequate security in the form of mortgaged property and third party guarantee (Yours in this case), there seems no reason why the Bank should agree for any compromise for less amount.

Try to arrange the amount and get rid of the liability.

Susmita (Querist) 15 December 2016
Thank you all

Rajendra K Goyal (Expert) 16 December 2016
You are welcome.

Kumar Doab (Expert) 16 December 2016
You are welcome.

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