Turn in motorhome back to bank
Has anyone got some information on what happens and how bad it is to turn your motorhome back over to the bank? I have a 2006 Allegro Bus that I have been trying to sell for a couple of months with n...
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Unfortunately the bank can sell it for whatever they want, even if it is way below market value. Normally you will still be on the hook for the difference between what you owe and what they sell it for plus maybe some administrative fees.
I personally know a couple that walked away from their home - it was sold for peanuts (bought by the bank manager!) and they still owed the difference, with a bad credit rating for 7 years.
My opinion, sell it for what you can (fire sale price), you know you are upside down but what you may end up owing may be less than what the bank will charge you.
Tough spot, my sympathy and hope you find the least painful solution.
Chirs
I personally know a couple that walked away from their home - it was sold for peanuts (bought by the bank manager!) and they still owed the difference, with a bad credit rating for 7 years.
My opinion, sell it for what you can (fire sale price), you know you are upside down but what you may end up owing may be less than what the bank will charge you.
Tough spot, my sympathy and hope you find the least painful solution.
Chirs
