Hi sir this is Ramesh Koduri from thane district in Maharastra. I am a college Asst.teacher in mumbai, working in govt college. I have signed as a guarantor for my friend who has taken loan of 6 lakhs from pathpidi by putting one of his asset as a mortgage in thane. He is not paying now and that bank has issued me notices but even though he not paid the loan now that bank has ceased my bank account now. My friend is ready to handle that asset to that bank.
Now to do plz suggest me sir
Dear querist,
In case you have signed as guarantor then bank will go behind you in case the principal borrower does not pay the loan. As this easy and less expensive step for bank rather than going for forfeiture of the mortgage property.
In case now your friend is ready to clear loan then talk with bank, bank need their money with interest in easiest way so they will settle issue.
Deepak Joshi & Associates
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