Jackson’s Neverland Ranch Auction Canceled

The foreclosure auction for Michael Jackson’s Nerverland Ranch that was scheduled for this week was canceled after an investment company called Colony Capital LLC. bought the loan. Jackson hasn’t lived on the property for the past two years and is happy at the way things turned out. He recently had to go into default on the $24.5 million that he owes on the property and has struggled to pay his debts after his decline in finances after his arrest in 2003 on child molestation charges where he was later acquitted.

Lend and Borrow Money Online

There are now “peer-to-peer” lending websites that allow people to borrow money at competitive rates from lenders online. There is the site prosper.com, which allows the market to decide who gets funded. The site lendingclub.com is for borrowers with a FICO score above 640 and has a debt-to-income ratio below 30 percent. The site virginmoney.com manages loans between friends and family members. The site zopa.com works with credit union members.

The consequences of defaulting on a peer-to-peer loan are the same as a loan from a bank. Defaulting on a loan can have a negative effect on the borrower’s credit history.