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Roger
Roger, Attorney
Category: Legal
Satisfied Customers: 31566
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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a elderly friend let a motor home be repossessed because he

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a elderly friend let a motor home be repossessed because he and his wife could no longer afford the payments. The bank is suing them for a deficiency judgement of over 100,000.00. The RV was sold for 70,000.00. This occurred in the state of Florida. What is the history of the courts deciding in favor of the banks in such cases? The RV was in perfect condition. Thanks, Calvin

Kirk Adams :

Hi - my name is XXXXX XXXXX I'm a litigation attorney. Thanks for your question. I'll be glad to assist.

Kirk Adams :

Unfortunately, creditors are entitled to deficiency judgments when property is repossessed and sold to pay on/pay off the debt owed.

Kirk Adams :

The only real thing that your friend could challenge is the price obtained from the sale.

Kirk Adams :

Your friend could claim that the fair market value for the RV was more than it sold for and that the creditor did not act in good faith in trying to sell the property in order to get as much money as it could to reduce your friend's obligation to pay any deficiency.

Kirk Adams :

In order to do this, your friend would have to find out how the RV was sold - - was it via public auction, bids, etc., or was it just put on the lot and sold that way. Also, you'd need to know what the fair market value of the RV was at the time of sale to see if the amount accepted was far below that figure.

Kirk Adams :

If so, your friend could object to the amount claimed in the lawsuit and allege that the lender did not act in good faith, and therefore, only the amount due over and above the fair market value should be an issue for the deficiency.

Kirk Adams :

But, if the amount recovered by the lender is close to the fair market value, then there's not much hope that the court will reduce the debt.

Kirk Adams :

Thanks for your question, and please let me know if you need anything further.

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