The number of collective buildings, such as villas, which were put up for auction because they might not pay their debts, increased by regarding 50% last month.
According to the Court Registration Information Plaza on the 14th, the number of applications for registration of a decision to start a random auction of collective buildings (apartments, villas, officetels, etc.) last month was 2,365, a 47.8% increase from a year ago.
By region, the number of applications for registration of the decision to open a random auction of collective buildings in Seoul was 264, up 84.6% from the same period last year. The number of applications for Gyeonggi-do nearly doubled to 601 during this period.
Arbitrary auction is a procedure in which the debtor collects the debt by exercising the right set by the creditor in the real estate received as collateral if the debtor fails to repay the loan or interest.
A random auction is usually held if the principal and interest are not repaid for more than three months.
Reporter Song Jong Song song@kukinews.com View articles
