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Author Topic: Debt Sale -- December 2007  (Read 147592 times)

Erasmus_Darwin

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Re: Debt Sale -- December 2007
« Reply #15 on: December 26, 2007, 12:51:19 pm »
Quote from: beerbud1 on December 26, 2007, 12:30:02 pm
how old were these loans that got sold off?

For mine, the last payment was May 17th.  So the first missed payment was approximately June 17th, and June->December is 6 months late, which actually puts it toward the younger side of pending defaults loans.
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Shenandoah

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Re: Debt Sale -- December 2007
« Reply #16 on: December 26, 2007, 12:52:58 pm »
Quote from: beerbud1 on December 26, 2007, 12:30:02 pm
how old were these loans that got sold off? As an example were they say more than 7 months old or older? Anyone care to share?

My only one that's sold so far last made a payment May 25.
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beerbud1

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Re: Debt Sale -- December 2007
« Reply #17 on: December 26, 2007, 12:56:57 pm »
Quote from: Shenandoah on December 26, 2007, 12:52:58 pm
Quote from: beerbud1 on December 26, 2007, 12:30:02 pm
how old were these loans that got sold off? As an example were they say more than 7 months old or older? Anyone care to share?

My only one that's sold so far last made a payment May 25.

Thats exactly what I thought, they are 7 months old........Thank you!
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Mtnchick

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Re: Debt Sale -- December 2007
« Reply #18 on: December 26, 2007, 01:26:53 pm »
"Defaulted loans, every one." said Tiny Tim, the last of all.
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ira01

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Re: Debt Sale -- December 2007
« Reply #19 on: December 26, 2007, 02:35:07 pm »
As a reminder, Leporello has long been collecting information about defaulted loan sale proceeds, in order to compile the information and make it available to all lenders.  Please see this thread and post your info there.
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Capital_Finance_Group

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Re: Debt Sale -- December 2007
« Reply #20 on: December 26, 2007, 02:41:33 pm »
I have one eligible loan - no email = I'm still hoping I get the email.
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Mtnchick

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Re: Debt Sale -- December 2007
« Reply #21 on: December 26, 2007, 02:47:16 pm »
I have gotten 3 emails (out of 27 4+ month lates) so far. I'll give it a day or so to make sure they are all in and post the info for The Bunny.

ALL 4+ MONTHS SHOULD HAVE BEEN SOLD! It's 120 days in the contract, no?

Damn sometimes I just want to kick myself in the face for ever putting the P-----r URL into my browser.  :ninja:
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traveler505

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Re: Debt Sale -- December 2007
« Reply #22 on: December 26, 2007, 02:54:15 pm »
Quote
ALL 4+ MONTHS SHOULD HAVE BEEN SOLD! It's 120 days in the contract, no?

Loans in BK are not sold in the mass sales; they are handled individually as the BK case progresses.

There appears to be a 30-day gap between the cut-off date for inclusion in the sale and the announcement of the results, so loans in the sale are likely to be 5+ months late, rather than 4+ months.  This might be due to the length of time involved in soliciting bids and finalizng the sale, but more likely it relates to the requirement that Prosper give a 30-day notice to borrowers before it accelerates their loans. 

My expectation is that loans that went 120+ days late after sometime in late November will not be sold this time around.
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Mtnchick

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Re: Debt Sale -- December 2007
« Reply #23 on: December 26, 2007, 03:02:18 pm »
Quote from: traveler505 on December 26, 2007, 02:54:15 pm
Quote
ALL 4+ MONTHS SHOULD HAVE BEEN SOLD! It's 120 days in the contract, no?

Loans in BK are not sold in the mass sales; they are handled individually as the BK case progresses.

There appears to be a 30-day gap between the cut-off date for inclusion in the sale and the announcement of the results, so loans in the sale are likely to be 5+ months late, rather than 4+ months.  This might be due to the length of time involved in soliciting bids and finalizng the sale, but more likely it relates to the requirement that Prosper give a 30-day notice to borrowers before it accelerates their loans. 

My expectation is that loans that went 120+ days late after sometime in late November will not be sold this time around.

I'm going through my list and so far have found 5 that haven't made payments since April/May, aren't in BK and haven't (yet) been included in the debt sale. I will wait through the day before really bitching ;)
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Capital_Finance_Group

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Re: Debt Sale -- December 2007
« Reply #24 on: December 26, 2007, 03:06:46 pm »
The cruel thing about this is that we are all hoping to lose by winning this lottery.
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leporello

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Re: Debt Sale -- December 2007
« Reply #25 on: December 26, 2007, 03:06:51 pm »
Nine of mine have been sold off. That leaves 61 in the 4+ month late status.
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Mtnchick

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Re: Debt Sale -- December 2007
« Reply #26 on: December 26, 2007, 03:07:50 pm »
OK, I'm up to about 8 now that haven't made payments since Mar/Apr/May07. But here's a winner:

http://www.prosper.com/lend/listing.aspx?listingID=23444

Made one payment. In August 06

Never been sold.  >:( >:( >:(

ETA - 11 of my remaining 24 haven't made payments since at least May07, aren't in BK and so far I have received no default notices. Hopefully they are still working on getting things updated. I will be MORE than pissed if I have to wait another 3 months for these to get included especially when I could include them in this year's tax losses.
« Last Edit: December 26, 2007, 03:13:21 pm by Mtnchick »
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Classic comment from Urbi to a poster who said they were leaving:

"Once again, we note that your threats are hollow and you come across like a sad, lonely blowhard.

I doubt anyone here gives a shit about you.  We pretty much all know that you are a vile and unethical parasite of a human being with an abnormal craving for attention."

yankeefan

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Re: Debt Sale -- December 2007
« Reply #27 on: December 26, 2007, 03:10:55 pm »
Do these e-mails have to be approved by the forum moderator before they're sent out?  Trying to figure why they're so slow.
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traveler505

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Re: Debt Sale -- December 2007
« Reply #28 on: December 26, 2007, 03:12:50 pm »
I think in the past Prosper has said that the results of the sale are entered by hand.
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msava

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Re: Debt Sale -- December 2007
« Reply #29 on: December 26, 2007, 03:14:44 pm »
We need Prosper to sell all the 4+ loans before year's end.   
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