Foreclosure Crisis Is Now Hitting Boat Owners

Boat Foreclosure

The foreclosure crisis is sparing none – it is now hitting boat owners. The economic slump has now spread its tentacles on boat owners after having mauled the housing market. It could not have come at a worse moment – the waters in the lakes have just begun to rise in Atlanta.

Brent Dannemann of Port Royale Marina said, “This is our courtesy dock, it’ll hold 250 boats right here. It’s hard to take recreation away from the American public and I think whether it’s boating, hiking or golfing, they are going to use recreation.”

Lenders have seized many boats and taken these away because of unpaid dues. The dealers in boats calculate that in Georgia about 15 to 30 boats are being taken away each month. Added to this have been foreclosures. The number of foreclosures seems to be increasing this year.

The boat dealers from Lake Lanier say that there are innumerable foreclosed boats on their lists. These are too expensive to be launched and moved. So the dealings are straight from the bank – the buying and selling. Larry Dula, a boat owner said that although it is unfortunate to be a borrower and having to sell the boat, but it is also opening up opportunities for new buyers at bargain discounted prices. When times are tough the first item people cancel from their list are boats. Dula explained, “This is a recreation that we have and this is one of the first things to go usually.”

Those dealings with watercraft and boats say that they have lots of stuff to sell than before and with the water levels rising they are hopeful that buyers will come. Danneman said about the water levels, “We’ve come up almost a foot in the last 24 hours.”

The dealers were talking about how common boat auctions have become. It is not just the small boats that are facing foreclosure. The big ones too are not immune. On Lake Lanier a 120’ boat was taken back by the lender because of non-payment of dues.

The foreclosure crisis started off by concentrating on the housing sector but soon it went beyond its confines to infect all the branches of the economy. Jobs were lost in the construction industry. The automobile industry was already in tatters. Recession then followed. Without money in their pockets for bare necessities the people could hardly splurge on boating and yachting.