No boat title problem in Texas?
I bought $85,000 boat from an Arizona broker in 2009. He failed to pay off sellers lien, and now is in prison for the fraud (and many more). Seller actually had filed bankruptcy, but his Ohio bank still holds title and US Documentation, and doesn’t seem interested in settling. Basically, all I have is a Bill of Sale, so I can’t register in Texas. Any suggestions to aid in getting it into water?
Ouch! this means the owner of the boat is the bank. Not what you want to hear, but the only people that you can resolve this with is them. I don’t think a lawyer can actually help you as your bill of sale is
worthless, all you will be doing is paying a lot of money in lawyers fees. The bank owns the vessel so they will sell it to clear the loan.
People that do this sort of thing often sell it for less than it is worth so if the boat is worth $100k and the loan is for $50k then by clearing the loan you will have paid $135k but you will at least have a $100k boat i.e. you’re out of pocket $35k. Obviously if the loan was for more than $85k then I am afraid you have lost it all.
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