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I have taken a loan and used a property as a guarantee which does not belong to me, and the owner is unaware of this fact. Now I have defaulted on the loan repayment, and the court has ordered the recovery officer to recover the loan amount. What can I do now without informing the person who actually owns the property?
You used someone else’s property as loan security without their consent. This is serious and can lead to fraud charges. The best option is to talk to the lender and settle or restructure the loan. Informing the real owner may prevent bigger legal problems. Hiding it can make things worse, even criminal. For further legal assistance contact us on our helpline number.