Dear Client,

If this property is loan free, bank cannot do any thing, but to file case for recovery of loan amount which will go long,

And demand of recovery not possible against you but father only. Some hoe manage to get the property transfer in your name either by GIFT or WILL, than it will become your personal property and bank cant claim.

Until property is in your dad name, he can`t be declared insolvent and bank can proceed recovery through court by stay and attaching this property for recovery of debt. But that will be long process.

Dear Querist,

If the present house in which you are living has been mortgaged with Bank ?

Was any case filed by the Bank before Debts Recovery Tribunal ?

Regards

Hi, the bank officials cannot sell of the property if it is not mortgaged to the bank ... It is advisable to get the gift deed of the house done from your fathers name on to your name

the bank can attach this flat and put it for public auction to recover its dues

try for a one time settlement with the bank (with interest and penalty waived)

1)when was last payment made by your father ?

2) suit if any for recovery has to be filed within period of 3 years

3) I presume your father has not acknowledged his liability to make payment after expiry of 3 years

4) claim of bank would be barred by limitation

Hello,

Account can only be put in bad debts after following the process of law.

Was the property on which you are living mortgaged against the loan for which bank has initiated the process of recovery?

Regards

Sir since the house is in name of dad it can be attached by bank to clear there dues. But the case bank has not asked any amount from your dad and no suit is filed from years and now they are coming then there claim shall be barred by limitation.

This is my response to you:

1. Your father has created a lot of problems for you and left you in deep trouble;

2. You just don't need a good lawyer but also a very good chartered accountant;

3. A chartered accountant will help you asses the way to pay off all the loans and devise tricks to avoid the burden of the banks;

4. You will need to pay the loans anyhow, you can run away from from time to time it but you cannot keep hiding;

5. You must search for any fixed deposits your father may have kept;

6. Is there any property, land or plot or anything else which you can mortgage or settle with the bank?

7. Why don't you ask the bank to trouble your father if the loan was taken on his name, why should you suffer?

8. Your mother could have filed divorce and the burden would shift away from you and your mother and sister;

9. If you have not reaped benefits of the loans then why should you be paying?

10. The method of last resort is to sell the house and pay off the loans, but it is still better if you shift the burden on him;

111. If your father is unheard of for 7 years or more your mother can file for separation and then divorce.

do not sign any document of any bank. do not talk to bank officer on phone. Take all the notices you receive at home. have a rent deed in your name about the house, keep touch with a good lawyer, dealing in SARFAESI Cases.

If he don't have properties in his name then he can go for insolvency application.

Other wise credit card loan are non secured loans and that can not be asked from you to repay.

Publish a notice in two leading newspapers Hindi and English explain a brief of your case and mention that you haven’t inherited any property of your father and you are not liable to clear is liabilities.

They will eventually put the same in bad debts. You don't exert about the same. If you get any legal notice don't reply the same without taking lawyer's advice.

Dear Client,

Kindly know that the loan was taken by your father and he is liable to pay back the same. Now as you stepped in, to repay the said loan, with the hope that the house which is on your father's name will be saved - then its wrong.

Further as stated by you that the Personal loan was taken, hence in that case the property would not he having any mortgage.

The best possible way out for this is that the said flat is gifts by your dad to you/your wife/ your mom, so that the fathers right on the said property are NIL and then bank wont be in a position to take the lawful possession of the same.

This is the possible option which can be suggested based upon your inputs. better and precise advice can be given post referring to the document in hand.

Expert Jurist LLP

There is no necessity for you to clear your father's loans and debts, especially when he is living.

You are not obliged to repay the loan since you have not signed as a guarantor as well.

Moreover since this is a personal loan, the bank cannot attach his property which has not been offered as collateral security.

There is no liability on your part to repay your father's debts.

You can simply refuse to pay any amount to bank, ask them to give a notice to you in writing so that you can tackle this issue legally by obtaining a restraint order against the bank.