I had my boat repossed and the lender sent a bill for 14000.00 balance. They have offered a 3400.00 payoff but it will show paid off for a lesser amount on my credit.
I will be getting a inheritance shortly and do not want to be liable for entire 14000.00. I do not own a home presently, Can they take me to court for 14000.00 and levy bank accounts?
1 Answer from Attorneys
Yes, of course they can. It's a deficiency on your loan after repossession.