It is well known that the past few years of economic fallout and problems have caused many people to lose their homes, businesses and even their cars because they cannot pay for them. With the collapse of the real estate market all over South Florida and the discovery that many homes and properties were highly overvalued and put their owners in the red with regards to their credit options, the boat market collapsed too.
Many people who had purchased overvalued homes and had some security left in them used this credit to purchase a new boat or a yacht to combine with their brand new house by the canal. They rented space to keep their boats in the marina and had a small peer built by their homes in case they wanted to go out into the water from the house and not the marina. Many of these boats were not bought with solid credit but with special deals offered by boat dealerships based on credit reports and not on money.
Today boat owners are suffering the effects of a bad economy and poor judgment on their parts, large super boats and yachts are getting repossessed in marinas and private docks all over South Florida. Most of the people affected with this problem are unable to save their boats because they are probably having problems with their homes too. With a withering economy and a slowly rising real estate market in Florida it is impossible for them to save both properties. According to banks and repo companies in South Florida the disaster has only begun, between three hundred and four hundred boats are being repossessed in Florida, every month.
Usually the process is finished without any problems or violence, the repo people are only doing their jobs, they are not enemies and they are not out to hurt the boat owners, it is just a job they have to do. Most of these boats are in private marinas or docks which are accessible and repo people just come on deck with the paperwork and the boats are delivered to them. In other instances people have tried to retain their boats and have been taken to jail under serious charges for this. They have used the same poor judgment that led them to buy the boat on credit in the first place.
Boast repossession will not stop in South Florida for some time, in fact it is believed that the number of seized boats will increase drastically as loan contracts and payment dates continue to expire and not get paid and honored by those in debt. Dishonest boat owners are trying to hide their boats in canals and abandoned sites around the cities and in the glades, this only makes things worst. It is well known that repo people are now using helicopters to fly over the canals and identify hidden boats.
This situation has created a problem that did not exist before. The boats are being auctioned to pay the loans and expenses caused by them, there is no control on who is buying these boats and what they will be using them for. It is possible that these repo boats be used to traffic people and drugs into the United States and it will be impossible to control. If the situation continues it will be necessary to take measures against the possibility of these boats being used for illegal purposes on United States waters.
For more information on boat repos or if you are interested in selling your boat please feel free to contact www.marineconnection.com today!
