Hello Counselors
My mother in law has taken out a loan from an individual against an apartment that my wife and i had bought for her.
The apartment is in my wife's name. The title deed of the apartment was pledged against the loan. This was done without our knowledge.
We have just discovered a legal document of the loan which lists our name as guarantors in case my mother in law cannot repay for whatever the cause.
I want to settle the debt but i need some reassurance that the lender will not be able to make any further demand of my wife or me after i make the payment and will return the title deed to the apartment.
Can you please advise with a text template that we can ask the lender to sign and will be viewed as a valid legal document.
Any other relevant advise would be very appreciated.
Thank you in advance.
From Singapore, Singapore
My mother in law has taken out a loan from an individual against an apartment that my wife and i had bought for her.
The apartment is in my wife's name. The title deed of the apartment was pledged against the loan. This was done without our knowledge.
We have just discovered a legal document of the loan which lists our name as guarantors in case my mother in law cannot repay for whatever the cause.
I want to settle the debt but i need some reassurance that the lender will not be able to make any further demand of my wife or me after i make the payment and will return the title deed to the apartment.
Can you please advise with a text template that we can ask the lender to sign and will be viewed as a valid legal document.
Any other relevant advise would be very appreciated.
Thank you in advance.
From Singapore, Singapore
Dear "Clueless"
This is a serious matter; and you should immediately get in touch with a lawyer.
Although, I do not have exposure to Singapore laws; but as I understand the legal system in all civilized democratic countries are similar.
It sounds strange that your mother-in-law can get a loan by depositing title-deed of a flat which legally is not in her name.
Thus the legal document made appears to have no legal authority. Moreover; you have been named as Guarantors without your knowledge. This amount to mis-representation of facts.
Either the document was made in good faith just as an acknowledgement of debt and not for legal recovery; or there may be some malafide motives behind it.
First, you can discuss the matter with the Lender. If his intentions are not malafide; you can settle the matter with him straight away; and save the money required to be paid to the lawyer and other legal expenses.
Do revert back in case you have further queries.
Warm regards,
From India, Delhi
1426This is a serious matter; and you should immediately get in touch with a lawyer.
Although, I do not have exposure to Singapore laws; but as I understand the legal system in all civilized democratic countries are similar.
It sounds strange that your mother-in-law can get a loan by depositing title-deed of a flat which legally is not in her name.
Thus the legal document made appears to have no legal authority. Moreover; you have been named as Guarantors without your knowledge. This amount to mis-representation of facts.
Either the document was made in good faith just as an acknowledgement of debt and not for legal recovery; or there may be some malafide motives behind it.
First, you can discuss the matter with the Lender. If his intentions are not malafide; you can settle the matter with him straight away; and save the money required to be paid to the lawyer and other legal expenses.
Do revert back in case you have further queries.
Warm regards,
From India, Delhi
Dear Mr Raj Kumar,
Sincerely appreciate your response. The matter in question is happening in Kolkata WestBengal / India.
I am not sure how to handle it when i reside overseas. Therefore was looking for some insights on how best to go about finding a resolution which is final and safe.
The lender is not an institution but an individual money lender.
Thank you and Warm Regards
From Singapore, Singapore
Sincerely appreciate your response. The matter in question is happening in Kolkata WestBengal / India.
I am not sure how to handle it when i reside overseas. Therefore was looking for some insights on how best to go about finding a resolution which is final and safe.
The lender is not an institution but an individual money lender.
Thank you and Warm Regards
From Singapore, Singapore
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Full n final settlement.doc