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If I sell my boat for less than the loan payoff am i

Customer Question
If I sell my...

If I sell my boat for less than the loan payoff am i responsible for the deficency

Lawyer's Assistant: Where is the property located?

Newport Beach California

Lawyer's Assistant: Has any paperwork been filed?

Not yet

Submitted: 7 months ago.Category: Legal
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Answered in 4 minutes by:
12/9/2017
Lawyer: Loren, Attorney replied 7 months ago
Loren
Loren, Attorney
Category: Legal
Satisfied Customers: 38,781
Experience: 30 years experience representing clients.
Verified

Yes, unless the note provides otherwise, without obtaining a release from the lender, you remain liable for the repayment in full of the note you signed.

That does not mean that you can not negotiate a short sale with the lender. That would be an agreement with the lender that they will accept the sale proceeds as payment in full and release you from any further obligation.

Additionally, if the boat is pledged as collateral, the lender can repossess the boat after the sale from the new owner to enforce its lien.

I am sorry. I wish I could tell you otherwise, but i do not want you incurring liability and spinning your wheels.

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Lawyer: Loren, Attorney replied 7 months ago

Did you have further questions? Have I answered your question? Please let me know.

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Lawyer: Loren, Attorney replied 7 months ago

If you have no further questions please remember to rate my service (5 Stars) so that I am credited by JA for answering your question and also so that I may close the question.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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