Underwater loan

starduster67 wrote:
That's correct you must own it out right to be able to sell.

No you don't. You just need to be able to pay it off when you sell it. That can be by using your savings or by borrowing the difference. All your current lender and the new buyer care about is being able to get a clear title. The lender will release the title to the new buyer once the loan is paid in full. People sell things they owe money on (cars, boats, homes, RVs, etc) all the time. Are you really sure you are actually $50,000 upside down? What do you owe and what do you think it will sell for? Don't just add up your payments to get the payoff, call the bank because it is a lot less than the sum of the payments. Also, don't just take the first number off someone's head for the value of your rig. If you can get $5K more for the rig than the first quote and the payoff is $5k less, you are starting to close the gap and making it much more palatable to take the loss and sell.
As for the deal that got you here, it was not necessarily a bad deal. Rigs go down in value and the financial crisis really tagged the value of high end older RVs since they can't easily be financed any more. You could not have foreseen that coming and you really don't know how much of this negative equity is actually a carryover from your trade in. Same with interest rates, if you got 8% in 2001, that was a great deal, today it's a ripoff rate. Things change. Just because it is turning out bad doesn't make it was a bad deal to start with.