Legal Question in Credit and Debt Law in Florida

I just found out that my boat that I had was sold off to satisfy a lien on it from the boat yard ....prior to this the bank had assured us that no one could take a boat that had a lien on it. The bank didn't notify us that they were giving up their lien rights and continued collected payments from us for over 1 year. As our financial hardship continued we called the bank to voluntarily have the boat repossessed as suggested by the bank. We did as the bank suggested and offered the bank all the information on where the boat was to be picked up and auctioned off. They sent someone to our house and to the boat yard and while they were doing that they went into our checking account and withdrew all of our money to satisfy the loan balance $4500. When our mortgage and other bills bounced we were informed as to what the bank did, with out any notification. We continued to press the bank as to why this happened when they told us they were going to pick the boat up. They would never answer us. Yesterday we found the boat for sale by a new owner and when we pressed the bank representative as to how that happened they informed me that over a year ago they gave up their lien to the boat yard, and admitted that they made a mostake in going to pick up a boat that they had no longer a legal right too.

Shouldn't the bank have notified us that they no longer held in a lien position and that the boat was going to be sold off over a year ago instead of charging us every month for a boat that has been sold? Also when we called for advise on how to proceed if we were having financial problems why would they tell us to allow them to take the boat back, go to pick it up , and then when they realized they had no right to the boat just take all our money out of our account if they didn't even have a lien on the boat any more....Do I have any recourse with the lender or the boat yard?

Thanks in advance,

Russell


Asked on 11/02/09, 11:45 am

2 Answers from Attorneys
Steven Meyer CPLS, P.A.

Your loan contract with the bank determines your rights asdn the bank's rights with respect to the boat. One cannot really answer the question without reviewing the paperwork. You may have a claim against the bank or the boat yard. However, you should consult right away with an attorney who has experience in this area. We offer a free initial consultation and would be happy to discuss the situation with you.

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Answered on 11/09/09, 12:10 am
Lucreita Becude Lucreita D. Becude, P.A.

I suggest you run to the nearest attorney to discuss your options. The bank owes you the money back that it collected from you as well as whatever profit they made when they allowed the boat to be sold.

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Answered on 11/09/09, 12:43 pm


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