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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Consumer Protection Law
Satisfied Customers: 18799
Experience:  B.A.; M.B.A.; J.D.
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I had a yatch repossession with Bank of America in Feb of 2015

Customer Question

I had a yatch repossession with Bank of America in Feb of 2015 after never missing a payment since 2008, due to unemployment and them not offering loan assistance on luxury items. My issue is it has been over a year and they still have not sold the boat, and are reporting the full balance as a C/O and this is the only credit issue I have and it is impacting my employment and income potential. Complaints to the CFPB have gone unaddressed. They are running up expenses and my loss exposure is also increasing. They have not acted in good faith by declaring a loss timely for me to address. After a fight for over a year I want the credit report cleared and the deficiency forgiven.
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Phillips Esq. replied 1 year ago.
I have carefully reviewed your post. However, I did not see a specific question. What is your specific question?
Customer: replied 1 year ago.
I want to know if I can file suit against BOA to have them remove the credit reporting and negate the loss as it has been 15 months and they have not sold the collateral and without a deficiency number I can not remediate. My job requires me to be licensed in every state and credit is part of that process, so my earnings ability has been impacted. At repossession they sent a letter stating the boat would be auctioned off within 15 days.
Expert:  Phillips Esq. replied 1 year ago.
Thank you for the information. Unfortunately, you cannot file lawsuit against the lender because of the delay in selling the collateral. The lender will get rid off the collateral at its own time and deadline. There is currently no law, federal or state, that sets a deadline for selling of the collateral after repossession. I am sorry that I do not have better news for you. Kindly give a positive rating to my response so that I can receive credit for responding to your post. There is no additional cost to you for doing this. Thank you for your cooperation.

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