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Settling Boat Loan

Date: Wed, 02/02/2011 - 06:09

Submitted by anonymous
on Wed, 02/02/2011 - 06:09

Posts: 202330 Credits: [Donate]

Total Replies: 3


I recently lost my job and have a boat that is worth 40k but I owe 60k. Anyone have advice on how I should proceed. Should I try to sell the boat and then ask them to bill me over several years for the deficiancy and try to settle that amount later?


They did say they would short sale the boat but I would be billed for the deficiancy but they would be willing to spread the deficiancy amount payments over several years. My question is if they would then settle the defiancy amount after I make a few months worth of payments?


lrhall41

Submitted by on Wed, 02/02/2011 - 07:10

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I would sell the boat and deal with the deficiency later. The bank is not going to tell you this now, but you may be able to settle it. Certainly, if you don't make the agreed payments timely they will have to write it off (charge off) and most unsecured charged off debt can be settled for less. I sold my cruiser just before the crash and am I glad it worked out that way. Similarly to homes, boats have lost a lot of value.


lrhall41

Submitted by dantheman on Wed, 02/02/2011 - 10:00

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