santosh 04 December 2024
Hi Team,
One of my friend took loan in local co operative society for buying property. but now the person is absconded and the property which he purchased doesnt value that much compared to loan he took where manager also involed in this case. now I dont have any such amount or property to pay that amount. what will happen here and how i can come out of this problem.
Anshu Sharma (LAWFINITY SOLUTI 04 December 2024
Hi,
I understand your concern. If the borrower has absconded and you’re the guarantor, the responsibility might fall on you to repay the loan. However, since the property’s value is lower than the loan and the manager is involved, you may have legal options to challenge this.
To get advice on how to handle this situation, feel free to reach out to me. I’d be happy to help.
santosh 04 December 2024
Thanks for the reply.
what are ways to for me to move out here. what implications will happen to me in court for this issue?
T. Kalaiselvan, Advocate (Advocate) 04 December 2024
If the borrower is unable to pay the loan amount then the guarantor will be held liable for repayment.
P. Venu (Advocate) 04 December 2024
You are liable. However, such liability could be invoked and recovery effected only through the due process of law.
kavksatyanarayana (subregistrar/supdt.(retired)) 04 December 2024
Yes. The guarantor is liable to pay the loan.
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