Like Tree0Likes

What to do with boat with no title and bank doesnt want??!!

Closed Thread
Old 03-04-2011, 12:18 AM
  #61
VIP Member
VIP Member
 
offshoredrillin's Avatar
 
Join Date: Feb 2004
Location: Maryland
My Boats: 00 Cig Tiger,74 Cig 20'
Posts: 10,945
Default

Quote:
Originally Posted by commandersander View Post
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.....

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...
obviously you know nothing of me or my sarcasm. however I digress. the fact that you chose to pick that sentence out of my post speaks volumes for your integrity. just becasue a person at the bank says one thing, it does not release the original borrower from his liability to said craft. the fact that people here have offered to "get a clean title" by pulling some bull sh!t gray area while at the same time questioning someone else's way of handling a title and serial numbers, you tell me, wtf is the difference????
I look at it this way, if he can fabricate work documentation for a boat to obtain it, then as a manufacturer I should be allowed to renumber and redo a vessel with no issue. I seem to remember a certain apache that went back as a 1994ish and came out as a 2006, did he break the law too? you phucking hypocrites are all the same, the law is only right when it works in your behalf!
offshoredrillin is offline  
Old 03-04-2011, 02:07 AM
  #62
Charter Member # 55
Charter Member
 
Griff's Avatar
 
Join Date: Oct 2000
Location: Omaha
My Boats: .......32............. ...............Active Thunder....
Posts: 15,752
Default

Quote:
Originally Posted by TexomaPowerboater View Post
Find a title specialist. They can probobly do a storage lien.
That lien will become secondary to the original lien.

The original lien is on the boat and unless the bank signs off on it and releases the lien, then it will always exist.
Griff is offline  
Old 03-04-2011, 02:16 AM
  #63
Charter Member # 55
Charter Member
 
Griff's Avatar
 
Join Date: Oct 2000
Location: Omaha
My Boats: .......32............. ...............Active Thunder....
Posts: 15,752
Default

Quote:
Originally Posted by commandersander View Post
Great.....now I'm gonna open my big damn mouth....

When will I learn.....

This is a completely legal and legitimate process:

Maximum allowed per-day outside storage $35
Maximum allowed per day inside storage $65

If you performed ANY maintenance or repairs during the period of time while it was in your possession that could be see as preserving the condition or meeting the agreement that you made when it was dropped off (install a radio for ______$) or change the gearcase oil for _________$) by ANYONE....meaning NOT the owner and NOT the lein holder(s)

Add all of your "fees" together, and present the lein holder by return receipt with a request for payment. Make sure they have a way to contact you.

They will assess the value v.s. what you are claiming and do one of two things only:

Value higher than claim, will pay you and come pick up the asset.

Claim higher than their value, they will send you the title.

Period. That easy.....almost....

If they pay you and take the boat, demand a "hold-harmless"in your name...this means that they are releasing all claim to the asset where you are concerned.....

If they say no thanks, keep the boat.....tell them again, you want a hold-harmless in your name along with the title....and they will ask the same from you....

You do not need a signed work order. It helps, but FL is one of the states that uphold verbal agreements as "contract"...so the lein holder has to prove that you were not in possession of the asset...which is stupid because why else would you HAVE IT NOW...??!!

Now....to your friend....certainly, he can't do this. It is a violation of his purchase agreement. So is not paying, but he has no financil claim to the asset until it is HIS. You, on the other hand, have no agreement with the bank/lein holder. Your agreement is with "someone" who asked you to perform a service...i.e. maintenance or repair or storage. Whether or not the registered owner asked you to do this makes no difference to the bank. What matters to them is that you have possession and a legitimate claim that they MAY have to defend against.

They don't want the boat. They don't want to go to court with a claimant...for a boat that they don't want. Ends up costing them waaaay too much.....and it hurts their score as a lender.

Finally, there is a strong probability that your friend will receive a 1099A (abondoned) from the lein holder next year. This means that he will have the balance of the unpaid loan reported to the irs as EARNED INCOME. This lets the lender write down thier own tax liability.....and your friend has to give UnkSam somewhere in the neighborhood of 7k for the reported balance you stated earlier....

They may not. There is no rhyme or reason as to which lender will or will not, or when if they do. It is something your friend wants to consider no matter what.

Best case, you get a boat and help your friend pay the tax liability IF they send him the 1099.

Middle case, he abandons it in their parking lot....they sell it at auction for 5k.....he gets a 1099 for 19k instead of the whole amount...

Worst case, apply for a title and send empty envelopes with return receipt and get caught....

Do it the right way! You don't want this boat for 50-100k plus time if you get caught being shady.....

Oh.....quick end off....

They bank knows that they are looking at $100per foot for recovery....plus storage...plus delivery to the auction...plus the sellers premium....plus administrative costs....plus interim liability.

THIS IS WHY THEY DON'T WANT WANT IT BACK. PERIOD.
Your entire scenario would be called Conspiracy to Commit Fraud, Theft by Deception, or Collusion. It is a preconceived plan put in place for the sole purpose of defrauding the bank.

