Legal Question in Consumer Law in California
My wife & I purchased a Class A \"Bounder\" motorhome in 2006 and have it financed through Wells Fargo Bank. This economic situation has made it impossible for us to keep up with our mortgage, monthly bills, basic essentials, and the motorhome payment. It\'s about 3 years old and only has approximately 1030 miles on it...we can\'t afford to go anywhere. What is the best method I can use to turn it back to the bank and \"walk away\" from what I\'ve paid into it plus the current $900.00/mo. payment? We owe (with finance) about $100,000.00. What problems might I face by doing this?\nThank you.
1 Answer from Attorneys
Why turn it in? File for Chapter 13 and you can keep it for at least 5 years, reduce the loan balance to what the thing is actually worth (probably far less than $100k), and probably cut your payments in half while erasing some of your other bills.
Related Questions & Answers
-
I bought a couch at a thrift store for $25 and paid $15 for delivery by 2pm on... Asked 7/27/09, 2:54 am in United States California Consumer Law
-
I purchased a car in SC and then moved to CA. I was late on my payment and the... Asked 7/23/09, 2:36 pm in United States California Consumer Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
