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Foreclosure on a mortgage loan collateral belonging to a real surety guarantor
The issue of foreclosure on property that is collateral for the obligation of a mortgage housing loan, as well as on the subject of collateral belonging to a third party (the real guarantor), is subject to consideration by the court in a separate lawsuit on the claim of the mortgagee for foreclosure on the mortgaged property in accordance with the requirements of Article 21 of the Law of the Republic of Kazakhstan dated December 23, 1995. Year No. 2723 "On mortgage of real estate". Where the procedure for the sale of mortgages in court is provided in detail.
The collapse is carried out in accordance with the court's decision on the claim of the mortgagee. In this case, the sale of real estate, which is the subject of a mortgage, is carried out by selling at public auction in accordance with the procedure established by procedural legislation. Foreclosure on property pledged under a mortgage agreement may be refused if the violation of the basic obligation committed by the debtor is extremely insignificant and the amount of the mortgagee's claims as a result is clearly disproportionate to the value of the pledged property in accordance with paragraph 2, Article 317 of the Civil Code of the Republic of Kazakhstan, for example: if the debt does not exceed 10% of the estimated value of real estate.
Foreclosure on a mortgage loan collateral belonging to a real surety guarantor
When making decisions on foreclosure on immovable property mortgaged under a mortgage agreement, the court determines and indicates in the decision: all amounts payable to the mortgagee from the value of the mortgaged property, as well as the initial sale price of the mortgaged real estate upon its sale. At the request of the pledgor, the court, if there are valid reasons, may, in a decision on foreclosure on mortgaged immovable property, postpone its sale for up to one year in cases where: The postponement of the sale of mortgaged immovable property does not affect the rights and obligations of the parties under the main obligation and does not release the debtor from compensation for the increased losses of the creditor due to him during the postponement rewards and penalties. If the pledgor satisfies the claims of the pledgee within the time period provided to him by the postponement, the court, upon the application of the pledgor, cancels this decision. Postponement of mortgage sale is not allowed in the following cases: if it may lead to a significant deterioration in the financial situation of the mortgagee or if proceedings have been initiated against the mortgagor or the mortgagee to declare him bankrupt.
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