Mortgagor died with unregistered will

SUMIT (Querist) 03 January 2017 This query is : Resolved
Sir,
Mortgagor was died with unregistered will. In will he had mentioned his legal heirs for the immovable property their grand sons.
Property is already equitable mortgaged with the bank & now for bank I have 3-4 questions, pls guide me.
1. Whether fresh mortgaged need to be done?
2. What are the effects of the will for the bank?
3. What bank should do.

Thanks In Advance

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R.K Nanda (Expert) 06 January 2017
contact concerned bank.

Rajendra K Goyal (Expert) 06 January 2017
You asked:

Whether fresh mortgaged need to be done?

Reply:

What type of loan was taken?

Whether Mortgaged as borrower or guarantor?

However, fresh mortgage need not be done.

Rajendra K Goyal (Expert) 06 January 2017
You asked:

What are the effects of the will for the bank?

Reply:

Presently, no effect, will would be effective after loan is liquidated.

You asked:

What bank should do.

Reply:

Depend on the Bank.

Bank may call the loan and if not liquidated by legal heirs / co-borrower / main borrower / guarantor as the case may be, Bank may auction the property and recover the loan by laid down procedure.

Guest (Expert) 06 January 2017
First the Will to be Probated in Court.

Guest (Expert) 06 January 2017
After getting the Will Probated Better Release the Document by Settling the Loan for One Time Settlement Or clear the Installment with arrears and with Interest Promptly from today it self.Be cautious from Banks you can not Expect any Humanity and they are capable of bringing the Property to Auction for Defaults.Better consult A local good Advocate and Proceed.

Guest (Expert) 06 January 2017
For One Time Settlements you could Discuss with senior level people in banks like GM level to waive off the Interest.

SUMIT (Querist) 06 January 2017
Thanks everyone

Guest (Expert) 06 January 2017
Welcome Please

Dr J C Vashista (Expert) 10 January 2017
LRs of deceased shall be liable for the mortgage.
Discuss with a local lawyer for proper appreciation of facts and law applicable.

Rajendra K Goyal (Expert) 10 January 2017
Author has not clarified in which capacity the property was mortgaged i.e. as borrower, as co-borrower or as guarantor.

What was the purpose of loan, what was the amount of loan?

In which form the loan is to be continued and why?

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