Stuff the bank left behind!!!

Sorry to hear about your situation. Just an observation.......most folks would have been too proud and/or embarrased to even post this, but maybe I'm just considering my generation. Best of luck to you.
 
Sounds bad... really sorry for you. I didn't realize that it wasn't over when the repo man left until reading this thread.

Was the repo man from Florida? :smt043
(sorry, inside joke)

Good luck :thumbsup:
 
He says that he just made $180 by selling the GPS. And, he has already received two calls about the Bimini top.
I hope that he realizes that if the GPS was financed with the purchase of the boat, it is loan collateral. The Bimini top is also collateral for the loan. Selling it could possibly result in a theft by conversion charge.
If I were that fellow, I would pack everything that was left behind and take to the bank. If they refused to accept it, I would get their statement in writing.
 
jerrys said:
he says that he just made $180 by selling the gps. And, he has already received two calls about the bimini top.
I hope that he realizes that if the gps was financed with the purchase of the boat, it is loan collateral. The bimini top is also collateral for the loan. Selling it could possibly result in a theft by conversion charge.
If i were that fellow, i would pack everything that was left behind and take to the bank. If they refused to accept it, i would get their statement in writing.
Click to expand...
yup
 
I feel for the guy, but his first post on CSR is to say his boat was repo'd, then "I've got parts for sale". Not a great public move, IMO......CYA dude.
 
Cincy Aquaholic said:
. 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.
Click to expand...

I work in real estate, and you can't short sell a home unless you are in a workout program with the bank. I would assume the same would apply to collateral such as a boat - you can't pass clear title, so you can't create your own short sale program. The best thing to do to minimize exposure is to work with your lender as best you can. (I'm hardly a shill for the lenders; I've seen enough bad behavior toward even good customers to make me sick. But, if you have a contract to pay, you are at a disadvantage, and courts are not going to side with owners of luxury items.)
 
I wasn't suggesting a traditional short sale of the boat. You're right, he's not passing a clear title unless the lien is satisfied. What I meant was, he would have been better off selling for what he could and cover the loss out of pocket rather than have it repo'd and have to satisfy those loses anyway.
 
That makes sense, if you have the $$ to write the check to get out you technically won't have any credit problems and will have satisfied your debt as agreed. Unfortunately, most folks in this position won't have the $$, and need to be careful with what they are doing. Things can get complicated fast if you are having trouble making payments, trying to sell an item with a lien, and trying to satisfy issues such as late payment fees, etc. The snowball can start rolling downhill pretty fast, and even fairly savvy people can have a nasty time dealing with some of the mega institutions. I've never dealt with BOA, but I've tried to work short sales for clients with some of the other big guys, and I've been passed around to enough clueless newbies that I've wanted scream (actually, I think I have).

I had friends that were making car payments on time to one mega bank, and the bank failed to properly record ONE payment that was well documented because the bank debited it from my friends' checking account. And it took months for them to straighten the mess out. They use their local credit union now.

Avoid consumer debt whenever you can - it can be nasty stuff.
 
Two things to be ca reful of. DO NOT post that you still have items from the boat. The Internet is public domain and if they find you kept items that belong with the boat they can probably prosecute you. The next thing is after they sell the boat, whatever the delta is between the note balance and what they get less all fees can become taxable income.
 
The right hand said if it came to it they would call but the left hand did not even care,
 
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I don't want to come across as a cold hearted ass... but...

Why do people blame the bank when they can't make payments? It's utterly absurd.

No one wishes this type of predicament on anyone and frankly it may not be your fault (entirely). But don't blame the bank when they loaned you money and didn't hold a gun to your head to accept it. Grow up.

Getting on CSR and telling the world how you are going to screw the bank over makes some people wish you get what you deserve... Have some ethics.
 
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c0687020 said:
I told one party the stuff was not all in one place, outdrive in the garage, battery in the basement, interiors in storage
Click to expand...

So now we have a B3 outdrive in the garage?

Big $$$'s
 
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Probably the easy way out now is to declare bankruptcy and start all over... you'd be out of default and Obama dollars will cover the banks loss...
 
P.S.(It might not be the screaming kids and stupid dogs causing all that anger!!)
 
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A mere 2 payments. Mr. Repo said he used to do about 8 a month but is now doing more like 8 a week. Plus the banks usually have him hold onto the items for a 2 week negotiation period but now has them shipped to auction sites within a few days.
Just a sign of the times.
 
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