your best bet if to offer the bank 10-20% of payoff and they will most likely write the liability off their books at this point...they probaly dont want it back bc it will cost them more in their eyes to liquidiate it than just write it off!!!
Let me state, this doesnt really make sence from a lender/repo standpoint. My guess is the note is in limbo because the guy hasn't had real communication with the lender or the note has been sold and not made it to repo status yet??? But it is time to move forward if what he says is actually true: Here is what I recommend with a caution to start; If your "Friend" disposes of the boat on his own, it is a class D Felony (selling encombered property) so make sure he does not just "Sell it".
Step one: he needs to send a letter return reciept requested telling the lender they have 20 days to take boat or it will be abandoned.
Step 2: have a "Towing company" pick it up and have them send the lender the "abandonment forms" fees to be paid, etc...
Step 3 follow the steps of the abandonment procedure in your state.
Step 4, take possession of unit w/clear title.
But most likely... The lender, once they recieve the notice will contract to have it picked up under a voluntary surrender reposession.
Last edited by bajaholic; 03-01-2011 at 04:16 PM.
I can get a clean title for any boat. I buy boats. Even if they have liens. Let me know if he wants to sell it.
SVl---didnt your friend have a problem w an activator?
sounds like the owner of the boat has the best deal here to me, basically the bank said keep the boat and he is obviously not gonna make payments.......sounds like he gets to use a free boat until the bank finally becomes interested in it again
NOT LEGALLY! Beware of what you are promising.
If you have statues that allow you to sell property with a lien on it with out clearing the lien tby the lender, I sure would like to read it. Please paste and cut it to this thread!
I will humbly stand corrected if you can show us how you do it without it coming back to the new owner or seller at some point?????
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