Yesterday Prosper began a delinquent debt sale. This happens when loans are 4 months or more late and are sold to delinquent debt buyers…
Loans receive different amounts depending on the credit grade and other borrower information. From my standpoint (observer as I have no loans in the debt sale) it appears that the better prices are paid for higher credit grades and homeowners. If any readers want to report there sale prices and loan information please leave a comment or send me an email kevin at rateladder dot com.
I have two specific examples from a reader: Lazy Man and Money… One a homeowner and the other wasn’t.
Loan: “Paying off credit card debt”
Sale date: May-31-2007
Sale reason: Delinquency
Principal balance before sale: $52.88
Loan value before sale: $64.52
Proceeds from sale and forfeited group rewards: $1.55
Loan: Looking For $$ For New equipment
Sale date: May-31-2007
Sale reason: Delinquency
Principal balance before sale: $54.90
Loan value before sale: $64.44
Proceeds from sale and forfeited group rewards: $9.69
I am very interested to see how this plays in the upcoming lender IRR game update.
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