If someone is actually running a legitimate storage business and is actually storing, then that may be a legal way to recover the storage fees.

Last edited by Griff; 03-04-2011 at 02:19 AM.
Griff is offline  
Old 03-04-2011, 08:58 AM
  #64
Registered
VIP Member
Trade Score: (8)
 
Join Date: Sep 2006
Location: CapeComa,FL
My Boats: Sold Formula to pay for tow boat us law suit
Posts: 1,391
Default

Quote:
Your entire scenario would be called Conspiracy to Commit Fraud, Theft by Deception, or Collusion. It is a preconceived plan put in place for the sole purpose of defrauding the bank.
Agreed.....if it is not legitimate. I am not proposing it be done in any other way....

Quote:
Best case, you get a boat and help your friend pay the tax liability IF they send him the 1099.

Middle case, he abandons it in their parking lot....they sell it at auction for 5k.....he gets a 1099 for 19k instead of the whole amount...

Worst case, apply for a title and send empty envelopes with return receipt and get caught....

Do it the right way! You don't want this boat for 50-100k plus time if you get caught being shady.....

Last edited by commandersander; 03-04-2011 at 09:00 AM.
commandersander is offline  
Old 03-04-2011, 09:25 AM
  #65
Banned
 
Join Date: Sep 2007
Location: Frankfort,ill
My Boats: 40 SKATER
Posts: 12,863
Default

Quote:
Originally Posted by offshoredrillin View Post
obviously you know nothing of me or my sarcasm. however I digress. the fact that you chose to pick that sentence out of my post speaks volumes for your integrity. just becasue a person at the bank says one thing, it does not release the original borrower from his liability to said craft. the fact that people here have offered to "get a clean title" by pulling some bull sh!t gray area while at the same time questioning someone else's way of handling a title and serial numbers, you tell me, wtf is the difference????
I look at it this way, if he can fabricate work documentation for a boat to obtain it, then as a manufacturer I should be allowed to renumber and redo a vessel with no issue. I seem to remember a certain apache that went back as a 1994ish and came out as a 2006, did he break the law too? you phucking hypocrites are all the same, the law is only right when it works in your behalf!
Rob / sarcasm ???
RunninHotRacing163.1 is offline  
Old 03-04-2011, 09:36 AM
  #66
Registered
 
Join Date: Jun 2005
Posts: 9,590
Default

Quote:
Originally Posted by RunninHotRacing163.1 View Post
Rob / sarcasm ???
Yeah thats crazytalk!
Jupiter Sunsation is offline  
Old 03-04-2011, 09:41 AM
  #67
Registered
Trade Score: (1)
 
Join Date: Jan 2005
Location: IL
Posts: 4,130
Default

Wally
is this for that 38 down in Florida?
boatnt is offline  
Old 03-04-2011, 10:36 AM
  #68
Were doomed!
Charter Member
Thread Starter
Trade Score: (1)
 
Wally's Avatar
 
Join Date: Oct 2000
Location: Chicago, IL
My Boats: Chris Craft Stinger 222
Posts: 5,529
Default

Quote:
Originally Posted by boatnt View Post
Wally
is this for that 38 down in Florida?
LOL no for a 2008 seadoo challenger
__________________
-Wally

Money can't buy happiness, but it can buy horsepower. And I've never seen a sad person hauling a$$!
Wally is offline  
Old 03-04-2011, 10:39 AM
  #69
Were doomed!
Charter Member
Thread Starter
Trade Score: (1)
 
Wally's Avatar
 
Join Date: Oct 2000
Location: Chicago, IL
My Boats: Chris Craft Stinger 222
Posts: 5,529
Default

The plot thickens and the story now changes!....i got a little more info. the guy had the boat under one of his companies...that he declared banckruptcy on and told the bank it was left outside and was all dirty/scummy...etc.....so the bank is under the impression it has no value and thats why they didnt want it. But he had it under cover in his garage the whole time. But now i cant get a hold of him i guess he realy dont want to get rid of it...at this point i dont feel like following it up anymore...more of a headace then its worth to me att his point.
__________________
-Wally

Money can't buy happiness, but it can buy horsepower. And I've never seen a sad person hauling a$$!
Wally is offline  
Old 03-04-2011, 11:31 AM
  #70
Banned
 
Join Date: Sep 2007
Location: Frankfort,ill
My Boats: 40 SKATER
Posts: 12,863
Default

Quote:
Originally Posted by Wally View Post
The plot thickens and the story now changes!....i got a little more info. the guy had the boat under one of his companies...that he declared banckruptcy on and told the bank it was left outside and was all dirty/scummy...etc.....so the bank is under the impression it has no value and thats why they didnt want it. But he had it under cover in his garage the whole time. But now i cant get a hold of him i guess he realy dont want to get rid of it...at this point i dont feel like following it up anymore...more of a headace then its worth to me att his point.
RunninHotRacing163.1 is offline  
Closed Thread



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 09:48 PM.


Copyright 2011 OffShoreOnly. All rights reserved.