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Post by badlord on Mar 2, 2020 18:01:53 GMT
Dear all,
I wonder if some of you ran into the same predicament with the following loan from FireOf: Loan 12112959-01 - Mortgage Loan?
The buyback guarantee payment for it was supposed to be delivered on 25th January. However instead it is in status pending payment for 5 weeks already. Reaching out to Mintos support for when the payment will be made delivers nothing but vague and confusing statements.
Looking forward to hearing back!
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benaj
Member of DD Central
Posts: 4,852 
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Post by benaj on Mar 2, 2020 23:03:51 GMT
I don't have have an interest in FireOf loans. Some FireOf loans have buyback guarantee with higher interest rates. The mortgage loans have lower interest rates without buyback. Notes from Loan 5316001-01 - Mortgage Loan Loan recovery from property is not a speedy process, and there is a penalty income @ 0.028% daily for any delayed repayment www.mintos.com/en/loan-originators/Fireof/#detailsThe loan you mentioned 12112959-01 does come with Buyback guarantee.  and FireOf keeps the B rating??? I can only think the Buyback guarantee fund from FireOf is almost empty, it needs more time to recharge. |
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Post by badlord on Mar 3, 2020 18:06:13 GMT
I don't have have an interest in FireOf loans. Some FireOf loans have buyback guarantee with higher interest rates. The mortgage loans have lower interest rates without buyback. Notes from Loan 5316001-01 - Mortgage Loan Loan recovery from property is not a speedy process, and there is a penalty income @ 0.028% daily for any delayed repayment www.mintos.com/en/loan-originators/Fireof/#detailsThe loan you mentioned 12112959-01 does come with Buyback guarantee. and FireOf keeps the B rating??? I can only think the Buyback guarantee fund from FireOf is almost empty, it needs more time to recharge. Thank you for the answer. I concur, it looks like FireOf simply doesn’t have funds to make good on its obligation. The answer I got from Mintos support is cryptic to put it mildly: ======================================== Unfortunately, it is impossible for us to tell when payment will be made. It is not being done by us and not initiated by us. Of course, we are aware of the situation and are in contact with Fireof to clear it as fast as possible. The situation is difficult because loan rebought itself by mistake and the real loan behind now is current. That`s why there are no real funds for it and also selling property is not initiated to get these funds. And because of that another solution now being delivered which takes time ================================== Go figure...
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and FireOf keeps the B rating??? I can only think the Buyback guarantee fund from FireOf is almost empty, it needs more time to recharge.