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Attorney2020
Attorney2020, Attorney
Category: Bankruptcy Law
Satisfied Customers: 2578
Experience:  I am a practicing attorney. I have experience in business law, real estate law, bankruptcy and estates.
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I am delinquent on a boat loan with TD Bank that has been

Customer Question

Customer: Hello, I am delinquent on a boat loan with TD Bank that has been charged off by the bank and turned over to the repo company. I have had two bids on the boat and tried to do a short sale with the bank to no avail. They explained that they will not do short sales on any loan that has a motor in it and that I would have to let the loan go into their recovery department after 120 days to negotiate any kind of short sale on the boat. They told me that I would be contacted by them after the loan became 120 days delinquent but I was not contacted. I received a call from the ***** ***** today to inform me that a repo company has called them to get the boat ready to launch for auction. I called the bank and they advised me the loan has been charged off and turned over to the repo company and they could stop it if I pay $52,000.00 in payments and late charges or it will go to repo.
JA: Thanks. Can you give me any more details about your issue?
Customer: My options do not look good. My question is should I pay the 52k if I can come up with it or am I throwing money out the window per say and let the repo company auction it off?
JA: OK got it. Last thing — JustAnswer charges a fee (generally around $18) to post your type of question to Bankruptcy Law Experts (you only pay if satisfied). There are a couple customers ahead of you. Are you willing to wait a bit?
Customer: Yes.
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Submitted: 11 months ago.
Category: Bankruptcy Law
Expert:  Attorney2020 replied 11 months ago.

Is it your desire to keep the boat and continue using it? Or do you mind letting it go?