I also know someone who borrowed $65K (unsecured) in early 2010 and used it to purchase a boat and never made one single payment on the loan. He still has the boat. The lender, one of the Big Banks, sued and won a default judgment against him and then filed an abstract of judgment on him. Since he repeatedly cash-out refied his residence to more than it is worth today (hence, took out the “unsecured loan”), the judgment creditor never tried to foreclose and likely won’t in the near future and the judgment debtor will likely never sell his residence. What I don’t understand is why they JC won’t bring him in for a debtor’s examination and why they haven’t sent an investigator out to see what assets are parked on his property. It’s as plain as day, in excellent condition and very much “seizable” with a proper writ of execution.
These Big Banks were stupid and incompetent … yes, even as late as 2010.
Besides incompetent lenders and CC companies, deadbeats like him are more than 50% responsible for the reason the cost of consumer debt is so high. It’s nothing but premeditated theft in my mind.
