BofA repo - arbitration meeting 10/29
Date: Thu, 09/23/2010 - 11:46
We had a 5th wheel trailer purchased for our business ($30,000), but under my personal credit/name. When the business went under, the trailer was repo'd by BofA. They sold it at auction for $7,500. We were unable to pay anything since I was out of work. BofA sent this to Gurstel, Staloch & Chargo. They sent a letter demanding payment. We sent a validation request (by certified mail) within the 30 days. They never sent the validation back, simply filed a lawsuit. We received a summons next. We are scheduled for mandatory arbitration on 10/29. A family friend who is an attorney has tried to settle it, but the best they have come up with is 80% in 3 lump payments which is impossible for us. Should we keep trying to settle it, or just wait until the arbitration meeting and maybe the arbitrator will award them less? We paid on this for a year and a half, and they are already trying to get as much as the original loan amount.
Keep trying to settle it. It really depends on your asset situa
Keep trying to settle it. It really depends on your asset situation, but you should be able to settle it post-judgment if it goes that far.
Don't have any assets, other than a 529 with about 8k in it, tha
Don't have any assets, other than a 529 with about 8k in it, that I am sure they will take. Otherwise, we owe more than the value of everything. Tried to refinance the house, we owe $291,000 and it is worth $110,000. We have a good income, but our debt offsets almost all of it, and mortgage due to go up $400 per month in 18 months. We do not want to file for bankruptcy though, as all other account are paid current (including mortgage and credit line also with BofA) and we want to minimize damage.
