Underwater loan

starduster67 wrote:
I'm really red faced to even ask but if anyone has any ideas I'd be happy to hear. Like many seniors we bought a new Class A when retiring. Things were good back in 2001and we were full timing. Put a large down pmt although it never seemed that way. Illness struck we haven't used it in three years . Still paying big mortgage on it and have another 8 yrs to go. Hate to see it languishing in storage lot and with ins and storage fees too. I have been trying to figure a way out of this.No dealers can help we are $50 thou. Under water. I don't have that much in savings to pay it off. We've always PD our debts and repo scares the heck out of us. Anybody been in this spot or knows anyone who found a solution? Want to get a small one eventually that I could handle I admit I'm afraid of the big one. I'd appreciate any ideas and please no sarcasm I know I'm in a stupid situation of my own doing just asking for any input. Believe me 2 dealers actually told us in different wording let them take it back but I'm sure that would be a nightmare. We over paid but we signed and are responsible. Thanks hope someone will reply.

I have a local RV place that quit selling RVs and only does service work now. But he does take RVs in on consignment. I was there one time and heard him telling a prospective buyer of a motorhome on consignment that at the price they were selling it the owner was still going to have a $40K debt remaining. You might look into consignment sales and see if you could possibly get more for the unit. I am sure that you will not obliterate the $50K difference between market value and what you owe but you might mitigate it somewhat.