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I can no longer afford to pay for a motorhome. What will happen

Resolved Question:

I can no longer afford to pay for a motorhome. What will happen when I stop making payments
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 2 years ago.

WebLaw :

*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*

WebLaw :

Welcome to JustAnswer,

So sorry to hear of this dilemma. If my answer is not clear to you or does not fully answer your question, please ask me for clarification by using the reply button.

WebLaw :

Unfortunately if you do not make the payments on your motorhome, the lender may repossess the motorhome. After repossession, a judgment can be entered by the court for any amount of the loan that remains unpaid. This is called a deficiency judgment. The deficiency judgment can be used to execute on your other property and wages .

WebLaw :

If you have other debt "Just thinking about going further in the hole" you may want to consider filing a bankruptcy.

WebLaw :


I think this is what you wanted to know. Please use the REPLY button if you have any questions concerning my answer. Otherwise please click ACCEPT so that I am paid by the site for answering.

Expert:  FiveStarLaw replied 2 years ago.
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Customer: replied 2 years ago.

if i turn in motor home in good condition. what are the odds that they will come after more money?

 

Expert:  FiveStarLaw replied 2 years ago.
If you are not able to sell the motor home for the amount that you owe or more, the chances are excellent that the lender will not be able to resell the motor home at a price sufficient to pay off the loan. In such a situation it is extremely likely that the lender will pursue a deficiency judgment
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36470
Experience: Bankruptcy Lawyer. Experienced.
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