vivek hariyani 22 January 2021

Regarding deceased mortgage loanee

My father was taken loan Rs. 10,00,000 from Co.-Operative Bank. We paid Rs. 6,50,000. My father died on Dt. 22/07/2017. Then Bank can filed suit against legal heir.

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Nandini Warrier 22 January 2021

Good evening,

We can help you better if you could be specific with respect to facts.

If your father passed away before paying off the mortgage loan, the loan will have to be paid off by either the co borrower or the legal heir. If no one decides to pay the mortgage loan, then the mortgage servicer will proceed to the foreclosing of the house.

If you haven't finished paying off, or if you are not able to finish the payment of the loan, the bank can sell your assets, or the bank would go for in repossessing the property in order to recover losses, and sell it in the open market.

Please do talk to the respective bank about the repayment, they can help you as well!

Hope this helped!

Regards,

Nandini