Desperate. Take Over Payments
Platinum Member
10-08-2008, 07:48 AM
#33
Registered
Join Date: Jun 2006
Location: Upper Chesapeake
Posts: 542
Likes: 0
Received 0 Likes
on
0 Posts
You're statement could not be more wrong. A 60 day delinquency is a serious mark but if it's an isolated incident and explainable and everything else is OK, especially if the borrow has been in contact with the bank and worked on a solution it is a completely different than just ignoring calls and finally having to go out and repo something.
It will depend on the bank and how they handle it plus your situation but again a will say a 60 day late is very different than a foreclosure or a repo.
It will depend on the bank and how they handle it plus your situation but again a will say a 60 day late is very different than a foreclosure or a repo.
Well I should restate what I said earlier.
In terms of a credit score, Yes it is different, however a 60 day late payment is percieved to be a foreclosure by the bank and without intervention a collection agency will assess their fees to what is owed to the bank.
My advice to him would be to talk to the bank to prevent this and to find out if making a extra payment to the following month's payments would be possible. Sell it ASAP. Or find a partner and share ownership.
Above all else........Protect your credit score. Everything is affected by your credit score. Car insurance, health insurance, interest rates, etc.
10-08-2008, 10:25 PM
#34
Registered
Thread Starter
Join Date: May 2006
Location: valencia,CA
Posts: 96
Likes: 0
Received 0 Likes
on
0 Posts
Yes I am useing some old pics and some that I took also, I used the boat very littel this summer, well it still is hot ware I live , today was 98.The boat is at my house here in So Cal. right in my driveway.It is perfect condition , I have over 6k into refreshing the motors and drives.The boat runs awsome, it is running in the 87-89 mph on gps right now, changing the props will get her 90+.As for the payoff it is alot -72k.I am wating to here from the bank regaurding a short sale price if they are willing to do that.
I will be returnig calls that have been made by a few of you guys tomarrow 10/09/08.It has been a long week and today was the longest so far.Sorry for the late call backs.
Thanks for the interest and kind words.
P.S I REALY OWN THE BOAT,WELL THE BANK DOES,I HAVE POSSESSION OF IT! PANTERAS WEBSITE OWNERS GALLAERY WAS NEVER UPDATED.
I will be returnig calls that have been made by a few of you guys tomarrow 10/09/08.It has been a long week and today was the longest so far.Sorry for the late call backs.
Thanks for the interest and kind words.
P.S I REALY OWN THE BOAT,WELL THE BANK DOES,I HAVE POSSESSION OF IT! PANTERAS WEBSITE OWNERS GALLAERY WAS NEVER UPDATED.
Last edited by moviemoney; 10-08-2008 at 10:30 PM.
10-10-2008, 09:10 AM
#36
Registered
I don't know which bank(s) you work(ed) for but in my 20+ years of finance and banking None of the instututions I've worked for, including my current one consider a 60 day delinquecy the same as a foreclosure.
Not even close.
And none of them ever turned an account over to a collection agency until after they had exhausted all collection work and charged off the loan.
I've made loans to people that have been 60 days past due with us at one time or another for various reasons, people and businesses.
I've never loaned a dime to someone we had to foreclose, repo, charge off or a bankruptcy where we incured a loss.
If the delinquecncy was a over a year ago with another lender and all paid before or since and current or paid off with them, assuming a decent reason, we over look it too.
Now if they are currently 60 days past due with someoen else and want a loan or recently 60+ days past due we aren't going to make a loan, without mitigating circumstances, but given a year of good payment it's easily ignored assuming credit was good before and since the issue.
I really think your information is incorrect...but then again I'm not your banker either.
Last edited by Von Bongo; 10-10-2008 at 09:18 AM.
10-10-2008, 07:51 PM
#38
Registered
Join Date: Jun 2006
Location: Upper Chesapeake
Posts: 542
Likes: 0
Received 0 Likes
on
0 Posts
I'm going to have to respectfully disagree with your statement.
I don't know which bank(s) you work(ed) for but in my 20+ years of finance and banking None of the instututions I've worked for, including my current one consider a 60 day delinquecy the same as a foreclosure.
Not even close.
And none of them ever turned an account over to a collection agency until after they had exhausted all collection work and charged off the loan.
I've made loans to people that have been 60 days past due with us at one time or another for various reasons, people and businesses.
I've never loaned a dime to someone we had to foreclose, repo, charge off or a bankruptcy where we incured a loss.
If the delinquecncy was a over a year ago with another lender and all paid before or since and current or paid off with them, assuming a decent reason, we over look it too.
Now if they are currently 60 days past due with someoen else and want a loan or recently 60+ days past due we aren't going to make a loan, without mitigating circumstances, but given a year of good payment it's easily ignored assuming credit was good before and since the issue.
I really think your information is incorrect...but then again I'm not your banker either.
I don't know which bank(s) you work(ed) for but in my 20+ years of finance and banking None of the instututions I've worked for, including my current one consider a 60 day delinquecy the same as a foreclosure.
Not even close.
And none of them ever turned an account over to a collection agency until after they had exhausted all collection work and charged off the loan.
I've made loans to people that have been 60 days past due with us at one time or another for various reasons, people and businesses.
I've never loaned a dime to someone we had to foreclose, repo, charge off or a bankruptcy where we incured a loss.
If the delinquecncy was a over a year ago with another lender and all paid before or since and current or paid off with them, assuming a decent reason, we over look it too.
Now if they are currently 60 days past due with someoen else and want a loan or recently 60+ days past due we aren't going to make a loan, without mitigating circumstances, but given a year of good payment it's easily ignored assuming credit was good before and since the issue.
I really think your information is incorrect...but then again I'm not your banker either.
10-12-2008, 12:04 PM
#39
Registered
Not being rude, and I do hope and pray for the strength to overcome your family health issues--------but, having stated what you owe on the boat loan, would it be correct in stating that you are "upside down" on what is owed? I believe that I have someone that would be interested in taking over the payments, however seeing that here in Michigan the boat would be in storage for close to 6 months before he could use it. You see my point. Perhaps a short sale is in order. What is the banks position on this?
10-13-2008, 06:03 PM
#40
Registered
Hey Rock, you and your family are in my thoghts and prayers. Lost my mother in law a week ago 2day to this awful disease AND my mother just had her 3rd of 6 chemo treatments. You have my number, if ya need to vent vent bro PLEASE DONT HESITATE TO CALL
