Comments on: I Surrender My Motor Home to the Bank http://openmindrequired.com/blog/2008/05/i-surrender-my-motor-home-to-the-bank/ For book lovers, seekers, health enthusiasts and thinkers Thu, 08 Jul 2010 02:06:43 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Lisa http://openmindrequired.com/blog/2008/05/i-surrender-my-motor-home-to-the-bank/comment-page-1/#comment-2910 Lisa Sat, 15 May 2010 21:01:11 +0000 http://openmindrequired.com/blog/?p=3#comment-2910 Just ran across your website looking to sell my motorhome. We share similar interests like alot of people bought our motorhome with good intentions to travel and enjoy our kids. We have done that over the past few years but now would like to sell it because of job changes and our kids are now headed to college. We have it listed with several online companies but nothing yet. Called Bank of America and had no help with them....we owe more than the motorhome is worth. We have a 2007 Fleetwood Revolution LE...full body slide. I am concerned what to do with it because we really don't have the money to continue to make the payments. I would love to come up with an idea to get rid of this financial burden. Just ran across your website looking to sell my motorhome. We share similar interests like alot of people bought our motorhome with good intentions to travel and enjoy our kids. We have done that over the past few years but now would like to sell it because of job changes and our kids are now headed to college. We have it listed with several online companies but nothing yet. Called Bank of America and had no help with them….we owe more than the motorhome is worth. We have a 2007 Fleetwood Revolution LE…full body slide. I am concerned what to do with it because we really don’t have the money to continue to make the payments. I would love to come up with an idea to get rid of this financial burden.

]]> By: Joanne http://openmindrequired.com/blog/2008/05/i-surrender-my-motor-home-to-the-bank/comment-page-1/#comment-2908 Joanne Sat, 08 May 2010 15:50:03 +0000 http://openmindrequired.com/blog/?p=3#comment-2908 Thanks, Darryl. I ended up losing the motorhome, car, and house and moving across the country. But I'm doing something pretty exciting now, and I'll get it all back. Thanks, Darryl. I ended up losing the motorhome, car, and house and moving across the country. But I’m doing something pretty exciting now, and I’ll get it all back.

]]> By: Darryl http://openmindrequired.com/blog/2008/05/i-surrender-my-motor-home-to-the-bank/comment-page-1/#comment-2907 Darryl Sat, 08 May 2010 15:18:09 +0000 http://openmindrequired.com/blog/?p=3#comment-2907 Hi Joanne i am sorry to hear about your loss of your motorhome and we all know about hard times i am very lucky to live in Australia so haven't suffered to much but ive lost 2 houses when my ex partners left me as in Australia they only look after females and they dont even have to live with you to take your house .some only been with for a month and they take the lot leaving me homeless and they get to keep there house as well anyway hope to travel one day too Hi Joanne i am sorry to hear about your loss of your motorhome and we all know about hard times i am very lucky to live in Australia so haven’t suffered to much but ive lost 2 houses when my ex partners left me as in Australia they only look after females and they dont even have to live with you to take your house .some only been with for a month and they take the lot leaving me homeless and they get to keep there house as well anyway hope to travel one day too

]]> By: Joanne http://openmindrequired.com/blog/2008/05/i-surrender-my-motor-home-to-the-bank/comment-page-1/#comment-2896 Joanne Sat, 06 Mar 2010 19:03:48 +0000 http://openmindrequired.com/blog/?p=3#comment-2896 You can find the articles by clicking on the archive link and then scrolling down to topics. They're under finance. But they're just three articles on crappy advice from self-serving attorneys. Nothing really useful except what to watch out for when interviewing them. My memory's a little hazy, but I think if you file a chapter 13 (the chapter that allows you to repay over time), that you can surrender the motor home without having to pay anything else for it. Or you could reaffirm the loan and pay only for its current resale value. I won't know if they can come after you without the title. It doesn't seem legally possible. Definitely see an attorney about that. Just bear in mind that bankruptcy attorneys only make money by helping you with bankruptcy, just like doctors only make money when you're sick. You can find the articles by clicking on the archive link and then scrolling down to topics. They’re under finance. But they’re just three articles on crappy advice from self-serving attorneys. Nothing really useful except what to watch out for when interviewing them.

My memory’s a little hazy, but I think if you file a chapter 13 (the chapter that allows you to repay over time), that you can surrender the motor home without having to pay anything else for it. Or you could reaffirm the loan and pay only for its current resale value.

I won’t know if they can come after you without the title. It doesn’t seem legally possible. Definitely see an attorney about that.

Just bear in mind that bankruptcy attorneys only make money by helping you with bankruptcy, just like doctors only make money when you’re sick.

