on my father flat my cousin has taken loan and father's flat is mortgage as equitable mortgage with bank and cousin has not paid the bank loan and now cousin is dead then now. what I have to do . father nd cousin has broken the relation before he dies what we have to do to free our flat from loan.
Father wants to sell the flat and original documents has taken by cousin for bank procedure and bank has not issue any letter or anything to us for any loan dues of my cousin.
pl help me
You can only beg some mediators that related to both of you, explain the borower's family what you have got in helping the borrower and bring pressures for their return of money they borrowed.
You have not explained as to the nature of loan and whether primary security is available or not. If there is no primary security, the bank may proceed on collateral security of your father's property and refund the surplus if any after adjusting their amount.
Bank can not remain silent, or sympathetic as they have provided you the public money they have borrowed as Deposits from General public, and for your personal relations, they are never bothered.
Now almost all banks are taking most drastic steps on war footing. Also remember that they might have taken your father's personal guarantee also in addition to collateral security, and those properties of your father, in addition to that property that was offered as security are at stake.
Even when borrowers are having assets, first they proceed against that asset that was mortgaged to them only.
