As I mentioned several days ago a debt sale is about to be completed.
I have had 3 loans sold so far (I will update this page if more are sold)…
- B Credit @15.16% interest rate, non-homeowner, sold for 9.54% of principal (borrower had not made a single payment).
- C Credit @ 25% interest rate, homeowner, sold for 12.74% of principal.
- B Credit @ 14.5% interest rate, homeowner, sold for 12.49% of principal.
I also got this from LazyManAndMoney. It is a bit anecdotal, but it adds to the collective knowledge.
I’ve had about 12 maybe more. They’ve all been about $4 on a $43 remaining principle. Each one is nearly uniform in nature differing by maybe 10-12 cents in either direction.
Update: Prosper released the official debt sale results.
Wow! Texas loans were singled out.
Wow! Texas loans were singled out.
Here are the details of the sale:
• Eligible loans were more than 122 days past due as of December 4th, 2007, provided the loan was not part of any bankruptcy filing.
• 701 loans were sold.
• Price range: 2.8% – 14.5% (as % of principal).
Weighted Average Prices Homeowners 12.5% Non-homeowners AA, A 9.6% B, C, D 9.1% E, HR 7.3% NC 4.8% Texas (all) 3.5%
Related posts:
- Prosper Delinquent Debt Sale In Progress 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...
- Pensioner Debt Sale Results for August 07 Sale Pensioner (the former #1 lender on Prosper by amount loaned) has once again been generous in sharing his default debt sale results… CreditGrade: B Homeowner:...
- Pensioner Debt Sale Results Pensioner the former #1 lender on Prosper by amount invested (over $750K at peak) has been generous enough to share his debt sale results with RateLadder...
- Prosper Default Debt Sale As loans become seriously delinquent on Prosper (4+ months late) they are sold to debt buyers. These debt buyers pay pennies on the dollar and...
- RateLadder and LazyMan Default Debt Sale Results RateLadder had 1 loan in the recent debt sale. CreditGrade: AA Homeowner: Yes Verified Account: Yes Debt to Income Ratio: 25% Very Clean Extended Credit...
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7 comments ↓
2008 will be the year prosper folds
On this we will agree to disagree.
Texas is a debtor-friendly state. Among other difficulties, wage garnishment is prohibited entirely.
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That’s what’s up with Texas. I got just about 7.4% for my defaulted E grade loan.
I looked up wage garnishment in Texas and found this:
“44. Texas Wage Garnishment
Wages cannot be attached or garnished, except for child support.
WARNING For individuals living in Texas who are paid from an out of state location, there is case law (Baumgardner vs. Sou Pacific 177 S.W. 2d 317) to support taking a judgment from Texas, domesticating the judgment in the foreign state, then filing the wage garnishment there. Many creditors have used this strategy successfully. “
Don’t mess with TEXAS!
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