My MIL had signed as a guarantor for a loan taken by a known person. There are 3 other guarantors along with her who had signed as well. She is the 1st guarantor. This person is not willing to close the loan for some reason though he is capable of closing the loan. He runs a business (partnership), has a car (in wife's name) and his son attends a good school. He is able to mange all this with his single income and the total outstanding on the loan is also less than 2L. When MIL had signed as the guarantor she was employed in a bank and the guarantee as against her salary. Now she is retired (1.5 yrs) and does not have pension. She has received a legal notice from the court. What should she do.? Is it possible to get her name removed from the guarantor as she is retired, senior citizen and no pension.? Can someone help please.?
