Seoul, South Korea – A 51-year-old resident of Ulsan has been identified as the individual with the largest outstanding debt for unpaid rental deposits in South Korea, according to the Safe Lease Portal. The man, who resides in Nam-gu, Ulsan, owes a staggering 862 billion won to former tenants.
This revelation comes as the South Korean government continues its crackdown on landlords who have repeatedly failed to return security deposits to tenants. Since December 27, 2023, the government has been publicly disclosing the names and details of such landlords, aiming to deter fraudulent practices and protect tenants' rights.
The Safe Lease Portal's "Habitual Default Inquiry" has unveiled a list of 1,177 individuals and corporations who have been identified as habitual defaulters, with the Ulsan resident topping the list. Other notable cases include a 32-year-old individual from Wonju, Gangwon-do, who owes 707 billion won, and a 43-year-old from Yangcheon-gu, Seoul, who owes 611 billion won.
Aggressive Legal Actions and Government Intervention
The severity of the situation is underscored by the fact that there have been 209 requests for enforcement or provisional disposition against the Ulsan landlord as of July 14, 2023. This indicates that numerous tenants have taken legal action to recover their deposits.
To provide relief to victims of rental scams, the South Korean government, through the Housing and Urban Guarantee Corporation (HUG), has been reimbursing tenants and then seeking recovery from the defaulting landlords. In the case of the Ulsan landlord, HUG has claimed 906 billion won.
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