]]> By: Deborah http://openmindrequired.com/blog/2008/05/i-surrender-my-motor-home-to-the-bank/comment-page-1/#comment-2895 Deborah Sat, 06 Mar 2010 17:14:09 +0000 http://openmindrequired.com/blog/?p=3#comment-2895 Hi JoAnne, Where can I find your aricles on bankruotcy lawyers? We also have a motor home and since the economy is so bad w are thinkng of sending it back, however like you we wil be sued for the difference and ours is over $400,000. But we have a lear title to the MH, not the finance company. The finance companys sold several times and messed up and never got the title. So I was wonderng do you know if they can come get the MH without any paperwork or a title. The clear title is in our name. I hat to e dishonest and we have tried to work with the,but as you are aware they will sell it for nothing and sue us for the difference. Any suggestions??? Thanks Hi JoAnne, Where can I find your aricles on bankruotcy lawyers? We also have a motor home and since the economy is so bad w are thinkng of sending it back, however like you we wil be sued for the difference and ours is over $400,000. But we have a lear title to the MH, not the finance company. The finance companys sold several times and messed up and never got the title. So I was wonderng do you know if they can come get the MH without any paperwork or a title. The clear title is in our name. I hat to e dishonest and we have tried to work with the,but as you are aware they will sell it for nothing and sue us for the difference. Any suggestions??? Thanks

]]> By: Joanne http://openmindrequired.com/blog/2008/05/i-surrender-my-motor-home-to-the-bank/comment-page-1/#comment-2026 Joanne Wed, 20 May 2009 19:34:16 +0000 http://openmindrequired.com/blog/?p=3#comment-2026 I so wanted to do RVing full time, but I've had nothing but bad luck with RVs. Someday I may write an article on my experiences. I envy you. I so wanted to do RVing full time, but I’ve had nothing but bad luck with RVs. Someday I may write an article on my experiences. I envy you.

]]> By: John http://openmindrequired.com/blog/2008/05/i-surrender-my-motor-home-to-the-bank/comment-page-1/#comment-2025 John Wed, 20 May 2009 16:46:34 +0000 http://openmindrequired.com/blog/?p=3#comment-2025 Wow! When it rains it pours. Good luck. We are full-time RV'ers and love it but you are right, the economy really sucks these days. Wow! When it rains it pours. Good luck. We are full-time RV’ers and love it but you are right, the economy really sucks these days.

]]> By: Joanne http://openmindrequired.com/blog/2008/05/i-surrender-my-motor-home-to-the-bank/comment-page-1/#comment-1617 Joanne Sat, 18 Apr 2009 16:36:42 +0000 http://openmindrequired.com/blog/?p=3#comment-1617 Hi, Cher, and thank you for the compliment. I don't remember how long it took. I just called my lender and said I wouldn't be able to continue payments on the coach and they could come get it. They hired an auction company who called me to arrange the pickup. It may have taken three weeks. The auction company got the coach cleaned up and ready for auction and then sold it. I owed $105K on it and they sold it for about $47.5K. That took over a month. I received a letter in August from the bank billing me for the balance plus repossession and repair/reconditioning expenses, and commission on the sale. You have some options. If you want to keep the coach and plan on filing chapter 13 bankruptcy, you can "reaffirm" the loan but it will be reconfigured based on the actual worth of the RV, not what you owe. If you surrender the RV, they'll auction it off like above and bill you for the rest. If you have assets, they will sue you. If you have nothing, they probably won't bother, but they can sue you up to 10 years later, I believe, and even after that they can renew the debt. The other option is file bankrupty (7 or 13) and relinquish the coach and be completely free of the debt. That's what I had to do. Good luck to you. I've written a few articles on bankruptcy attorneys you might want to read. Hi, Cher, and thank you for the compliment.

I don’t remember how long it took. I just called my lender and said I wouldn’t be able to continue payments on the coach and they could come get it. They hired an auction company who called me to arrange the pickup. It may have taken three weeks.

The auction company got the coach cleaned up and ready for auction and then sold it. I owed $105K on it and they sold it for about $47.5K. That took over a month.

I received a letter in August from the bank billing me for the balance plus repossession and repair/reconditioning expenses, and commission on the sale.

You have some options. If you want to keep the coach and plan on filing chapter 13 bankruptcy, you can “reaffirm” the loan but it will be reconfigured based on the actual worth of the RV, not what you owe. If you surrender the RV, they’ll auction it off like above and bill you for the rest. If you have assets, they will sue you. If you have nothing, they probably won’t bother, but they can sue you up to 10 years later, I believe, and even after that they can renew the debt. The other option is file bankrupty (7 or 13) and relinquish the coach and be completely free of the debt. That’s what I had to do.

Good luck to you. I’ve written a few articles on bankruptcy attorneys you might want to read.

]]> By: cher http://openmindrequired.com/blog/2008/05/i-surrender-my-motor-home-to-the-bank/comment-page-1/#comment-1579 cher Wed, 15 Apr 2009 14:35:52 +0000 http://openmindrequired.com/blog/?p=3#comment-1579 You are a very talented writer..and re: motorhome woes ...we can totally relate. We bought a 36ft Class A National motorhome 6 years ago. Brakes failed last year costing us over $3k (and a scare of a lifetime) and leaks like a sieve..we're retired and considering our options as we speak - upside down over $50k. So..what steps did you take in notifying the bank? who did you talk to and how soon did they come get your rig? You are a very talented writer..and re: motorhome woes …we can totally relate.

We bought a 36ft Class A National motorhome 6 years ago. Brakes failed last year costing us over $3k (and a scare of a lifetime) and leaks like a sieve..we’re retired and considering our options as we speak – upside down over $50k.

So..what steps did you take in notifying the bank? who did you talk to and how soon did they come get your rig?

]]> By: Joanne http://openmindrequired.com/blog/2008/05/i-surrender-my-motor-home-to-the-bank/comment-page-1/#comment-75 Joanne Tue, 10 Jun 2008 23:10:35 +0000 http://openmindrequired.com/blog/?p=3#comment-75 That is really sweet. Thank you, Gen. Thank you, everybody. That is really sweet. Thank you, Gen. Thank you, everybody.

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