Dear esteemed experts of law,
I come before you for some guidance regarding a very painful situation, which I will narrate below. Please help me as I am now in total confusion as to what will happen to my future.
I am a 74 yr old family man, residing in my own housing board house now. I live on the just-about-adequate interest amount I withdraw every month on the retirement money which I have put in Monthly-Income-Scheme. Before retirement, I served my company with sincerity and clean soul. Never had any other extra income.
Sometime back a nephew applied for a 1cr+ loan for his agriculture (fish farming) business. He asked me to help him out as a collateral provider. Out of good faith, I gave my only other immovable property - a small plot of hereditary land in my native village - as collateral to the public sector bank, BOI. And in my gravest blunder of all my life, unknowingly signed the guarantor papers too.
In subsequent years my nephew's fish farming business suffered losses due to two continuous natural disasters (cyclones) as well as what he says as bank delays in loan disbursal. Recently, all of it came to my awareness, when I started receiving notice about the nephew's default and subsequent status of his loan being in default and as an NPV to the tune of 2cr+
Now the situation is such that, the bank has already started the process of auctioning the collateral land, even before touching any land (the fish agriculture land) that my nephew has, which is around 20+ acres. I am in extreme stress and sadness to see my life's only possession going away in such a way. The bank says, it has filed a DRT case and in also using the SARFAESI Act. However, if says that if 32L is paid, they will release the plot/land papers. We don't know how to go about it, since I dont have that much money... and seems will will finally lose it.
The nephew, who is hard working and good in his subject (fish farming), meanwhile is still looking for someone to finance and help him out, but he is unable to get investors. He has a house, but that is in mortgage under another loan from another bank. He still has all the fish farming land, which is non-producing because he doesn't have any money to make it productive. Fortunately he is still available and not absconding. In my knowledge, he does not have money to make any bank payments. In addition, considering the 2cr+ outstanding, I feel even if he is able to get some help, he may not be able to pay the entire 2cr+ outstanding. Notice after notices are coming. And about the auction, even if the bank recovers lets say 30-40L out of the auction, there will be a huge amount remaining...
I am going to be 75yrs heart patient who already suffered a heart attack, with a wife who is 70yrs is a diabetic and high BP patient... I am now really really afraid that the bank will come for the remaining amount to me and attach my remaining assets, because I am the guarantor...
Will they attach and also auction the house that I am living in... I have no other house. Will the bank take away my savings too - that is my only source of money to survive in this old age. All my employed life I worked sincerely and had my salary as the only income. I had no other income, and by judiciously managing my expenses, I managed to make a house of my own, in which I am living now, and which till now is my children's only permanent address. I have a married son who left his job 4-5 yrs back to become a painter... he is still struggling to earn a decent steady income... he lives in a rented house. I have a daughter, who is married lives in a rented house too.
Please help me. Please guide me to save us... I dont know what to do... Is there some way I can save my house and my savings... and also the collateral plot of land, if possible? Please help! I have no one to guide me...
With sincere regards,
Patnaik
