Settling Boat Loan
Date: Wed, 02/02/2011 - 06:09
I would call the creditor and explain the situation. See if they
I would call the creditor and explain the situation. See if they will short sale the boat just like happens on a home.
They did say they would short sale the boat but I would be bille
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?
I would sell the boat and deal with the deficiency later. The ba
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.