about the hypothecation of vehicle
This is Mrs.Chellam (inter caste marriage) from Tuticorin, Tamilnadu. My father bought a back hoe loader vehicle after he retired from his service(pvt). He applied a loan from a pvt bank using our house document as he is insufficient of money .The field he entered is purely new and no support for him to guide as he is very stubborn about the field since someone told him that he can make more money. We are 3 daughter in our family and no relatives as my father is a inter caste marriage person. Last year 2014(may23) he died in his own vehicle while cleaning the front bucket of back hoe loader (like JCB) with the cleaner person .Police lodged a complaint on the cleaner person. As we are girls and got married in different areas of tamilnadu. My mother is the only person staying in the house which he used it for loan.We are under the middle class and our husband's is of very poor background. Now the bank is asking us to pay the amount of 10 lakhs outstanding amount. We don't have any other assets apart from the house and vehicle. No one is willing to buy the vehicle as my dad died in the same. Person who are bargaining for the vehicle also asks for very low amount of 4 lakhs.So we decided to sold our jewels and paid 3 lakhs to the bank. Now they are forcing us to give the house to them. we are really daily wages person and cant leave the house because of my mother and our daughters. Please help us. I am the only graduated person in our family. Please help us sir.