Yoo In Na was reportedly at risk of losing millions of dollars as her rental home was listed for auction due to debts owed by her landlord.
This residence, for which she had placed a substantial 2 billion KRW (approximately $1.7 million) as a “jeonse” deposit, faced the risk of being sold to the highest bidder due to unresolved financial issues. Fortunately, the situation has now been resolved, sparing her from her lease home being auctioned off and lost. “Jeonse” is a housing rental system in Korea where instead of paying monthly installments to a landlord, a large lump-sum payment is deposited for the duration of the contract.
As per reports from November 7th, the star’s residence was slated for auction since April of this year. The reason behind this unfortunate incident was the unpaid mortgage linked to the property. In April, the property was scheduled for auction but failed to attract any bidders.
It was only recently that the homeowner paid off the debt, allowing the star to keep living in the apartment. This resolution is anticipated to be updated in the court auction network next week.
The female star lived in the apartment without any legal issues until last April. However, the homeowner couldn’t clear a relatively small debt of 144 million KRW ($120,000), which had set as collateral for the property. This situation resulted in the property being seized and put up for a forced auction. In June 2023, she applied to get back her deposit when she learned about the legal proceedings.
The estimated value of a unit in this apartment is 4.4 billion KRW ($3.4 million), which includes 2.3 billion KRW ($1.7 million) for the land and 2.3 billion KRW ($1.7 million) for the building. A similar apartment in the complex was sold for 4.5 billion KRW ($3.6 million) last month. Because of this, the starting auction price of 4.4 billion KRW ($3.4 million) has been considered somewhat high. Currently, the lowest market price is also around 3.6 to 3.7 billion KRW ($2.7 to 2.8 million), which is lower than the initial minimum bid price.
This is highly unusual incident of a high-value property being at risk of auction due to a relatively small debt has led to speculations that there might be personal reasons for the deliberate decision not to repay the debt. Nonetheless, the star can now breathe a sigh of relief as her residence is no longer in danger of being auctioned off.
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