I would like to begin by saying that, my father has passed away on 30th Sep leaving behind unimaginable amount of debt to deal with. 90% of it is borrowed from private lenders (hand loans). Our only way to repay the loan is throught the only property we possess.
But we have recently we have received a notice from Indian Bank stating that we have to settle the total outstanding to the bank within december 2016 or the property will be put down for auction.
I have kept the property for sale and currently due the demonatization situation prevailing in our country I am unable to find potential buyers. I need more time to settle the outstanding and I need your guidance on how to go about this.