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I tried for months to work out some kind of reduced payment plan on a motor home I financed with Bank of America but had no positive results. I had been current on the payment since July, 2005 when I made the purchase. I lost my job early 2007 and could not find another so filed for social security. I remained current on the payments till May 2009 when I voluntarily returned the motor home to the bank. I had depleted savings and filled my credit cards. My home has been for sale in Florida for over 2 years and the market is terrible. The bank has sold the motor home for $175,000.00 less than the note and wants to settle and says if I don't take their offer they can attach the proceeds on my home if it ever sells. Is this true?
State/Country relating to Question: Florida Already Tried: Negotiating with the bank!
where is your home located?
Florida
Yes it is true that the bank can attach a lien on your home for the difference between what is owed and what they were able to recover, but they are not able to force a sale of your home to satisfy the judgment.
Attorney
Negotiate, Draft, and Review many complex commercial agreements each year.