Pledged my property for third person


Respected sirs

Sir

I gave my property (Joint property owned by myself & uncles son) as security for a loan for my uncle. I was 1st borrower and my uncles son is 2nd borrower and my uncle stood as guarantor.

I didnt have a job then nor was a i an income tax assesse and that was my only property. The bank disbursed the loan to my uncle via his bank account and he was paying EMI until last year and then stopped. Then the bank sent me notice to me as 1st party and to my uncles son as 2nd party and to my uncle as 3rd party who was the guarantor of the loan.

 

When the notice came i asked my uncle and he said he is a bit tight and he will pay off and i left the notice as unreplied.

But this year the bank via court attached the property of my uncle as there was mo property in my name or mu uncles sons name. And to escape from the court attachment my uncle was forced to pay the loan amount. (all this i didint know as i was not in touch with the bank wether it was with taking the loan or closing it) .

Now mu uncle has sent an advocates notice saying that the loan was taken by me and i have to repay all the amount to him. HE now holds the property documents.

 

My questions :1) am i responsible for the loan as i havent taken a single paisa . all the emis were paid by my uncle until it was defaulted.

2) can i claim compensation for my uncle using my property for his benefit

3) can i claim to give back my document

Request your help and advice.

Many thanks

rk.

 

 

 

 
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