Sir, my son has taken a loan from Bank of Baroda and he failed to repayment so the bank is now initiating proceeding against me for recovery of the loan. I was the guarantor of the loan. I am 65 years old and this is my one and only house. Bank filed a case before DRT. Now recovery officer came to my home and said that your house shall be auctioned in next month.
I am very afraid and want to save my home. How can I liable for the repayment of loan because I was the only guarantor? Is there any provision to stop this auction process and settle the loan with the bank?
