A friend of mine just purchased a Velocity that was bank owned and they were asking 69k and he got it for low 30s.
if it has been sitting for a while,, they will deal to get it off the books
But the thing that is still glaring at me is 2 things: 1) this "friend" has appears to have only talked to a front line collector, we have not established if the correct person has even been notified (thus the letter to the lender as stated earlier) and 2) manufacturing a bogus invoice etc to get collatteral, no matter how you look at it, it is fraud unless you go through the proper abandonment/notification etc.
I would be amazed if the lender walks away from the collatteral from the debtor, if they did, there would be no way to go back after them for the deficiency balance and if it has lenders insurance, they could not even file a claim for the balance???
I still think honesty s the best way to go in life, maybe thats just my age or something, but I can sleep at night...
Awfully broad stroke with your brush there, huh? Instead of painting such a negative picture for our friend, how about making a suggestion that he can find some use with? He didn't post a request for criticism and negativity.....Im gonna send a letter to IB to change the name of the site to hypocrites only..seems people on here dont care about the right thing until it benefits them
I am not picking a fight here.....but please....let me point out the obvious....
This is a community. We all come here to share...the good, the bad....and hopefully learn something from our fellow (not gender specific) members.
VIP.....thought you would know that with your stature.....that is of course unless it stands for Very Insecure Person....one that gains self-worth from the belittling of others...
Follow him.....he's on the way to your preferred venue...
Baja....same here....in FL....have an R off a sponsored EE
We get 100 per foot, wet or dry....
Also, please don't misunderstand.....I am not proposing ANY misconduct.....in fact.....I said clearly......
Do it the right way! You don't want this boat for 50-100k plus time if you get caught being shady.....
Is a lean holder responsible for the difference of the loan payoff and selling price? Or does the bank just take what they can get and write the rest off? Seems like that would lead to a rush of people defaulting on loans, having a buddy buy it for a fraction of the original loan, buy it back off your friend and have your boat back at a much lower loan. Never been in this position, so don't know the partics
Any negotiating on this boat should be with the note holder, not the current owner, correct? Unless the buyer pays the payoff.
Some people are like Slinkies - Not really good for anything, but they
bring a smile to your face when pushed down the stairs.
Why not just borrow the boat? Renew the registration and go enjoy it while it is in the friend's name. It may take all summer for the bank to get it especially if it is not at the guy's house.
The point of this situation is that the boat belongs to the bank(lender holds the orig title) and if anyone produces a secondary title its wrong---its fruadulent! I am shocked some people would promote this way of thinking especially when it has hit close to them.
one word : INTEGERITY
Once the asset in question is sold at auction the institution will deduct the value the asset was liquidated for against the payoff value and they have the option to pursue this balance from the orig debitor...this is where it can be vague--w this economy the institution may be happy writing it off their books but they could also pursue a judgement for the balance. ( I even witnessed the debtor recieving a check for equity in a liquidated asset)
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