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Maverick, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 6390
Experience:  20 years of proefessional experience
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I am trapped with a motor home which I can,t afford and owe

Customer Question

I am trapped with a motor home which I can,t afford and owe more then the value. I spoke with a rv sales person and he want me to file a voluntary repossession. He explains that they will take possession of the vehicle and file the the repossession. He claims that by doing this it will be have no adverse effect on my credit and the existing debt will be forgiven. Does not sound right but I though I would check it out. Is this true or is there a lot more to the story. I tried about a year ago to negotiate some relief with the bank however the refused and said if we don't pay it all they would file a lean against my house and I would never be able to sell it unless I paid the bank off.
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Maverick replied 1 year ago.

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Expert:  Maverick replied 1 year ago.

No what he is telling is not the way things normally work. The VR will simply save them the hassle of having to pay someone to repo the motor home and save you the cost of having that bill tacked on to your debt when it is all said and done. The default will still show up on your credit history and they can still sue you for the amount of the unpaid debt. Normally, if they win and get a judgment against you, they can then file a judgment lien against your home. If there is enough equity in your home, they can then foreclose on the home to get the judgment paid.

HOWEVER, in Florida, Article X, Section 4 of the Florida Constitution exempts homestead property from levy and execution by judgment creditors. This means that a creditor cannot force the sale of your homestead to satisfy a judgment. FURTHER, Florida statute Section 222.01 includes a provision by which you may remove a lien from your homestead in the event the you want to sell or mortgage your homestead.

The statute includes a form called a Notice of Homestead which you may record in the county records. The Notice is sent to all creditors who hold a judgment recorded in the county. The judgment lienor then has to initiate a legal proceeding within 45 days to contest the homestead protection. If the creditor fails to file an action within 45 days the lien shall be removed from the homestead so that you may sell or mortgage the property any time during the following 180 days.

So, not to worry, you can ultimately dissolve the lien from your home even if they get a judgment.

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