How to sell motorhome with existing loan
I am seriously considering selling my '08 motorhome. My concern is that I still have an outstanding loan on the rig. I sold my previous rig with a bill of sale, which stated that the title would be pr...
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Sea Dog, I don't blame you, as I would have walked as well on a deal like that. What should have happened is for the buyer to send a notarized letter to the Mass Bank that held the loan, authorizing them to discuss the pay off amount with you, to accept payment directly from you and upon the loan being paid off, to release the title to the trailer directly to you.
Then everyone would have been protected, you, the seller and the bank. The real problems seem to develop, when the seller is upside down on the mortgage on their RV, and the selling price won't pay off the loan. Way too many problems can develop in paying for an item that the seller, really doesn't own in full.
Then everyone would have been protected, you, the seller and the bank. The real problems seem to develop, when the seller is upside down on the mortgage on their RV, and the selling price won't pay off the loan. Way too many problems can develop in paying for an item that the seller, really doesn't own in full.
