Dear Members
Need an urgent help on this topic.
My X friend took a housing loan from one of co operative bank, myself and one more friend stood as a guarantor to my friend fro housing loan against security of Mortgage of house and personal guarantee.
First 2 years he paid his installments regularly and now since last 9 months he is not paying his debts regularly. We got a notice from bank and we asked him about it and he pays temporary amount in bank. This has become regular feature now and he is became regular defaulter now.
His intentions are malafied and once he told me that he know if he dont pay loan bank will deduct from our salary and he is not bothered about this.
Wanted to know following things in this regard
1. Can i withdraw my personal guarantee for his loan
2. If Yes, what is a procedure to withdraw my guarantee and is there any liability remains post withdrawal of guarantee.
3. Can bank refuse to accept withdrawal of my personal guarantee.
4. In case of default (NPA) , will bank has to liquidate his assets first or can they put an attachment on my salary.
5. In case bank put an attachement on my salary, do i have any legal recourse to stop this.
Pls help.
