What a stupid thing to do, right?

[BCA2009]

Brazzy, I do appreciate all information provided on this forum, even information I don't agree with. I have made it clear in every post I made on this thread that I don't agree or condone with what was done, rather stating what would probably happen in most cases. I'll admit that I was assuming that the repo action didn't begin until after the BK was filed. And I also said in cases of significant fraud that the bank would probably pursue it.

I obviously can't say what you actually do or don't do in these situations, but you stated "If we find that someone stripped the collateral of anything remotely valuable we will look to file an AP case immediately"

Maybe you and I have a different opinion of remotely valuable. Are you saying that you will file an AP if a $1000 piece of electronics is missing off of a boat? How d0 you know if the boat came with the electronics? How do you know the brand?

People sell stuff all of the time to make ends meet, whether it is taking a winch off of a 4x4, selling the radio, amp and speakers out of a car or taking electronics off of a boat. The people on this forum have enough to stress over, that the don't need to worry about that car stereo they hocked 4 months ago to pay the rent, even if cost 5K. The banks that 99% of the people on this forum have loans with are not going to file an AP over a missing radio. Maybe a buy here /pay here place would, but I still doubt it would be worth the court cost and time to go to court and PROVE to the court what was taken. I am not talking about hiding assets, I am assuming the cash received from selling the items was spent. Hiding assets or cash from the trustee is a whole different can of worms.

Other than Brazzy, who else has heard of someone having an AP filed for removing something from a car, boat or house?

[BCA2009]

As a follow up I will share my experience with my second boat. Earlier in this thread I discussed the circumstances of my first boat that had the engines off (one was blown up), the other hadn't been run in 3 or 4 years.

I enjoy tinkering with used boats and have had a number of them over the years. I also currently have an older 36' sportfishing boat that I financed for 26K three years ago. I bought it with the intention of doing a total refit. Since I bought it I took off the eletronics and sold them (they were pretty old and I didn't get much for them). I took out the toilet, the holding tank and all of the plumbing. I stripped all of the electrical wiring, took out the sinks, counter tops, refidgerator and oven/stove. I removed all of the headliner inside the boat and most of the paneling. I cut several access holes thru the fiberglass on the flybridge to access some wiring. I removed the flooring in the salon and currently there is just plywood laying there as a floor. So this boat is stripped down to the hull. I have spent about 10K working on thing you can't see. I replaced 25 thru-hulls under the boat, put new props on it had the engines serviced, had the bottom cleand and painted, and replace some hydraulic lines. But you can't see any of those things.

I called the bank last week and asked them when they were coming to get it. It's basically worth nothing in its current condition, except to a boat lover willing to put alot of TLC into it. I no lonnger have the money or desire to do it.

The repo guy came last week to take pictures. It's a complicted repo, because it is too large to put on a trailer, so it has to be moved by water and stored in a wet slip.

I called the guy the next day and asked when he would come back and get it. His reply: "I'm telling the bank not to waste any more time on this and abandone the boat." If the bank takes his advice, they will write off a 26K loan and forget about the collateral.

I don't care either way, I can probably give it away for the parts. If I can get them to release the lien (I'm not holding my breathe), I may get a thousand or two out of it.

But my point is the boat is as stripped as it can be and still be floating. If it was in the same condition as it was when I bought it, would probably be worth a several thousand more just because of the cosmetics. Although most of the stuff I took off didn't work anyway but the bank didn't know that.

There is no way they could prove fraud, although from appearances, it the very situation we have been discussing in this thread.

Banks just have too much going on to file court cases if there isn't clear cut, absolute proof of fraud.

[NoMoreCards]

"I am hiding the vehicle so it can not be found"

If you are going to quote someone, at least do it properly. Sheesh!

Nobody is even looking for the truck, as payments are less than 2 weeks past due. It is parked at my place because the owner has only 2 parking spaces and has 2 vehicles he IS driving. Nowhere was it said "I am hiding the vehicle so it can not be found"

As i said earlier, the truck will be returned once he files next month.