What actions does the bank take if no one makes the loan payments after the borrower’s death?

Pursuant to Article 1072-2 of the Civil Code of the Republic of Kazakhstan, an inheritance may be accepted within six months from the date the inheritance is opened. If the inheritance is opened on the date of the presumed death of a citizen or upon the citizen being declared dec...

Creditors are entitled to bring claims against heirs after the heirs have accepted the inheritance. Accordingly, the legally significant circumstance is the acceptance of the inheritance and the formalization of inheritance rights. At the same time, the law does not prohibit thir...

If an insured event specified in the insurance agreement occurs, the insurance company makes an insurance payment in accordance with the procedure and on the terms provided for in the insurance agreement. The existence of an outstanding debt after the insurance payment does not,...

Pursuant to Article 287 of the Civil Code of the Republic of Kazakhstan, an obligation involving multiple parties, under which each creditor has the right to demand, and each debtor is obligated to perform, the obligation in full, is recognized as a joint and several obligation....

Pursuant to paragraph 1 of Article 1040 of the Civil Code of the Republic of Kazakhstan, the estate includes property belonging to the deceased, as well as rights and obligations whose existence is not terminated by the deceased’s death. The estate may also include rights necessa...

The most common mistakes include underestimating one’s financial capabilities, focusing solely on the amount of the monthly payment without considering the total cost of the loan and the overall amount of interest paid, and overlooking additional expenses associated with purchasi...

When purchasing a home with a mortgage, it is important to consider not only the monthly loan payment but also additional expenses associated with acquiring and maintaining the property. These may include property appraisal costs, insurance, notarial and registration fees, taxes,...

In the event of a prolonged failure to fulfill obligations under a mortgage loan, the legislation provides for the possibility of foreclosure on the mortgaged property. However, before such measures are taken, borrowers are provided with a number of tools to settle their debt. In...