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JB Umphrey
JB Umphrey, Attorney
Category: Legal
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Experience:  Explains legal matters based on 14+ years experience.
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I have my 2nd mortgage, credit card, and motorhome loan with

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I have my 2nd mortgage, credit card, and motorhome loan with one bank. I'm gonna have to stop paying on the credit card as my kids and grandkids have moved back home. I plan on doing a strategic default on the house in the coming months so won't be making payments on the 2nd mortgage. What is the likelyhood of the bank coming after my motorhome which is worth less than what I owe on it?
Thank you for using JustAnswer!

The chances of them coming after the motor home are excellent.

Good luck and best wishes for better days ahead. I hope that you find this information to be helpful and this answer to be ACCEPTable!
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Customer: replied 6 years ago.
Just to clarify, I'm gonna continue making payments on the motorhome, but will stop making payments on the credit card and the 2nd mortgage. So even though I'm making payments on time, and the amount owed on the motorhome is twice as much as what it is worth, they'd still want to repossess the motorhome? Thanks for your help.
They would only take the motor home if you used it as collateral to secure other debt. Otherwise, so long as you're current on those payments, you should be fine.

Thanks for the clarification.
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Customer: replied 6 years ago.
The motorhome isn't used as collateral for anything but its loan. And we are current on those payments.

While I have you on the line, I'm wanting a 2nd opinion. Because we're underwater on our home we're gonna do the strategic default, as I previously mentioned. Because our credit is going to be shot because of the foreclosure of this home, we're gonna default the other two credit cards that we owe about $10k total; we haven't used these credit cards for three years for one and over one year for the other when we opted out of using them because they were going to raise the interest rate on them. No, I'm not proud of doing this, but we're trying to make the best out of a bad situation. While I don't expect to have any credit after this is all done, I'm just kinda curious if there is any chance of going to jail. I'm hoping I've given you enough info, thanks for your comments.
As a general matter, no, there is not a chance of going to jail.

However, once all of this occurs, you should seriously consider filing for bankruptcy to be discharged of these debts once and for all. Once that occurs, then you can look to a future of rebuilding your credit. If you're going to go down, might as well try to lose the financials shackles in the process.

Good luck!
Customer: replied 6 years ago.
Sorry for the lengthy break here, had to watch Beauty & the Beast with the grandsons. So you're saying that after I retire with a greatly reduced income and haven't paid my credit cards along with my 1st & 2nd mortgages for a couple of months, that I should then file BK? Would that work?
If you have considerable unpaid debt and if you can't pay it, then having the debt discharged in bankrupcty may be something you want to consider.

Otherwise, they're going to be coming after the little income you have and the phone calls and increasing interest on the debt will never stop.
Customer: replied 6 years ago.
I'll be retired then, I thought that retirement pay couldn't be taken except for taxes and back child support. ...That's what I've been told at least.
They can't take social security. Anything else may be free game.
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