Legal Question in Consumer Law in Massachusetts

We purchased a 2006 Four Winns 4 years ago little did we know that this boat is a lemon. It has the XDP Ocean Series Outdrive which was new to the market that year. We've had nothing but problems since we purchased it. My husband got sick a 2 years after we purchased it and is now on SSI Disability. I've tried working with the bank to extend the loan but we can't because it's already a 20 year loan and we didn't have enough equity to do that. I can't afford the payments with only my salary and my husbands disability payment each month. I've begged & borrowed till I can't anymore. We've had it up for sale for the past 2 years and noone wants to buy it because everyone knows about the XDP composite outdrive and the problems associated with it. Do you have any suggestions? What will happen to us if I stop making my payments? I don't want to risk losing my house if we stop making payments.


Asked on 9/27/10, 3:56 am

1 Answer from Attorneys
Dmitry Lev The Lev Law Firm

The first thing that happens when you stop making payments is that the bank will ask, then insist, then demand that you continue making them. In the end, after giving you proper notice, then can come and take the boat. But they can't even attempt to take steps towards taking the house until after they take the boat and sue you for the difference, win that lawsuit, get an execution, record that execution, and then ask the sheriff to do a levy sale. This process could take several years. If you have a declaration of homestead properly filed, they cannot do a levy sale for as long as you live in the home (but they can come back and try again when you try to sell the properly). A bankruptcy filing may completely wipe out this debt, as well as other other debts, while allowing you to keep your home.

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Answered on 10/02/10, 9:43 am


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