jbl_91762
CHINO
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Joined: 05/07/2006
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Greetings,
My Mom purchased an 2006 Jamboree GT 31W after retiring and have not used it much, will no longer use it and have payments of over $650/mo. My Dad is not on the loan due to bad credit. They own a small condo in Las Vegas but nothing else really except her CD's worth about $60,000. I can not afford the RV so I am trying to help them decide what to do with it. They still owe $65K but it is probably only worth $58,000. They have spoken to an attorney in the family and was told that the bank will go after anything they own if they have it repo'd. Don't banks simply lose out on a repo'd RV just like a regular car or even a reposessed home? Im certain there are luxury autos and boats that are repo'd with high dollar figures and why would this differ?? Can any of you please share experiences or know of anyone who has had to go through this issue and their outcomes? Thank you for the help.
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Moderator
Bowling Green, KY
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Moved from ATC
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spkncarl
Southwest Desert
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Joined: 01/04/2007
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She can't afford it and you can't afford it but...could you both afford it if you "shared" the RV & payment???
that's a possibility...
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lzasitko
Regina, SK Canada
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Joined: 11/30/2005
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Depends on what the bank used as collateral for the loan. If the only collateral listed is the MH then that is all they would be able to take and have no legal standing on anything else, or at least in Canada...
If the loan was for more than the MH then it should be listed as to what enabled them to get the loan. Is your father listed on the loan? With bad credit I would think not.
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Jamesrpm
Oregon Coast
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Joined: 08/30/2003
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If there are assets to cover the loan , banks are not in the habit of taking a loss on a loan. Best bet is to sell it and take a home equity loan on the diffrence at smaller payments.
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Get'n R Kicks
IN(The State of Confusion)
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Joined: 11/03/2007
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I bet the way things are today 58 would not even get it gone. But you may check with a local dealer, they may have a consignment deal. You may loose in the end, but if it gets paid off, that is the main thing. If not then sell it for what you can, then have them borrow against the 401k for the remainder, again a losing situation, but it is better a little lost than a lot.Maybe try to borrow against the retirement, enough to get the payments lower, then you buy it and sell it. Or use it. If all else fails, and bankruptcy is out there. Which sucks, but it happens. I would speak with a finnancial person. Good Luck, and sorry to hear it. But that may be only the begining for some of us.
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Nick Wildwood
Hell California
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Joined: 04/16/2008
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Sell it or keep or for yourself. You don't want the bank to repo it. After they auction it off they will still have a greedy lawyer and a collection agency hound her for the balance.
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coolbreeze01
Redding, Ca
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Joined: 08/24/2006
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If you like the unit, I think splitting the payment is a good idea. Could it be rented out? I think its sad that you have to pickup after your parents, but good of you.
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TxTwo
Texas
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Joined: 04/08/2007
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Most likely, if she does not make the payments, the bank will repo it and sell it and then get a judgment against her for the balance owed. Depending upon Nevada law or whatever state of residence she is in - and what is and is not available for execution on a judgment in that state, the bank and its lawyers will try to execute on her assets to satisfy that judgment. It could be against the condo - if and when it is sold - or against the CD or other assets.
Has she thought about trying to contact the bank and work out some kind of new arrangement to pay the loan off or to sell the RV and then pay off the difference? They generally would prefer to work out some agreed plan to pay off the RV by extending the loan or through some other arrangement. The best thing to do is to get legal advice or work through some debt relief or counseling agency. Sorry for your mother's misfortune.
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Wxguru
Austin,AR
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Joined: 04/02/2007
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The bank will never lose. Trust me when I say that.
I had to fight a major lawfirm in New Jersey over a repo'd car. My wife's ex took their car and said he would make payments (after the divorce). She being the good woman she is said alright, and he never made a payment. We got a nice phone call one day....sarcastic of course, and I haggled with them. I didn't back down, which is key. I think I earned a little bit of respect because of it. We worked it were we could pay $3000, and they would wipe her credit clean..in writing of course via our lawyer. And they would pursue the ex and get him for the other $14000. Last we heard from the law firm, they had a PI on him and were almost ready to nab the car.
Bottom line, the lien holder will always win. If you owe $65000, and they sell it at auction, you are still liable for the difference. Say it sells for $50000, you are still out $15000 plus fees.
Sorry to be such a downer...but been there and done that.
1999 Keystone Cougar Ultra-Lite 261E
2003 Dodge Ram Quad Cab 5.7L HEMI
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