I took out a secure loan (on my landed property) for my relative and he has defaulted on the repayment. He has disappeared and there is no way I could contact him. The onus is now on me to repay the loan which I cannot afford to do so.
So now that I have default 3 months on the repayment, what can the bank do? I understand they can reprocess my property but what about my other asset like personal belonging and stuffs like that? Will they reprocess them too or just the house alone?
They will take everything away from u. Including your underwear.
Go ask a lawyer or the bank la. U ask here, later people giv u wrong info how?
Its abt money leh.....
firstly, it's mortgage
secondly, it's repossess