I\\\'m looking to surrender my property against home loan to the bank under SARFAESI Act voluntarily. I\\\'m unable to continue with the EMI and haven\\\'t got any buyers yet. No EMI has bounced yet, but it will from this month. How should I work with bank so they can take possession and proceed with auction? I understand my credit rating will fall because of this.
Dear Querist,
When EMI will not be paid on time then BANK can issue to notice and may file Cheque bounce against you.
You informed the bank manager about inability to pay EMI then check what he says, follow that path which suits to you.
Communication if important can save from unnecessary trouble.
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