I am Owner of our residential flat and all the title papers are in my name.My husband used to work for a business house and was Director in several companies of the Owners. My husband has died in an accident suddenly without any will.Neither being a housewife I was privy to any official issues at his office.One of the Owners"s Company in which my Husband was also a Director took Mortgage Loan and Credit Facility from a PSU Bank against several properties belonging to Owners were mortgaged with their own personal guarantee. However as a matter of common trust and practice, my husband also gave his personal guarantee and when requirement arose, our own flat(registered in my personal name) was also mortgaged with my personal guarantee against the said Credit Facility.However there was no bad intention on any side till sudden demise of my husband in a road accident.Now owing to reasons unknown to me the company has defaulted in repayment of loan,interest etc and the Bank has issued Notice to all including me for repayment under section 13(2) of SARFAESI Act with threat of taking possession of my flat which is my only property/dwelling house.The Owners, when approached, earlier used to assure that they are resolving the issues but now they do not meet me, talk to me on phone and has done nothing to resolve the issue with the Bank.I am Housewife with one teenage daughter only and do not have acccess to outside world much and have been told by mutual contacts that the Bank will take possesssion of my flat, make us out,sell it,and then again ask for payment and if not paid then shall seal off my bank account, seize my other assets.
The owners of my Husbands employment has given me a MOU in writing on stamp paper with notary in Dec2012 that they are duty bound to get released my falt and personal liability and they shall do it in 90 days but nothing is done by them.
Please advise me:
the steps the bank may/shall take against my flat and me.
what should I do in this situation?
I am very upset with limited resources .
Please help.
