Florida | Credit and Debt Law
Legal Question
My wife and I took out a boat loan several years ago. The market value of the boat is today considerably less than the payoff amount of the loan. Our financial resources and cash flow have been severely impacted by the economic downturn. I simply cannot continue to make the future payments and have been unable to find a buyer for the boat. I am current on all obligations. We are retired and receive our income direct deposited to our respective banks. Our only other assets are our homes in Fla. and NC. If I default on the loan, the lender will repossess the boat. Can he also sue us for the balance of the note, garnish our respective checking accounts, and place a lien against our N. Carolina home? Finally, what will happen to our good credit rating?
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Read More Answered By: Edward J. Chandler |
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