Anyone Settle Definciancy after Auto,boat,rv etc short sale???...
Date: Tue, 03/22/2011 - 07:19
Has anyone had any luck settling a deficiancy after a short selling a car, boat, rv,etc? I have a boat loan that i owe about 15k more than what its worth. The bank has agreed to let me out of the loan but they are going to bill me for the difference I owe and put it in a 10 year note at 7% once I sell the boat? Has anyone ever settled a balance like this after a short sale was completed? If so at what percent did you settle the difference for?
The balance after a short sale can be settled. However, it will
The balance after a short sale can be settled. However, it will be the sole discretion of the lender as to whether or not he will be ready to settle the balance amount. You will have to negotiate with your lender so that he settles for a lower amount. The settlement percentage may vary between 40 - 60%.
