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Boat Purchase

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Salty Dog

New member
My current wife and her deceased husband purchased a expensive boat prior to his passing and when he died my wife defaulted on the loan due to her inability to pay the monthly notes. Sometime in the last couple of years the bank stopped attempting to collect this money and never has taken physical possession of the boat. This has never had an effect on her credit rating and the boat is still in our possession. What path do you think we should take to get this from hanging over our head? Please advise.
 


Salty Dog

New member
We live in Texas now and the transaction occurred in Louisiana. No we have never tried to sell the boat and the market value would be in the area of $35,000 and the note remains 65,000 or so.
 

PayrollHRGuy

Senior Member
Ah, the happiest 2 days of a boat owners life the day they buy it and the day they sell it.

Since you asked how to get out from under this I'm not going to say you could simply sit around and wait until the bank or someone they sell the loan to comes after you, though that might actually be the best option at this point.

So, you are going to have to come up with $30K (and increasing every day) just to sell it. Can you get cash out of your home equity for that kind of money?

What sort of time periods are we talking about here. When was the boat purchased? And why are you that upside down? Were payments ever made.
 

adjusterjack

Senior Member
Couple of options come to mind.

1 - Call the bank and arrange to pay off the loan and get a lien release. Though, being under water (pun intended) on the note, you probably don't want to do that.

2 - Call the bank and see if they'll come get it.

2 - Nobody's going to give you any money for it with that kind of balance. Offer it for free, disclosing the lien and balance and getting a written agreement that the recipient understands what he is doing and accepts the risk.

3 - Keep it, use it, when you don't want it anymore, take it out on the ocean and sink it or see if some shady salvage company will take it.
 

Salty Dog

New member
No I can't come up with that kind of money. The last payment on the boat was made in 03/2015. The boat was purchased in 2008.
 

Mass_Shyster

Senior Member
If this is an ocean going vessel? If so, you should speak to an attorney who practices Admiralty Law. There are a bunch of strange rules concerning liens under Admiralty Law.
 

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