Stuff the bank left behind!!!

c0687020

c0687020

New Member
Mar 30, 2011
14
Niantic, Ct
Boat Info
200 SPORT BR
Engines
454 Mercruiser w/Bravo III Drives
I'll be waving from shore from now on. Life is tuff but now it will be even tuffer without my 200 Sport.:huh:
 
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Asta La Vista

HAD a 2005 Sport 200 all the removable stuff is in the garage. Such a shame to see these things go to watse.
Clarion M235 face plate and carrying case, carpeting, canvas, bimini and the full set of bow and stern seats. All like brand new.
 
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Re: Asta La Vista

Missed 2 payments
 
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Re: Asta La Vista

Sorry to hear that. Only two payments and they repo'd it? I'm not questioning but that's harsh.
 
Re: Asta La Vista

Tonka Boater said:
Sorry to hear that. Only two payments and they repo'd it? I'm not questioning but that's harsh.
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Missed two payments in the winter...sounds like you've since made a payment or two since the ones you missed. Really harsh. Can they even do that if you started paying again?!
 
Sorry to hear about loosing your boat. Unfortunately by contractual law,the lending institution, will go after you for recovery fees, transportation costs, storage, auction fees, attorney fees and court costs. Also if the sale price at auction does not satisfy the outstanding loan amount, you will also be responsible for the difference. They will also be looking for the missing items. The other thing to think about is, that the items missing from the boat will impact the final selling price at auction.
 
Re: Asta La Vista

Look at your other thread for some information on the repo.
 
I am sorry to hear that you are having hard times, much less lost your boat. Hang in there and you will make it back and keep your family close. It is the tougher times that we learn the best lessons from I think.
 
I did not mean to sound insensitive, I trully do feel bad for your loss, I had a friend go through it, he ended up with a judgement against him for quite a few $$. The banks can be bastards and can make your life misserable. A lot of people think once the bank takes it, its over. Again sorry if I sounded insensitive.
 
The really bad thing is that you will be on the hook for all the related cost to sell that boat. Walking away with a few toys will hardly be worth it.
Try to sell them and use the cash to offset some of the costs your going to incur.

Sorry about your loss.
 
sfergson727 said:
So what happens now? I've often wondered what occurs after the bank takes your boat. Do they pursue all the funds you owed them, plus transportation costs, etc. minus what ever they sell it for? Sounds like a nightmare situation.
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Yes, that is exactly what happens. They sell the boat and you still owe what is left on the loan plus all charges that we incurred to sell the boat. Really sucks. Look at yachtauctions.com has all the information if you are interested among other auction houses as well.
 
In all probability the bank will simply turn the matter over to a collection law firm that will likely file a creditors lawsuit for the the owed monies. Once the judgment is obtain, either by default or on the merits, they will likely pass it to a collection agency. I don't meant to sound insensitive either but be prepared for dealing with them . .. i.,e., garnishments etc. The hassle is just beginning. Unfortunately, missing payments and not being able to deal with it then was worst thing that could happen. I bet even if you could've sent them $50 bucks just to keep a payment going you would have avoided the situation. Probably even better off selling it yourself even at a big loss and dealing with that rather than have the ding on your credit now too. That's why many people are opting for short sales on homes because the ding on the credit is less than a foreclosure. This is a bad situation and I'm sorry to hear about your predicament.
 
88dancer300 said:
Sorry to hear about loosing your boat. Unfortunately by contractual law,the lending institution, will go after you for recovery fees, transportation costs, storage, auction fees, attorney fees and court costs. Also if the sale price at auction does not satisfy the outstanding loan amount, you will also be responsible for the difference. They will also be looking for the missing items. The other thing to think about is, that the items missing from the boat will impact the final selling price at auction.
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The same with homes. Many people think that they “just give the house back to the bank” and that’s it.
 
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