Father passed recently, need guidance.
Hi all my father recently passed away due to cancer. I am 23 and a single child taking care of my mom and finances.
I do work in an MNC and doing masters from an online college , regardless my salary wont help.
Dad left behind a few loans which I have to take care of but i am confused how i should do it.
Home loan - There's still a pending amount of 20L+ , we plan to sell off the home and close the loan account by selling the home
Car loan - we plan to sell the car since the service and maintenance is high cost although We will have to pay upfront about an lakh to close the car deal.
Bike loan - same as car (no upfront)
OD personal loan- theres about 8+L left so we plan to close it after selling off the home
Due dates have already passed and first bounce have already occurred with the banks.
I was planning to call the banks and ask them time for about 6months so that we can close the loans.
I am confused because my mum is co borrowers to the home loan. But she or me doesn't have that much money to pay. Car and bike will go off probably very quickly but I need help with how to coordinate with the banks and explain them this situation.
As of current status -
I am in the process of making legal heir certificate .
Loans have been bounced for this month and i am expecting an medical reimbursement to my dads account as well in this week.
I was planning to call all the banks and let them know the situation . Please help me if should be careful about something or any other information that i have missed.
Also do banks usually give us time?