My husband(Main applicant) and me(joint applicant) took a home loan for 20 yrs. My husband is passed away now. I am a house wife and in a position to pay EMI. I want to sell the property also I need to get the Legal hiers from court.It will take approx 2-3 months. My daughter is a minor that's why again i need to get permission from the court to sell the property. it will take 3-4 months. This is the information i got from some advocates and friends. Please correct me if i am wrong.
Now i am not in a position to pay emi for 5-7 moths. Please tell me the different options what can I do? What the bank will do if i stop the payment?
The information you have got is correct. On stopping payment, the last resort of the bank would be to auction off the premises. But that is the last resort. If its only a matter of 5-7 months, i suggest you talk to the bank manager or the relevant authority of bank and see if you can sort things out with them..and ask if there can be a deferred payment later....
I hope this links helps you.... http://india-home-loan.blogspot.com/2010/12/consequences-of-non-repayment-of-home.html