I tried to buy a vessel in which the owner had bought into a payment plan that 10 years after purchase still left him with substantially more debt than the vessel was worth in the current market. With more debt than value it was impossible for him to sell the only collateral he had for the lien holder. Stuck... I am sure that is the story for more than one boat owner. Even keeping them on the hard is expensive some places, as much as a slip.
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