Wife has no other source of income and has no cash accruals. What kind of action can be taken with bank so as to have reasonable time frame to liquidate house for repayment bank dues.
Is there any special facilities for such kind of widow from central government?
Is there any kind of law to weave off interest on principle amount?
Any further suggestion to combat such situation protecting widow's interest. more
If the deceased has no loved ones willing to take possession of the asset and the accompanying loan obligation, the lender has the right to seize the collateral due to nonpayment. A lender cannot, however, force the deceased’s next of kin to pay off the debt. "
the ideal thing for the lady to do is to first negotiate with the bank for a waiver of penal interests and charges and re-work the outstandings and settle it; alternatively the lady can take up and run the business, in that event the outstandings need to be transferred in her name; What I have seen is that some unscrupulous legal advisers promise easy terms of settlement for a fee, I suggest to you not to fall for such ploys; more
If the Business is managed OK, the Bank will not foreclose the Loan, so there is no urgency for repayment.
If the business has collapsed, its important to salvage what you can from it, before allowing the Bank to enforce the sale of the property ...
You need an expert to represent you / your sister with the Bank ... more