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Open Roads Forum  >  Class A Motorhomes

 > Giving up my motorhome

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Fenway

Northeast

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Posted: 09/27/10 12:37pm Link  |  Print  |  Notify Moderator

After a year of unemployment, and having gone through all our savings with no prospects of employment on the horizon, I have deicded to give up my motorhome. Now what this means is I will have to notify my lender to come and get it because I'm broke and can no longer pay for it. Does anyone out there have any experience with this sort of thing? Can they take away my home and truck?

lawdash

NY

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Posted: 09/27/10 12:47pm Link  |  Print  |  Notify Moderator

I don't have an answer to your question but wanted to say how sorry I am for your tough situation. I hope things get better for you soon.

J-Rooster

Port Orchard, Wa. / Lake Havasu City, Az.

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Posted: 09/27/10 12:53pm Link  |  Print  |  Notify Moderator

Fenway wrote:

After a year of unemployment, and having gone through all our savings with no prospects of employment on the horizon, I have deicded to give up my motorhome. Now what this means is I will have to notify my lender to come and get it because I'm broke and can no longer pay for it. Does anyone out there have any experience with this sort of thing? Can they take away my home and truck?
J.J., I'm feeling really upset about your post! In Washington State last month 95,000 homes were repoed in August. That was on KING 5 News (NBC) several weeks ago. I've been fortunate to drive OTR either Food Supplies, Fuel, or Medical Supplies, I picked these jobs because it's something that all people need everyday! I was laid off a lot before I got into these jobs. I faced what your going thru in 1979-80 my family stayed home in Washington State and I moved to Alaska and drove up there for two years to feed my family and pay the bills! I DIDN'T LIKE IT! I hope things will get better for you in the future! I have a heavy heart for men like you J.J. that want to work but there's no jobs! Respectfully, John

raymond

hemet

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Posted: 09/27/10 01:26pm Link  |  Print  |  Notify Moderator

they cant take your home or your truck.screw em,cant get blood out of a turnup.you didnt create the econemy

JFG

TN

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Posted: 09/27/10 12:51pm Link  |  Print  |  Notify Moderator

If you financed the motorhome, it should be the only property with a lien on it... it is the collaterial for the loan. Legally, you will still be responsible for the diff in the loan balance and whatever the bank gets for the repossession. I would try to sell the mh and pay off the loan. You will probably come out owing less.
Before you do anything... talk to a senior loan officer at the bank.. tell him your delima and let him kknow you may have to let the coach go to repo... the main thing they want is their principal back... they may give you a great deal (like no interest) to recover their investment


Fred


dalmationlovers

Bremerton, WA

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Posted: 09/27/10 12:52pm Link  |  Print  |  Notify Moderator

Fenway I'm sorry about what you are going through. Went through a failed business 11 months ago and was laid off in July. So I know how you feel. All I can say is go speak with an attorney and get his/her advice. I had to file bankrupcy because of the business. It happens. Now life is less stressful and we are rebuilding our life. I am teaching again (sub) and have time to enjoy the family. Have you tried selling your MH to pay the loan off? But first go speak with an attorney. I don't like them especially, but they know how things work.

Good Luck
Arnold

Jamesrpm

Oregon Coast

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Posted: 09/27/10 01:36pm Link  |  Print  |  Notify Moderator

raymond wrote:

they cant take your home or your truck.screw em,cant get blood out of a turnup.you didnt create the econemy


There is the attitude that won't get you anywhere.

You need to be talking to the loan dept. where ever you have the rig financed at. See if they have some options for you, or know of any possible buyers , people are checking the banks for repo's . Or check dealers to see if any are interested in buying it ,if you don't owe to much on it. The lenders don't want the rig repoed any more than you do. Good Luck


___________________________________________
I plan on living forever , so far , so good

I am still wayne_tw

everywhere

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Posted: 09/27/10 01:40pm Link  |  Print  |  Notify Moderator

Fenway wrote:

Can they take away my home and truck?

State laws vary, but generally your truck and house will be unrelated to the motorhome repossession unless (and it is a big unless) you used them to secure the loan on the motorhome. I can't imagine a situation where the truck would be included with the motorhome loan, but it is quite possible you used a home equity loan or line of credit to finance the motorhome. In that case, generally speaking you would actually own the motorhome free and clear, but have used the house as collateral for the motorhome. Feel free to PM me if you have more questions.

Weathertodd221

FL

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Posted: 09/27/10 01:28pm Link  |  Print  |  Notify Moderator

Fenway wrote:

After a year of unemployment, and having gone through all our savings with no prospects of employment on the horizon, I have deicded to give up my motorhome. Now what this means is I will have to notify my lender to come and get it because I'm broke and can no longer pay for it. Does anyone out there have any experience with this sort of thing? Can they take away my home and truck?


Sorry for your luck but I would have stopped paying for it when you lost your job.

You werent clear on the details but Id look at the book value and what similar rigs sold/sell for a find out what your "10 day payoff" is.
If its a nice rig and you want to keep it... park it in a secure place where it cant be seen. Then start negotiating with the bank.
Even if you give them $50/month... they cannot touch your rig!

Burwoods

Outside Toronto, Canada

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Posted: 09/27/10 01:46pm Link  |  Print  |  Notify Moderator

I agree with the posts that state you need to talk to the lender, see if they will accept just interest payments for a bit if you can swing that. Also do not agree or say yes to any offer that you know you cannot do. Not following through on that is as bad as not paying in a lenders eyes. If it were me, I would find some free sites, post some pictures with the dollar amount you need, and see if you can find a buyer, while you are speaking with the lender, dealers etc. Sorry you are facing all this.


Bob and Sally
1999 Rexhall Aerbus 36'
Towing 2002 Tracker

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