Free boat but....lien issue

[Wishiniwuzfishin]

Re: Free boat but....lien issue

Oops, guess I overlooked that little detail. Been so long that a bank held a title of mine that I completely forgot that.

 

[Home Cookin']

Re: Free boat but....lien issue

Because the bank is holding the title but won't release it, the abandoned vessel route is one you'd use in a case of a missing title. still a square peg in a round hole. And the bank will be notified; you're just betting that it won't respond.

there are also procedings you can file against a lienholder (bank) who refuses to release a lien--at least as to cars in my state. You could start one of those proceedings if NJ is similar to bring the bank to the table. Be prepared to pay the entire lien, with accumulated default interest, fees, etc. but offer to pay the salvage value of the vessel--what the bank would get after repo. And also be ready to disclose the whereabouts of your "friend" so he can be convicted of secreting goods subject to lien.

Or you could walk away....

Let's just say I'ver had professional experience with secured transactions, consumer financing and creditor's rights. But I'm not giving any advice.

 

[tashasdaddy]

Re: Free boat but....lien issue

i would not touch it with a 10 ft pole.

 

[BTMCB]

Re: Free boat but....lien issue

i would not touch it with a 10 ft pole.

AGREE 100% with that comment and would only add......even if the 10 ft. pole was properly paid for.............

 

[bruceb58]

Re: Free boat but....lien issue

Bottom line is that your buddy does not own the boat...the bank does. Don't deal with the buddy deal with the bank. If the bank doesn't want to deal with you, the deal for the boat is not there. End of story.

 

[ktmrider]

Re: Free boat but....lien issue

This is the best advice so far. I'm just going to tell him "Thank you but no thanks!"

My advice is walk away. Your "friend" seems to have broken the law by hiding the boat from the bank, but even if he didn't break a law he was dishonest.

Somebody is, sooner or later, going to seek restitution.

I wouldn't want to be in the middle of such a case.

 

[lckstckn2smknbrls]

Re: Free boat but....lien issue

Go ahead and get the boat. Pull the motor put it in your garage with your new home made trailer. Now call the bank and tell them you have just the hull and you want the get the title straightened out.

 

[smokeonthewater]

Re: Free boat but....lien issue

it's really simple.... TAKE IT and then contact the bank.... don't lie to them just tell them you have aquired the boat.... they will then choose to release the lein or take the boat.... either way you have nothing to lose

 

[bomar76]

Re: Free boat but....lien issue

This is the best advice so far. I'm just going to tell him "Thank you but no thanks!"

Good idea.
A lot of posters are trying to justify that fact your friend is a thief (he has property he did not pay for) and that somehow you can knowingly participate in this criminal enterprise and not be an accomplice.
A thief is a thief, a criminal is a criminal, no matter how your sugarcoat it.