How does the Sarfesi act work when the borrower dies.

Querist : Anonymous (Querist) 14 June 2015 This query is : Resolved
My father who is no more had an OD account of 1 crore. He had given the house as security. I was unable to pay the interest as there was no income source. We are trying to sell another property to pay up and settle this OD account. Yesterday they came home and said they are going to take legal action. The notice will be stuck outside the house and a news paper ad will come with my mother's name regarding this. And prior to this I have got only statements and no notice regarding repayment.
P. S: I am the guarantor of this loan.

How can this issue be handled. How can I buy time.

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Querist : Anonymous (Querist) 14 June 2015
Kindly help

R.K Nanda (Expert) 14 June 2015
no reply 2 aq.

Querist : Anonymous (Querist) 14 June 2015
Sorry din get you

Advocate M.Bhadra (Expert) 14 June 2015
Guarantor is responsible to repay the same.You will get notice as a guarantor and also the legal heir who has inherited the secured asset and proceedings continued.But Only in respect of the properties mortgaged by the borrower.After getting notice u/sec.13(4) of the SARFEASI Act you can file a case u/sec.17 of the said Act in DRT.

Rajendra K Goyal (Expert) 14 June 2015
No reply to anonymous query.

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