restlessways wrote:
Kayteg1 wrote:
You brought interesting point.
What is going to happen to campers who will be "upside down" on loan and buyer will stop paying?
Banks will have to lose more money by repossession, than it would cost them just forget the debt.
Back after 2008 banks would let the the people to live in the houses for years, before they would foreclosure. Las Vegas still have lot of vacant houses and abounded projects. .... 12 years after last recession. Legends say that it is government (taxpayers) who still pay for upkeep those houses as bank are not allowed to dump them and crash the RE market.
I don't think it's cheaper just to let the person keep the RV. Far from it. They would much rather repossess it and sell it to somebody else. Anything is better than nothing.
I heard about such procedure when it comes to houses.
Actually know personally a sample when at beginning of 2008 recession, with 3 missed payments BOA foreclosed on $230,000 loan to auction the house at $101,000.
But rumors say that banks are insured, meaning taxpayers cover the difference.
Don't think that will happen with repo on camper.
Bottom line, with so many variables nobody is going to tell what will happen in 2 or 5 years.
Meaning if you are on camper market and find 1 with good discount, don't hesitate to get it.
