Question by Boating Brad: After losing my job I must default on a boat loan. What remedy might the bank take against me?
The loan did not secure any collateral other than itself. I owe about 10,000 more than the boat is worth, but I have been unable to sell it in our current economy. I have tried for a year to sell the boat and now with my current job loss I cannot make the payments.
Best answer:
Try and make a deal with the bank to extend your payments over time. They would end up repossessing the boat and then trying to sell it themselves, and you could be thrown into involuntary bankruptsy if you cannot meet your other obligations. Not likely but possible.
.
That is a lot of work, and in this economy there is really no upside for them. If you have been a good payor, maybe they can work a deal with you were you can hold off until you get another job, or pay a small amount until you get a job….they want to make deals in this economy
Similar Posts:
- Q&A: I want to find out how to get a small boat loan ($5,000) but my credit is not the best due to IRS chapter 13?
- hi I need info on boat loans for about $10000.?
- A Few Different Debt Consolidation Options
- Exemption Of Jointly Titles Sail Boat With Broken Motor
- Get the Help of Experts to Solve Your Real Estate Troubles
Recent Comments