National Marine in ohio
02-09-2007, 07:23 PM
#64
02-10-2007, 08:37 AM
#65
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Join Date: Dec 2000
Location: SW FL, USA
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Fountain11,
The boat FeverMike is talking about "belongs" to a family member of mine. Contract is being legally disputed and I guess the bank can't touch the boat until it get's worked out. Plus the owners of the trade-in boat do not own the boat legally because the previous loan was never paid off, yet they are still making payments on it to another bank that does not hold the title. Even if they paid it off, I do not think they would legally own it because of the previous banks stake in it. No payoff equals no title equals no ownership. It's a big F'd up mess that Bill Hionas deserves to be punished for. The fact that he is walking the streets after delivering a screwjob of this magnitude is astounding.
Mike
The boat FeverMike is talking about "belongs" to a family member of mine. Contract is being legally disputed and I guess the bank can't touch the boat until it get's worked out. Plus the owners of the trade-in boat do not own the boat legally because the previous loan was never paid off, yet they are still making payments on it to another bank that does not hold the title. Even if they paid it off, I do not think they would legally own it because of the previous banks stake in it. No payoff equals no title equals no ownership. It's a big F'd up mess that Bill Hionas deserves to be punished for. The fact that he is walking the streets after delivering a screwjob of this magnitude is astounding.
Mike
02-10-2007, 11:07 AM
#68
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iTrader: (1)
In reading this there is basically NO way to tell if there's a previous lien on the boat then correct???? My credit union asked for the VIN number and I was assuming that was to verify that is was a "clear" title...now I'm not so sure they could tell that.
So who must uphold the burden? It would seem if the bank was fooled why should the owner be held responsible??? I always assumed shady dealings would be found by the banks....
So who must uphold the burden? It would seem if the bank was fooled why should the owner be held responsible??? I always assumed shady dealings would be found by the banks....
Last edited by fantastixvoyage; 02-10-2007 at 02:14 PM.
02-10-2007, 01:45 PM
#69
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Yes you can tell if there is a valid lien. It will be recorded on the title and in the recorders office. If the boat is documented the coast guard will have record of a prefered ship mortgage.
In a nut shell, National resold boats to unsuspecting buyers and never paid off the prior loans, therefore the sellers had a boat with 2 loans against it. The 1st owner still had a loan to the bank and no boat. The new owners had a boat with 2 loans against it and their bank had a 2nd lien on the boat. The first lender had 1st claim the the boats. The second lender was hung out to dry as was the second owner and the second owner still owed the money to the bank.
It's complicated...needless to say a lot of fraud was involved and lawsuits.
In a nut shell, National resold boats to unsuspecting buyers and never paid off the prior loans, therefore the sellers had a boat with 2 loans against it. The 1st owner still had a loan to the bank and no boat. The new owners had a boat with 2 loans against it and their bank had a 2nd lien on the boat. The first lender had 1st claim the the boats. The second lender was hung out to dry as was the second owner and the second owner still owed the money to the bank.
It's complicated...needless to say a lot of fraud was involved and lawsuits.
