Kani 27 June 2022
A company has taken loan from bank. There are two equitable mortgagors and one has died. Now company want additional loan and wants to extent the mortgage to cover the additional charge. In this scenario will the legal heirs and co mortgagor extend the mortgage or is the mortgage frozen till its redemption?
SHIRISH PAWAR, 7738990900 (Advocate) 28 June 2022
Hello,
It will be as per bank's terms and conditions.In the event of death of mortgagor bank may recall whole loan or may ask to provide fresh security for loan.
However, you can request bank that, legal heirs can continue the mortgage and for additional loan.
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