Underwater loan
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 ...
Forum Discussion
You get a personal loan, without collateral, yes like a credit card. Or use a home equity Line of Credit, anything to get out from under the massive amount still owed on the RV and get to a more manageable debt amount. It will be unsecured, but the current RV loan is unsecured by $50,000 since that is the amount the OP is telling us they are upside down. Apparently they must owe in excess of $100,000 on their rig to be $50K upside down on a 2001 Monaco Diplomat Pusher. Much better to be trying to pay off $50K than $100+K. As for a rate, a personal loan at a credit union is likely to be a lower interest rate than the rate they got on the RV in 2001.
