โSep-09-2013 10:07 AM
โSep-12-2013 12:25 PM
โSep-12-2013 10:48 AM
starduster67 wrote: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.
That's correct you must own it out right to be able to sell.
โSep-12-2013 10:41 AM
northmeck0255 wrote:Because they cannot meet their obligations, not out of convenience. BIG DIFFERENCE
http://money.cnn.com/2005/09/14/news/fortune500/delta/
Corporations file bankruptcy and "reorganize" all the time, stiffing their creditors in the process.
โSep-12-2013 09:29 AM
โSep-12-2013 09:11 AM
starduster67 wrote:Not exactly. You just need the ability to pay off the loan.
That's correct you must own it out right to be able to sell.
โSep-12-2013 09:06 AM
โSep-12-2013 09:04 AM
dennislanier wrote:
Maybe I'm wrong, but I think in order to sell the MH to someone else and give them a clear title, she has to pay THE FULL AMOUNT SHE OWES RIGHT NOW. She cannot sell something she does not own - the only way she can own it is to pay off the entire balance immediately.
โSep-12-2013 08:56 AM
โSep-12-2013 08:51 AM
โSep-12-2013 08:37 AM
โSep-12-2013 06:38 AM
northmeck0255 wrote:A corporation that did that would absolutely be a deadbeat. However, please cite an example of where a corporation that has the ability to pay just doesn't. Corporations make bad decisions all the time, and they lose copious amounts of money on them. But they don't go around stiffing the people that loaned them the money. When companies default on loans it is because they don't have the money to pay. It is a really big deal for a corporation to default on their obligations, so they don't unless they are broke.bigdogger wrote:timmac wrote:No!!! Actually, that is not a risk they take. They came to the bank to borrow money to buy an RV and they agreed to pay it back. The credit risk the bank took was if the customer somehow became UNABLE to pay it back or the bank makes a bad credit decision based on the customer's character.
Also don't feel bad about giving it back to the bank, that's the risk they take and they know this.
Just not wanting to pay it back is not a legitimate reason to default. We would seek a judgment and pursue repayment of every penny plus any and all fees if we found a customer who decided not to pay only out of convenience. It is totally unfair to our stockholders, our depositors, and our other loan clients to allow people to just not pay because they don't want to. People who allow foreclosures and repossessions when they have the ability to pay only because they suddenly don't like the decision they made of their own free will are nothing but deadbeats. Thankfully this person realizes their obligations and have indicated they have no desire to do anything like that. I agree with some of the other posters that they should look into borrowing the difference between the sale price and the amount owed. It appears they have a reasonably valuable rig, so even if they only get half of the loan balance, it is easier to pay $50,000 than it is to pay $100,000 when they are getting no value from having the rig.
Corporations do this all the time. Are they also "deadbeats"????
โSep-12-2013 05:41 AM
โSep-11-2013 10:17 PM
bigdogger wrote:timmac wrote:No!!! Actually, that is not a risk they take. They came to the bank to borrow money to buy an RV and they agreed to pay it back. The credit risk the bank took was if the customer somehow became UNABLE to pay it back or the bank makes a bad credit decision based on the customer's character.
Also don't feel bad about giving it back to the bank, that's the risk they take and they know this.
Just not wanting to pay it back is not a legitimate reason to default. We would seek a judgment and pursue repayment of every penny plus any and all fees if we found a customer who decided not to pay only out of convenience. It is totally unfair to our stockholders, our depositors, and our other loan clients to allow people to just not pay because they don't want to. People who allow foreclosures and repossessions when they have the ability to pay only because they suddenly don't like the decision they made of their own free will are nothing but deadbeats. Thankfully this person realizes their obligations and have indicated they have no desire to do anything like that. I agree with some of the other posters that they should look into borrowing the difference between the sale price and the amount owed. It appears they have a reasonably valuable rig, so even if they only get half of the loan balance, it is easier to pay $50,000 than it is to pay $100,000 when they are getting no value from having the rig.
โSep-11-2013 09:21 PM