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Question

I owe $47,000. on a Motor Home that now has a Blue Book wholesale value of about $18,000. It is registered in Texas. I am current on payments. The RV is in excellent condition. I am retired from the Air Force and live entirely on that pension and Social Security. For medical reasons I can no longer travel and can't sell the RV because of the up side down balance. Question: If I offer voluntary repossession can I be held liable for the difference after I stop payments.

Submitted: 288 days and 9 hours ago.
Category: Legal
Value: $30
Status: CLOSED
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Optional Information

Livingston, Texas

Already Tried:
Nothing, but to find out the current value of the RV.

Accepted Answer

You can be held responsible for the deficiency between what you owe and what the lender recovers from the sale of the RV.

 

If the lender sues and is allowed to take a judgment against you, it can attempt to collect. However, all Social Security benefits and most private pensions are exempt from creditor judgments. SS, SSi, SSD are all completely exempt from any garnishment or seizure. Your pension depends on the type and what your state statutes allow for exemptions. More than likely, your pension will be completely exempt.

 

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Expert: Adam Kirk
Pos. Feedback: 99.3 %
Accepts: 
Answered: 2/8/2009

Lawyer (JD)

Litigation Attorney practicing in multiple State and Federal Courts, Arbitrations and Mediations

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