1. Guarantor or mortgagor come under one common definition "borrower"
See Sec. 2(f) of SARFAESI Act which reads thus:
"borrower" means any person who has been granted financial assistance by any bank or financial institution or who has given any guarantee or created any mortgage or pledge as security for the financial assistance granted by any bank or financial institution and includes a person who becomes borrower of a securitisation company or reconstruction company consequent upon acquisition by it of any rights or interest of any bank or financial institution in relation to such financial assistance."
Hence there should not be any bar or distinction to enforce the security interest created by guarantor even without touching first, the borrower's property.
2. Invocation of Sec. 14 is not mandatory. See Aboobacker Vs. Punjab National Bank III (2005) BC 390 Kerala High Court. But purpose of taking assistance of the Magistrate is to ensure that, no breach of peace takes place.
Hon’ble DRAT Mumbai in State Bank of India Vs. Clarity Gold (P) Ltd. :2011 (2) DRTC 300 (DRAT Mumbai) clarified the distinction between Forceful possession and Peaceful possession. Please read the judgment.