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Ellen, Lawyer, Consultant
Category: Legal
Satisfied Customers: 36714
Experience:  25 years of experience helping people like you.
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we have a four year old motorhome with a payment of 854 a month.

Resolved Question:

we have a four year old motorhome with a payment of 854 a month. we have tried to sell it but can't get anywhere close to what we owe but we can't afford the payments . Our work has slowed and we just can't afford this payment.
Submitted: 8 years ago.
Category: Legal
Expert:  Ellen replied 8 years ago.
Do you have other debt problems?
Customer: replied 8 years ago.
not yet
Expert:  Ellen replied 8 years ago.


Thank you for your question. I am happy to assist you.

In Arkansas, a deficiency judgment may be entered by the court for the amount left unpaid on the loan on the motor home. If this occurs, the judgment can be executed on your assets.

A possible solution could be to contact the lender and arrange a surrender of the motor home conditioned on the lender not pursuing a deficiency judgment. The lender may be willing to do this if it is convinced that you have no assets upon which he could execute a deficiency judgment.

I hope that the information which I provided was helpful to you.

Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.

Thank you,

Ellen and 2 other Legal Specialists are ready to help you
Customer: replied 8 years ago.
what is considered assets?
Expert:  Ellen replied 8 years ago.
Assets are items of value that you own.