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Good afternoon. Their only recourse is going to be to take the trailer. They could pursue a judgment against you for the shortfall, but all your SS income and any retirement account assets you have are going to be exempt. In addition, Texas has an unlimited homestead exemption
so if you own a home, they can't touch that either. In all likelihood, they won't pursue this beyond taking the trailer. Typically, when you show them there is nothing for them to get, and let them know that if they were to pursue a judgment, you would simply file for bankruptcy protection and get the judgment discharged—and even if you have no intention of doing so, it is still good leverage with the bank because they do not know whether or not you would… then it is unlikely the lender will spend the time and money necessary to get a judgment they believe is uncollectible in the end.
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