LOAN SALE OFFERING - This is a final call for offers (upset bids). Attached is the Trustee's Motion.
AUCTION DATE: November 4th, 2014 at 9:30 am EST
OBJECTION DUE DATE: on or before October 28th, 2014
Auction Markets, LLC is currently soliciting upset bids for a performing consumer loan on behalf of the U.S. Trustee for the Eastern District of Virginia, Alexandria Office.
Loan Description: The $168,952 loan represents the remaining balance of a loan originally dated August 9, 2002 in the original amount of $233,000.
The note bears interest at 5.0% (fixed) per annum and provides for minimum monthly payments of $1,250.79 (principal and interest) and on the 1st of each month thereafter until paid in full. This payment amount provided for a full 30 year amortization at the loan’s inception based on 360 equal monthly installments. The loan is evidenced by a single page “Promissory Note”.
Borrower: The borrower (“Borrower”) is an individual.
Loan Purpose: The loan represents multiple advances to Borrower. The note is silent as to any loan purpose; it is presumed any and all advances (proceeds) were for a personal purpose.
Collateral Valuation: There is no collateral. The Loan requires that Borrower maintain a Life Insurance policy during the term of the Loan in the amount of $200,000 with Lender named as Primary Beneficiary upon Borrower’s death.
Payment History: The Borrower has made timely payments throughout the Loan’s term. Additionally, the Borrower began making semi-weekly payments in September of 2009 and has continued this practice to date, providing additional amortization (prepayment) to date of approximately $11,000.
State Borrower is Located In: Michigan
To Obtain More Information: Please visit the Download Center, download, sign and return the Confidentiality Agreement to Stephen Karbelk, Auction Markets, LLC at email@example.com. You may also call Clay Barnes at 415-717-0077.