After losing my job I must default on a boat loan. What remedy might the bank take against me?

Jan 07

After losing my job I must default on a boat loan. What remedy might the bank take against me?

Question by Boating Brad: After losing my job I must default on a boat loan. What remedy might the bank take against me?
The loan did not secure any collateral other than itself. I owe about 10,000 more than the boat is worth, but I have been unable to sell it in our current economy. I have tried for a year to sell the boat and now with my current job loss I cannot make the payments.

Best answer:

Try and make a deal with the bank to extend your payments over time. They would end up repossessing the boat and then trying to sell it themselves, and you could be thrown into involuntary bankruptsy if you cannot meet your other obligations. Not likely but possible.
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That is a lot of work, and in this economy there is really no upside for them. If you have been a good payor, maybe they can work a deal with you were you can hold off until you get another job, or pay a small amount until you get a job….they want to make deals in this economy

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