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Author Topic: Property pledged as guarantor how to release  (Read 792 times)

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Offline Bindu123

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Property pledged as guarantor how to release
« on: January 12, 2015, 10:43:38 PM »
My Father becomes a guarantor in bank but the one who took loan not paying. My Father gave the Property tax paid paper to bank to take the loan. Now court told that if the guy doesnít pay they will recover my Fatherís property. My Father doesnít want to cheat bank and also not to lose the property. I suggested my Father to write the property in our name and register only keeping the property worth bank loan will keep it in Fatherís name (Property Paper in my Fatherís hand).Is it possible by law ???


Offline kphk

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Re: Property pledged as guarantor how to release
« Reply #1 on: January 18, 2015, 07:19:36 AM »
Yes it is possible if the property that is left with your father is enough to pay back the bank loan. If not, any transfer done by your father in your name can declared void as it is done just to defraud the bank. Rather why pay the loan at all, why don't you think of challenging the bank's action as there are possibilities of you coming out of it if the bank has committed some mistake or if they have colluded with the principal debtor. Think of it. From legal perspective the bank might not have followed all the requisite procedure and might take action rather hastily with an idea of realising the money quickly. If you can give full details about the case, then some way might open up. After all, why should your father repay somebody's debt ?

 

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