I need an urgent and expert advice regarding below problem.
1) One of my friend is having a loan against property and paid almost 5 installments but now he is not in a position to afford EMI's. So, he wont be able to pay the EMI's. I would like to know what action can a bank take for this. Can they also file a criminal case or they will just take my property? he is ready to write that "take my property" as I am not in a position to pay loan.
2) A civil case of Tenant Eviction is already going on a court for the property which is mortgage. There is no judgement regarding third party interest and on papers also the Tenant has accepted that my friend is a owner and he is a Tetant. But the only thing is that case is still pending and my friend did not informed the bank before taking loan as there was no judgement against property and is the owner of that house and can take decisions for it. Now, the question is what action can bank take against point 2.
Can a criminal case alo be filed against this even if my friend is ready to say "take my property".
Please note that the house is in the name of my friend's mother who is 56 years old.
Your expert opinion would be highly appreciated.