Ravi sharma (Srvice) 18 August 2009
My father has taken housing loan for carrying out further construction in his house from a PSU Bank. The house was in the name of my mother and my father was a co borrower. My father could not repay his debts and now after the death of my father, mother and gaurentor the bank has served me, my brother and sister the notice to repay the loan( the bank has already auctioned the house). Do in any way we are liable to repay this debt
Y V Vishweshwar Rao (Advocate ) 18 August 2009
1- Your Father is Co - Borrower alogn with your Mother ( owner of the House ) and Guarantors are also there .
2- Your Father Died , You - wife, sons & Dauthers are laible to pay the due amount as lrs of Your father ( Mother personally - as Co Borrower is liable to pay th due amount )
3- The House is auctioend - it is not clear - ?
4- After Sale of the House for the balance due , the Notices are issued -- ?
5- Details be mentioned -?
R.R. KRISHNAA (Legal Manager) 18 August 2009
Mr. Ravi Sharma
Your querry is not clear as stated by Learned Expert Mr.Vishweshwar Rao
But one thing is sure. Children are liable to repay the debts of the parents as per law.
Ravi sharma (Srvice) 20 August 2009
1- Your Father is Co - Borrower alogn with your Mother ( owner of the House ) and Guarantors are also there . YES father a co borrower as mother does not had any major source of income... House in the name of mother..... gauranters are there....
2- Your Father Died , You - wife, sons & Dauthers are laible to pay the due amount as lrs of Your father ( Mother personally - as Co Borrower is liable to pay th due amount ) how it can be when i am not a party to the loan contract and i hav also not inherited anything from my parents....
3- The House is auctioend - it is not clear - ? House ws sealed and auctioned...
4- After Sale of the House for the balance due , the Notices are issued -- ? balance due ...yes... did not received notices but summon for subsitution of our names in the case already going on after 2 yrs...
5- Details be mentioned -?
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