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My husband died of asbestos related cancer three years ago. 12 years ago we bought a motorhome, which we financed through BofA, still owe $75,000 on it, upside down. Bank won't work with me since it is RV. Everything I ow is tied up in a living trust. If I let the motorhome go back can the bank attach the trust?

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0 Views: 386 Answers: 3 Posted: 12 years ago

3 Answers

LONLEYLOVE

Karma: 45

what arre yor payments have you considered letting some on eles take over payments for you my sone and I are in need of something to live in i have a lot but nothing to put on it my husband left me for someone eles a munth ago and we have been sleeping in a tent on our lot if intrested i have an alternet email lisa_haskins50@yahoo.com

12 years ago. Rating: 3
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Sandy W.

Payments are $850/mo. You would have to park it in an RV park where the rent can be pretty high too.

commented 12 years ago

doolittle

Karma: 378650

I don't know if they can attatch a living trust- that would be a scum bag thing for them to do. This happens to people all of the time- waiting for insurance $ or probate is pretty typical. I think it's time to go higher up the food chain of Bank Of America. Otherwise, borrow the money from a friend or relative and pay on the RV until the $ is squared away with the trust.

12 years ago. Rating: 2
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Sandy W.

Thank you for the comment. Not sure where the idea came that any probate is in the waiting. I set up the trust to prevent a probate at the time of my death. No insurance$ involved either. Just me and the bank now.

commented 12 years ago

digger

Karma: 221155

Good grief, how much did you pay for it ? I'm no motor home expert but I do know that they depreciate like a car, not like a home.

If it is still in very good condition, I would have it appraised to begin with. If it's anything close to 75K, get rid of it as soon as you can. Otherwise, look into re-financing the existing mortgage. Sounds like you have several years left on the deed.

12 years ago. Rating: 1
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Sandy W.

It is a diesel pusher, 40 1/2 feet long. Very beautiful and bought it used. We traveled some in it before we found out the cancer dx. It is appraised at the price I owe, however, the bottom dropped out of RVs just like the home market. Thanks for the comment.

commented 12 years ago