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Old 11-22-2010, 03:00 PM   #43
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To play devils advocate, the reason this country is in this mess is too many wanted to have their cake and ..... Banks sold homes to people that couldn't afford the mortgages they signed up for. The equity went south when people started turning their homes back in and the banks got burned for making those questionable loans.

Now, we have banks pulling back on both sticks and rv's. We can't complain because they are now protecting themselves. This is what got us in this mess in the first place. Demanding banks approve more loans, including those that could end up being high risk, and then blaming the banks when they got burned.

Now we want to yell at them for being conservative with rv loans when there is no other collateral. When's the last time an rv escalated in value? The vast majority of American's are honorable and have great integrity. They don't enter into contracts with the plan to walk away leaving someone else with the problem. However, it happens to even the best of intentioned. Let's not throw stones at the banks when they loan money and when they don't. Common sense and good business practice is required at all times or we tax payers will be constantly buying property/businesses from those who fail.
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Old 11-23-2010, 07:40 AM   #44
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Oh. I fully agree that it's just not the banks fault. It started back when congress said that everybody had a right to purchase, irregardless of whether a person could pay for it or not.
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Old 11-24-2010, 05:40 AM   #45
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Oh. I fully agree that it's just not the banks fault. It started back when congress said that everybody had a right to purchase, irregardless of whether a person could pay for it or not.
Oh yeah and the banks and mortgage brokers did not make tons of money making these loans and selling them and messing up the economy. Of course the main reason for 30 years of banking deregulation was not to help big business. Hows that bridge you bought working out for you?
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Old 11-26-2010, 06:33 AM   #46
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We recently bought a "new to us" '06 motorhome. Well's Fargo's interest rate has sky-rocketed so we didn't go with them again. To make matter's worse we had just sold our home and it already showed up on our personal records that we were no longer a home owner. Bank of America said "absolutely not, no full timers." Two other banks said the same thing. Good Sam's financial ally will finance full timers but only for a 12-year note. This might be okay for some, but maybe not others.

Since we own property elsewhere, we had to send copies of our Deed and recent property tax records to the bank. Only because of this did the bank approve our loan.

So if you still own a home, and are considering full-timing, if possible get the motorhome purchased and the loan secured before selling the house.
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Old 11-26-2010, 07:31 AM   #47
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This may not work for everyone, but when I bought a house a few years ago instead of doing a conditional sale of my existing house contract, I used an investment account to secure the loan. The bank had to review the assets in the account to determine if they were good ones, but other than that not much of a problem. As I remember they had joint ownership of the account until I paid off the loan. I got clear title to the house immediately.
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Old 11-28-2010, 09:50 AM   #48
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What the heck to folks who choose to rent do if they decide to buy a MoHo?

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Old 12-13-2010, 10:31 PM   #49
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Talking Pay Cash avoid banks!!!

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Kinda a good reason to pay cash for things. Glad we own all our old junk and not co-owners with the banks.
YUP, I keep a low profile pay cash for everything or do without anybody asks I have an address, vote and register my vehicles at that address and I'm not a full timer I'm just visiting friends and relatives all over the U.S. when I feel like it. I'll just keep chugging along in my old RV enjoying the pretty sunsets everyone else sees and keep my business to myself.
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Old 12-14-2010, 04:52 PM   #50
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Read the thread with interest. Had a similar thing happen to me when I tried to purchase a boat for full time liveaboard a few years back. Was pretty upset at the time, but now, not so much. As been said, boats and RV's do not appreciate in value. It is not in a banks interest to finance them, plus since they are a movable asset they can be moved to another state where the laws are different, and they may have trouble getting their money or property back when a person defaults. That is their way of looking at it. The gov. regulations protect the tax payer in this case, as the banks that write to many of these loans and then get in trouble look for a bailout.
I hope that when I purchase our rv that I will only pay cash for it. I intend to do that by selling our home. I would not want to full time paying a hefty penalty for interest charges anyway, nor have a bank that I was responsible to.
I was pretty upset when I could not purchase that boat, but am ok with it now.
And for that same reason, I will not purchase a rv until I can do so without financing of any kind. I realize that for many that means they can't then do what they want to, but then perhaps waiting a bit longer would be better...

