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 what to do?
plz suggest me sir
Both borrower and guarantor has equal footing. It is the discretion of lender either to proceed on property or guarantor depending on his convenience. Contact the borrower, take him to the Bank and get the issue resolved once for all. Exercise caution while offering a guarantee as you are a public servant.
