Sir,
Need Your expertise Advise
I am Basically From bangalore
My Father in law owns a property with built house about 645 sqft of land area in a bosh area in bangalore adjacent to his blood brother who also owns 675 sq ft area of house constructed on 3 floors which was attached to a bank for housing loan
he was basically into business which had run into heavy business and was in a heavy debt traps
he along with his family approached his elder brother to bail him out as he had defaulted on his home loan continuously for 6 + months and now the property has come for seizure by the bank
who was a retired personell from SBM who was living on his pension money survived by his wife a daughter & a recently graduated son
without consulting his family members or seeking any kind of expert advise this person went and pledged his share of property for a sum of Rs. 10 lacs for a hefty interest of 6 % on 10 lacs which comes to Rs. 60,000 per month.
this incident happened in the First week of Sep - 2011
Today the scenerio is he has not paid a single rupee interest nor committed himself on clearing the principal amount,
it has come to a stage that my father in law is forced to sell of the pledged property with pawn broker as unable to repay neither the interest or principal
Its very unfortunate on his part
can i get a expert opinion on this part on how to come out of this truama
kindly help / advise
regards
sendil
