Liabilities of Guarantor for House Loan

1.        If in case, “Borrower” becomes default

a.        Will bank first mortgage the property/house against which “Borrower” has taken loan? or

b.        Will bank file suit against “Borrower’s” legal heirs who are residing in the property/house against which the loan has been taken? or

c.        Will bank directly file a suit against “Guarantor”?

d.        Can “Borrower” himself release “Guarantor” saying he is no more “Guarantor” to my loan?

e.        Can “Guarantor” release himself from the loan after knowing that “Borrower” has become default?

 2.        If in case, borrower passes away in the middle of repayment tenure

a.        Will bank first mortgage the property/house against which “Borrower” has taken loan? or

b.        Will bank file suit against “Borrower’s” legal heirs who are residing in the property/house against which the loan has been taken? or

c.        Will bank directly file a suit against “Guarantor”?

d.        Can “Borrower’s” legal heir release “Guarantor” saying he is no more “Guarantor” to deceased “Borrower’s” loan?

e.        Can “Guarantor” release himself from the loan after knowing that “Borrower” has deceased?

Regards,

Shashank