Asset reconstruction companies facing slowdown in loan recoveries due to pandemic: Icra

The ratings of security receipts (SRs) issued by ARCs have seen downgrades due to delay in recoveries and decline in expected recovery value on the SRs.

Asset reconstruction companies (ARCs) are facing slowdown in recoveries from bad loans procured from banks due to failed auctions, absence of bidders and delay in payments amid COVID-19 pandemic, according to a report.

The ratings of security receipts (SRs) issued by ARCs have seen downgrades due to delay in recoveries and decline in expected recovery value on the SRs.

“The recovery for the ARCs are getting affected due to deferment or failure of auctions due to unsatisfactory bids or absence of any bidders, default or delay in payment as per the agreed settlement plan or agreed restructuring terms,” rating agency Icra said in its report.

Besides, resolution under Insolvency and Bankruptcy Code (IBC) proceedings has seen a sharp slowdown in the first quarter of

Read More

Read More

Used Automobile Dealers Facing Tough Market Amid New Car Competition

Years ago, it appeared that purchasing a used automobile was a prudent and practical thing to do because it was much more affordable compared to acquiring a brand new vehicle. Fast forward to 2013, industry experts concur that used car dealerships are having a difficult time in this market as potential car owners are shifting towards new rather than used.

Speaking with The Nation in September, Somchai Trakulpirom, general manager of Master Certified Used Cars, noted that the used car industry needs to make adjustments in its business model and provide better offers than what is presently being offered by their counterparts.

The difficult market, for instance, is suggesting that consumers are buying because of the attractive promotions that are being listed, such as zero down payment, low interest, inexpensive bi-weekly or monthly payments and other special promotions – stronger offers are even expected as dealerships attempt to clear out … Read More

Read More

What Homeowners Need to Know When Facing Foreclosure

Understanding the Foreclosure Process

What Is Foreclosure?

Foreclosure is the process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a lender files the appropriate documents with the appropriate officials (see below for more details).

Colorado Foreclosure Laws

Colorado foreclosures occur through both in-court (judicial) and out-of-court (non-judicial) proceedings.

The judicial process is used when no power of sale is present in the mortgage or deed of trust. The process begins when the mortgage lender files suit with the court system. The borrower then receives a letter from the court demanding payment. Typically, you’ll be given 30 days to respond with payment or a written response to the bank’s attorney and parties involved. If you do not respond within the time limit given, a judgment will be entered and … Read More

Read More