In 2011, I found out I was still on the loan when Key Bank called me to tell me the boat payments had stopped. I called my ex-boyfriend, who told me that he'd had to keep me on the title, that he was having trouble making payments, but was trying to sell the boat. He started making payments again, until October 2012, when Key Bank called again to say the payments had stopped. This time, my ex told me he would be declaring bankruptcy, and that I was on my own.
Thus began a seven-month saga with Key Bank. While calling Key Bank two or three days a week to work out some kind of arrangement, I continued to make the boat payments, paid past-due slip fees, reinstated the boat's insurance, paid to have the boat repaired, and looked for a buyer for the boat. That effort cost $7,000 that I had to put on credit cards. When I finally found a buyer, I worked out a short sale deal with Key Bank to give them $10,000 cash (which I borrowed from family) and the short sale offer from the buyer. In good faith, I paid them the $10,000 right away.
However, my ex-boyfriend refused to release the title on the boat. (Amazing that you can declare bankruptcy and still retain title, isn't it?) Key Bank's lawyers said it would be possible for the bank to accept a quit claim from me and collect on the boat themselves, but their collections team disagreed. Their exact words, "How you get your ex to sign is your problem."
This week, Key took my ex-boyfriend to court. Key won permission from the court to proceed on foreclosing on him. In short, Key can sell the boat without his permission, even though I can't.
We have a buyer. They can sell the boat. I cannot.
I have long since moved on from this debt. I haven't been on the boat in 7 years. My new husband and I have a home loan which is threatened by Key's unwillingness to work with me. I have acted in good faith, trying to do the right thing at every step of the way. Prior to this experience, I had good credit and very little debt. I do not have money to continue to paying for my ex-boyfriend's boat. I respectfully ask that you sign on, which will generate the following email to Key Bank's collections workout team.