I find myself in a very difficult and embarrassing situation and could use some serious advice.
Last year my wife and I sold everything we own, except a fourplex rental, bought our Gemini
and paid off the rental unit. We set out to live our cruising dream while living frugally off of the income
provided by the rental property.
In January there was a fire caused by illegal activity in one of the units. The building was a total loss. Our insurance
company is refusing to pay the claim. We have an attorney fighting with the insurance
company and he has given us hope that we will prevail.......Eventually.....
Today I sit here wondering why I paid off the rental property and financed the boat. I have reached the point that I am unable to keep up my boat payments. I am currently in CentralAmerica and wondering how to proceed.
Do I sail immediately back to the US and turn my only home over to the bank?
Can I avoid repossession until I settle with the insurance company and can come current
or pay off the boat loan?
I spoke with the loan company and they are not willing to work with me.
What are the realities of a US loan company repossessing a boat that is located in another country?
Please understand, I am not trying to screw the bank. I just need time to rectify the situation.
Any advice would be appreciated.