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 -
we are just wanting to get title on boat....is this possible since they charged off debt 1.5 years ago, or am i just out 20k thanks
Wow- this is a really interesting situation. It sounds like you've done all you can do to me. If you sued and his estate has nothing, and you were never officially added to the loan, then it sounds like you got screwed big time on this deal. Why didn't you just get your own loan for the boat when you bought it? You were taking a big risk handing over $10K that this guy obviously just used for something else. All that BOA will care about is that they charged off the loan after this man died and now they want the boat so they can try to salvage something out of the deal. They won't care that you were making payments for him and paid $10K that he should have used to pay off a portion of the loan. And I don't see how you could possibly get title now. What has your lawyer advised you to do? By the way- ask your questions in the main forum from now on and you'll likely get a better response from the members.
