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Law Pro
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Category: Consumer Protection Law
Satisfied Customers: 23638
Experience:  20 years experience in consumer advocacy, debt collection violations, contracts, construction
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i have a mtorhome and owe about 70000 on it being retired

Resolved Question:

i have a mtorhome and owe about 70000 on it being retired i no longer can afford the payments
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Law Pro replied 1 year ago.

Welcome to JustAnswer! My goal is to do my very best to understand your situation and to provide a full and complete excellent answer for you.

My name is XXXXX XXXXX I'm going to assist you with your question.

Please bear with me if you believe my answer isn’t coming fast enough because I’m also working with other customers too. I apologize for any seemingly late response.

Sorry for your situation.

What are you contemplating - just walking away or taking it back or what?

I'm sure you have but I have to ask - have you tried selling it? Maybe placing the motorhome on consignment with a dealer or seeing what they would give for it?

Customer: replied 1 year ago.

i cant sell because its worth much less today and the company wouldn't take it back or negotiate if i walk away whats my options

Expert:  Law Pro replied 1 year ago.
Do you have alot of assets with alot of value?

What and where does your income derive from?
Customer: replied 1 year ago.

i own a home 2 cars and some money in the bank
income from social security and small pensions

Expert:  Law Pro replied 1 year ago.
OK, if you "walk-away" or default on the loan - they can repossess, auction the motorhome and pursue you for a deficiency as between the loan balance and sales proceeds. That can be substantial.

They then file suit and get a deficiency judgment against you - the difference and court costs and legal fees.

If they get a deficiency judgment:

A judgment entered in the State of Georgia is generally enforceable for period of seven (7) years (Section 9-12-60), and may be renewed by an action or by scire facias, at the option of the holder of the judgment, within three years from the time it becomes dormant (Section 9-12-61). An action to renew a dormant judgment must be brought in the county where the defendant in judgment resides at the commencement of the action. (Section 9-12-66.)

All judgments obtained in the superior courts, magistrate courts, or other courts of this state are of equal dignity and bind
all non-exempt real and personal property of the judgment debtor, from the date of the judgmetns. A money judgment, however, does not become a lien upon the property of the judgment debtor with respect to third parties without notice, and unless the execution is entered upon the execution docket. The lien attaches to the property of the judgment debtor from the date of its entry upon the execution docket. (Section 9-12-81.)



You do have exemptions - property they can't touch:
In general, a debtor may claim exemption of his homestead and non-exempt personal property from attachment or execution of a judgment, or in a bankruptcy proceeding.

A debtor generally is entitled to exemption from levy and sale by virtue of any legal process any real or personal property, or both, in the amount of $5,000.00. (Section 44-13-1.) If a debtor refuses to apply for exemption under this provision, his spouse, qualified representatives of his minor children or dependents, may make such pplication and the exemption is binding upon the debtor. (Section 44-13-2.)


Your social security and pension also are not able to be garnished.


The only issues would be your vehicles.


Are you married and, if so, did your wife also sign for the loan to buy the motor home?
Customer: replied 1 year ago.

i live in florida

Expert:  Law Pro replied 1 year ago.
Oh, but in the question - it said "Georgia". Sorry. Does Georgia have anything to do with anything?

Are you married? If so, did your wife also sign the loan for the motorhome?
Customer: replied 1 year ago.

i dont know where georgia came from and my wife signed for motorhome

Expert:  Law Pro replied 1 year ago.
Just to show you I'mm not "nuts" - this was the original post:

i have a mtorhome and owe about 70000 on it being retired i no longer can afford the payments

 

Optional Information:
Country relating to Question: United States
State (if USA): Georgia

Already Tried:
call company to no avail





Irregardless - that's even better for you being in FL.

If they would pursue a deficiency judgment as I previously laid out - then:

A judgment entered in the court of the State of Florida generally may be enforced within twenty (20) years from the date the judgment was entered (Section 95.11(1).) It may become a lien on a judgment debtor's non exempt real estate in any county for a period of seven (7) years from the date of recording when a certified copy of the judgment, which contains the address of the person having the lien right, or a separate affidavit setting forth the judgment and the address of the person having the lien right, is recorded in such county. (Section 55.10(1).) Such lien may be extended for an additional period of 7 years each time the judgment and an affidavit stating the current address of the lien holder, is re-recorded within ninety (90) days preceding the expiration of the prior lien. (Section 55.10(2), (3) & (4).) However, no judgment of any court shall be a lien upon any real or personal property of the judgment debtor within the state of Florida after the expiration of 20 years from the date of the entry of such judgment. (Section 55.081.)

Generally, all lands and tenements, goods and chattels, equities of redemption in real and personal property, and stock in corporations, of a judgment debtor may be subject to levy and sale under execution. (Section 56.061.) A judgment creditor also has a right to a writ of garnishment against any debt due to defendant by a third person, and any tangible or intangible personal property of defendant in the possession or control of a third person. (Section 77.01.) However, before the court may issue a writ of garnishment is issued, the plaintiff, the plaintiff's agent or attorney, must file a motion (which does not have to be verified or negative defendant's exemptions) stating the amount of the judgment and that movant does not believe that defendant has in his or her possession visible property on which a levy can be made sufficient to satisfy the judgment. (Section 77.03.)


However, you do have exemptions in FL - which is property they can't touch:

In general, a debtor may claim exemption of his homestead and non-exempt personal property from attachment or execution of a judgment, or in a bankruptcy proceeding.

Any person may claim exemption of his or her homestead from forced sale under any process of law by recording a written statement containing a description of the real property, mobile home, or modular home claimed to be exempt and declaring that the real property, mobile home, or modular home is the homestead of the party in whose behalf such claim is being made, with the Circuit Court , (Section 222.01.)

Certain personal property is allowed by law or by the State Constitution to be exempt from levy and sale, the debtor may claim such personal property to be exempt from sale by making, within 15 days after the date of the levy, an inventory of his or her personal property. (Section 222.061.) Personal property which may be exempt include certain portion of wages (Section 222.11), life insurance policies (Section 222.13), annuity contract (Section 222.14), unemployment compensation benefits (Section 222.15), disability benefits (Section 222.18), pension and retirement funds (Section 222.21), motor vehicle up to a value of $1,000 and interest in any professionally prescribed health aids for the debtor or a dependent of the debtor (Section 222.25).

 

 

So they can't take or garnish your income nor pension nor house.

 

The issues are the motor vehicles.

 

So your option is to sell the vehicles and lease instead OR place the ownership of the vehicles in a child's or family member's name.

 

They can grab and sell the vehicles if they get a judgment against you.

 

So your options are:

 

1) file bankruptcy - not really an option for you.

 

2) sell the motorhome an pay the deficiency

 

3) let them repossess the motorhome and pursue you for a deficiency judgment. Your only concern is your vehicles - they can be sold and you can lease instead.

 

But those are your options given the facts and circumstances you presented.

 

I know not the best options and I'm sorry for my answer.

 

I realize that this answer may not be entirely to your liking, and I regret being the bearer of information that you really don’t want to hear. But it would be unfair to you and unprofessional of me were I to provide you with anything less than truthful and honest information. I hope you understand.


Law Pro, Lawyer
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Experience: 20 years experience in consumer advocacy, debt collection violations, contracts, construction
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