Bank Repo Boats
sick question, but I have to ask (legal issue) -?
Some years ago we talked to our sister in getting a loan new Boat for our family home – she had the best credit and therefore the best interest rate at the time. we have the boat and took out the loan and has been to make payments for the last few years on it regularly – the balance is about 10k now – the problem is my sister died a year ago and we never really thought to straighten the loan of the boat – now for some time now – still do regular monthly payments. – The problem is the loan and of course the title to be held bank to the boat is in her name – what options we have right now – how can they modify a loan that someone is dead? we'd be in trouble to continue making payments? if we simply stopped making monthly payments, at some point they try to repo the boat I assume, but they can repo the property of a dead? I'm not sure the best way to deal with any situation at the moment.
Yes, the boat can still be repo'd of her dead sister. Contact the lender as soon as possible and work with it. Trust me, you want to work with you to resolve it.
Boat repos on the rise