Just think of all that money you would save by paying cash. Since investments are doing poorly these days as far as conservative investments anyway, its a win situation.
At least that is they way I see it today.
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Old 12-14-2010, 04:59 PM   #51
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I checked into this with a friend who works in financing, and found out the real reason they won't finance full-timers anymore: Some states allow you to "Homestead" an RV just like you would a house (because you live in it) which protects it in bankruptcy, and don't allow it to be foreclosed (because it isn't real estate), creating a loophole whereby someone who lives in their RV full-time can buy it on financing, move it to one of those states, then declare bankruptcy and walk away with a free RV. They didn't care before because they wrote the contract so the applicable law was for a state that didn't have the loophole. Now that they can't cherry-pick their jurisdiction, the loophole is open.

So, yes, full-timers did wind up getting caught up in this, but not because the government was trying to screw them. Theoretically this could apply to trailer homes as well, but it's much harder to move those long distances to a more favorable jurisdiction.

--Dave
In checking with my credit union, they told me the same thing. If you finance a boat or RV through the credit union, they want to make sure that you cannot claim that RV or boat as exempt property so they may seize the property if you fail to pay the loan. The credit union will not even finance a manufactured house for that reason. A manufactured home is easier to move than you might realize. You can get all of the logistics and permits taken care of and accomplish the move in less than a week.

As for the article's assertion that all RV owners pay an additional privilege or property tax yearly in addition to vehicle registration fees, that is not true in all venues. Florida does not charge anything more than a yearly registration fee. Florida is also one of the most consumer friendly states in terms of how a debtor is treated in a bankruptcy proceeding.
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Old 12-14-2010, 05:05 PM   #52
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What the heck to folks who choose to rent do if they decide to buy a MoHo?

Nick
Just get a permanent address other than where you rent. My wife and I rent our residence, but our LEGAL address is in town at the local pack and ship store. Our driver's licenses, tax notices, utility bills, federal and state licenses, and other legal correspondence all have the address of the mail drop.
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Old 12-14-2010, 06:54 PM   #53
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I would just wonder why anyone that is retired and full-timing would consider financing a declining asset? If you were still working, it would be possible.

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Old 12-19-2010, 02:39 PM   #54
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I may need correcting, but most people think that if you own a foundation home or related property, you are not a person that is a "Fulltimer". Our definition is someone who has sold their stationary residence and moved, fulltime, into their mobile residence. And we are the people that our wonderful representatives in Congress have screwed completely. I reiterate, our representatives are the best that money can buy. And the hell with the common man who worked all his or her life to get to where we are now. Unless things really change, people 40 or so and under will never have the fun and enjoyment we are having. We just will have to put up with what we are now in.
Shadrack, I agree... many things are not going to be in place for our kids or their kids. I'm 36 and hope to one day fulltime. Right now my question is, if you full time after you've been financed.... will they pull the financing out from under you? The banks killed our HELOC account on our house a year ago and have really tightened up. Seems like they have this type of crazy power these days.
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Old 12-19-2010, 05:54 PM   #55
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Well, the banks haven't pulled our financing yet. Somehow I doubt if they would want a DP back that is worth less than the amount owed. And I think that since the RV industry went down the tubes with everything else, there are a lot of "underwater" RVs out there. As for financing an RV when retired and fulltiming, the interest is tax deductible as your first or second home. So it helps off set the money owed to the IRS that Geitner and cronies like him fail to pay.
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Old 12-19-2010, 06:15 PM   #56
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I would just wonder why anyone that is retired and full-timing would consider financing a declining asset? If you were still working, it would be possible.

Ken
Just ask anyone who owns a home in a depressed area how much real estate is an "appreciating asset" It isn't. There is very little in the way of property today that can be assured with certainty of appreciating in value.
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