Different situtation ....we bought a boat from a guy who still had a loan with b of a..(all in writing, contract notarized). we put 10 K down and were making his payments and doubling up....needless to say within 1 year, guy was becoming and idiot and wanted us to pay off loan sooner than contract stated, and stopped sending us b of a payment invoices, etc. long story short he was in an accident in may of 09 and died. He never put our down payment on loan, (as we suspected) or added us as he was suppose to. We attempted to sue his estate, but he was deep in debt, so we got nothing. We have tried to work with B of A, but they are worthless and at first just wanted us to bring loan up to date, but were not willing to put loan in our name, they kept saying pay and then tell us where boat is. We still have boat (almost 2 years now). B of A did a charge off of this debt in july of 09.... they are now trying to repossess the boat. Does anyone know what we can do, as we paid alot down for this boat and were making payments and have the contract and proof. Since B of A did a charge off for tax purposes, can I get the title now? B of A repossessers showed up at our door to get boat *we live 2000 miles away from where we actually purchased boat now.....but all guy did was ask for person on loan (deceased person) also its a big boat..(has to be in marina). HELP -i just want to keep this boat and have it in my name....doesn't seem right that bank can write off on their books for tax purposes and then 2 years later try and get boat back and resale it. thanks
This almost sounds like it's beyond the scope of a credit issue, and more of a contract / criminal issue. I recommend contacting an attorney. Am I summarizing the issue correctly? 1) Guy bought a boat, financed through BoA 2) You signed a contract with the guy where you agreed to "buy" the boat form him by making his payments to BoA 3) The guy died and now BoA wants the boat back The issue I see is that if the boat was financed, BoA might have had the actual title. It's entirely likely that the guy never had any legal authority to sell the boat in the first place unless BoA signed off on the title. So even though you have a signed, notarized contact with the guy, it may be invalid, simply because he sold you something that was never his to sell.
I totally agree with Sparq. This seems like a legal issue, but you may be out of luck if he's passed on and his estate has nothing. I've never heard of someone purchasing a boat this way. It seems counterintuitive to me, since I would want to secure a loan in my own name, or pay in cash, to make sure the previous owner's loan was paid off and title was transferred to me or my lender. Who drew up the contract for you?
