Loan process began on Monday the 28th, I contacted Matt at Offshore Financial and explain to him I have 2004 Lavey Craft MCOB with a single 525 i want to purchase. Offshore Financial did my previous Power Quest too. 1st bank says NO performance boats, period. 2nd bank said ok, but @ 7 7/8% and 25% down, now I was really getting discourage when Matt hit the right bank, and the right terms for me. We had to do a lil smooshing on that it was a 'BOW RIDER". It's weird I thought that it would be a long hard boat search, but it wasn't. Sold my boat in two days and had a deposit on another in 4, not bad in today's mess. Good luck

Bravo to you! I've been paying out $2k a month for five years on a house I don't live in. The ex is refinancing now, and amazingly, got a 4.5% apr. That will free me up some cash each month, but also I get nailed on taxes without any exemptions or child credits.

I can't believe the number of people that walked away from house they bought, still can afford, but want out so they can get something cheaper at today's low prices. Imagine if the stock market worked like that since 1999. An enormous amount of the problem.

A story. I know two people that flipped houses in Florida, and told me I was nuts for not getting in on the gold rush. They left two houses for dead, which later molded up. After a lengthy foreclosure, they are now ranting and raving that they can't get a mortgage to buy some more at today's fire sale prices :eek:

I hope I can match your 850 score after this anchor of a house is off of me. I've never failed to repay a dime, and don't intend to start now.

VT,
I hear ya on the frustration of people WHO can afford to keep paying, but CHOOSE NOT to, and walk away!! I know of a couple in our hood, he's a airline pilot for SW and she's a flight attendant, no kids, obviously make decent money between the 2 of them. Well, they have a house on the same canal as 1 of our rentals, and a condo over on Cocoa Beach. They are upside down on both properties, and stopped paying the mortgages on both about 6 months ago. They are still living in the house..... Now I heard from a neighbor the other day, that they have found a new home that is going to be owner financed, (Idiot) and they are going to STRIP their present homes of everything they can!!!!!!!!!!:angry-smiley-038:
That is just wrong, and if I see this guy, I will tell him so! These people just chap my azz doing this....
Dean

There are deadbeats everywhere and there will continue to be so until we make harsh punishments for their actions. We let it happen.

The people that screw themselves and then think nothing of making it our problem, really chap my azz. And dont get me started on the a-holes that leverage the **** out of their homes and boats and then strip them of all the value (and profit from doing this), then tell the bank to come and get the dead carcass. We have them here among us... IMO time should be spent behind bars for doing this crap.

I explained to the bank how my 342 is a cruiser. I guess it is compared to a lot of the hardware out there:coolcowboy:

No need for a new law, the law already exisits. As part of the loan agreement the borrow is agreeing to make the payments but also agreeing to maintain the collateral as well. So when people sell off the engines and drives, they are STILL responsible for the deficiencies and they will be pursued for it.

Not sure who your bank was but there are several lenders that are making boat loan modifications and doing exactly what you stated above.

Another issue for lenders regarding cats:

Joe Blow buys a 46' Skater with twin 1350's for $700k. Gorgeous boat and Joe Blow has had 4 cats before with tons of experience. Joe Blow then decides he wants to enter the boat in his local boat club's kilo run for fun. Unfortunately something tragic happens while running the kilo and the boat is severely damaged or destroyed. Joe Blow calls his insurance company and his boat that was insured for $700k with the lender listed as additionally insured / lien holder, and finds out that since the boat was entered into a "race" his insurance is NULL & VOID (has happened many times before) since he was entered into a race or timed speed event (read the fine print on all insurance policies).

Now Joe Blow is screwed and so is the lender. The lender now has to rely on Joe Blow to pay them in full since the boat is damaged beyond repair or destroyed.

That problem does not exist when lending on yachts.

Bank Fraud ?
 

Please correct me if I'm wrong,but isn't representing a high performance boat as a bow rider or a cruiser in order to circumvent a lender's guidelines a form of fraud ?