Legal Question in Credit and Debt Law in Michigan

Repo of Boat?

Our bank put forced insurance because they would not accept the storage insurance we had and this has cost an approx. 6000, in the past 3 years which has put us behind. They now are going to recall the loan and want it paid in full or they are selling the boat at auction in a week. We put 30,000 dollars down on this boat the balance they say owed is 16,000 which is actually 10,000 if forced insurance is taken off. do we have any rights when a forced insurance pushes us backwards in the loan?


Asked on 1/12/07, 7:30 pm

1 Answer from Attorneys
Cullen Geisler The Law Offices of Cullen P. Geisler PLLC

Re: Repo of Boat?

What does the loan agreement (contract) read if it states you need insurance it may not matter. You may want to advertise the boat ask the bank to allow you to sell it and have the purchaser assume your loan.

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Answered on 1/13/07, 12:01 am


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