Sir, my Father started a company 5 years back. I had give him some unsecured loan to start with. I am not a Director in his company. My Father has other 2 partners (Directors) too. In order to recover those 20 lakhs, I was asked to become a guarantor and commit a flat that I own worth 1 Cr for a loan of 90 lakh from bank. Later when I insisted that I have lot of emotional value for that flat, as it is inherited by me from my deceased Mother, and relinquished by my Sister and Father, they asked my to commit another house in Uttar Pradesh (similar market value, i.e. 1 Cr) of whose , I am legal owner (I did not get 20 lakh either).
This was against a loan/OD of 2.50 Cr. for which I am guarantor. Here, 2 smaller properties of other Directors were also attached, hence overdraft limit increased from 0.90 Cr to 2.50 Cr.
Intermittently, I kept giving some more amount when one day I got so annoyed that I stood against the company and declared that I won't be committing any more funds/property or anything else. I have a sister who would be marrying any time sooner. I then confronted my father and asked about the financial condition of company and expected return of outstandings, along with releasing my house of Uttar Pradesh from bank.
Here, all hell went loose and I was disclosed that his company is under losses of 10 Cr. Hence, no returning of any of cash or releasing UP property. At this point of time, I am willing to part with my cash and one house, but does it stops here? My sister and I are his legal heirs. Our Mother passed away 8 years back. He has remarried and his second wife is a divorcee with a daughter, a year or 2 younger than my sister.
My wife, 6 year old daughter and my sister, all 4 of us stay in a different house purchased by me with no involvement of funds from my father. Me and my sister have some agricultural land too in village which is not of much worth, inherited from our deceased Mother.
My question is, how do I get rid of this pain and guarantee a secure Financial future for my sister, daughter and wife?