[michael58]

I financed an airplane several years ago through a company that B of A later purchased. Our financial world has turned upside down and I could no longer afford the plane. Purchase price $450,000 with a $400,000 loan. Plane values have drastically fallen and I managed to sell the plane a year ago for $200,000. After months of conversation B of A agreed to release the title so that I could close the sale and I agreed to a $150,000 unsecured loan. I have short saled several houses and am depleting my savings at an alarming rate. I do not want to keep making the payments on this loan. I have a number of other loans with B of A that I am paying on time. My credit rating is already trashed. What are B of A's options? Will they negotiate a settlement on this type of loan?

[Fr_Chuck]

B of A has a very bad review of customer service, so I really doubt they will do anything, but you are always open to contact them and try to make a deal.

But they can sue you, get a judgement and try to attach any bank accounts or garnish wages for their money.

Since credit is already trashed, have you considered a bankruptcy