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Old 03-15-2014, 11:03 AM   #1
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Motorhome

does anyone know an attorney that can help us get out of an upside down motorhome payment or if anyone has some options for us?
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Old 03-15-2014, 11:16 AM   #2
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Need to keep your head above water....

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Originally Posted by jacks647 View Post
does anyone know an attorney that can help us get out of an upside down motorhome payment or if anyone has some options for us?
First off, Welcome.........
Second, why would you think a Attorney could help you "get out of" a responsibility of yours that went bad? In todays world, I don't think you can just walk away anymore, your credit score will be ruined, and collectors will become your family. Why not try and re-finance it, lower your payments to make them comfortable for you, and try and keep your feet from sinking in the swamp? I believe that if you file chapter 11 in todays world, you might/are still responsible for that debt, it just buys you some time.
Bankruptcy Basics
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Old 03-15-2014, 12:33 PM   #3
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You could approach the lender and plead for a short sale. The lender would get less than full payment for the loan and forgive the agreed unpaid balance. The amount forgiven, would likely be taxable income for you with no cash to pay the tax due.

You would then have to find a buyer who would participate in the deal.

You may also have a ding on your credit rating.
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Old 03-15-2014, 01:19 PM   #4
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You could approach the lender and plead for a short sale. The lender would get less than full payment for the loan and forgive the agreed unpaid balance. The amount forgiven, would likely be taxable income for you with no cash to pay the tax due.

You would then have to find a buyer who would participate in the deal.

You may also have a ding on your credit rating.
I have heard that banks will send you a 1099 form for debt forgiven.

unless the lender was deceiving you I'm not sure how a lawyer can help.

If you goo to the lender and say I'd like refinance, and they say NO, ask them if that is their FINAL answer. And have the keys in your hand.

The motorhome is the collateral on the loan correct?
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Old 03-15-2014, 02:12 PM   #5
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Try to avoid turning it back over to the lender. Yes they will price it for a quick sale over which you have no control then send you a 1099-C for the difference in what you owed and what they sold it for. It is taxable to you. Better to find your own buyer and pay down on the loan. That way you get more for it. An attorney cannot do anything for you in this situation except cost you more dollars. Regardless of what he does you end up with a lender quick sale and tax. You cannot bankrupt on an IRS tax debt. It follows you forever until paid. So best to get that sale yourself and get the lower hit to taxable income.
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Old 03-15-2014, 07:40 PM   #6
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does anyone know an attorney that can help us get out of an upside down motorhome payment or if anyone has some options for us?
You need to provide more information because a lot of assumptions are being made. I don't see how an attorney can help unless you feel you were scammed in a new purchase or are planning to file bankruptcy.

People should realize going in that an RV is not a good "investment", and if financed it will likely be an upside-down situation at some point. Good luck to you.
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Old 03-15-2014, 10:33 PM   #7
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When people walk away from bad financial deciaions that they made, be it a motorhome or a house, they arent hurting the banks that gave them a good faith loan. They hurt normal people, called share holders. I have invested my hard earned money in bank stocks, only to have individuals attempt to walk away from their obligations.

Man up and take responsibility.
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Old 03-15-2014, 10:57 PM   #8
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You really need a local lawyer. State laws vary from state to state. Most states laws will not allow you to get out of a contract unless there was fraud involved. A local lawyer can help you out with your options and explain the plus and minuses for them.


This forum is very very good for advice on a lot of things. This unfortunately is not one of them. There are a lot of people who read the internet or stayed at a holiday inn and think they can give legal advice. Get a local lawyer with a free consultation or pay for a half hour of time and find out what you can do
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Old 03-15-2014, 10:57 PM   #9
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I agree that purchasing a depreciating asset will put you upside down. As soon as you take the keys and drive off you are upside down on the loan. In other words if you hang on to it long enough, eventually it won't be worth much of anything. Why would you think you should get out of the legal obligation? I hope you can figure out how to keep paying, so you can at least enjoy the use of it.
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Old 03-15-2014, 11:08 PM   #10
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To one poster, I haven't seen a lot of legal advice here...mainly financial. Yes there are buyers remorse laws in some states, but they rarely last for more than five days (daughter's a lawyer but I don't claim that great a knowledge). I do have a forecast...if you try to get out of your obligation, your credit rating will get trashed, and you'll pay through the ear for it long term.

The lessons to be learned (which I understand don't help the poster)...#1 make darn sure this is what you want to do and #2 put enough money down that you don't get upside down for a couple of years (unless you're absolutely sure this is what you want to do).

#2 doesn't make financial sense, but at least you can get out. You'll lose money, but it was your mistake, not the dealer, manufacturer, or anyone else.

That said, as the other person offered, man up...unless your have no alternative...and take the hit now, or take the hit walking away from your obligation.
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Old 03-16-2014, 05:10 PM   #11
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I am manning up. Not like some people. .I pay my debts on time and have excellent credit. I'm just looking for suggestions.
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Old 03-16-2014, 05:15 PM   #12
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Thank you for being so nice. You are right. There's alot of jerks giving some bad advice and some are very unkind.
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Old 03-16-2014, 05:16 PM   #13
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I'm just looking for suggestions. I'm not trying to get out of paying.
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Old 03-16-2014, 05:21 PM   #14
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I'm only looking for suggestions. Why would I stop paying when I make my payments on time and have been for 10 years. Some people are so mean.
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