Legal Question in Credit and Debt Law in Florida
Payments on a vehical cannot no longer be made.
I am unable to make the payments on a motorhome. The book value and the loan value are close. I owe $65,000. What repercussions can I expect when I stop making payments. I have assets i.e. retirement and savings that would cover the amount owed. Can they be protected?
3 Answers from Attorneys
Re: Payments on a vehical cannot no longer be made.
Your creditor must look at the security interest first and foreclose on the motorhome. Any deficiency in collecting the loan, the creditor may look at other assets. Your savings can be garnished; your retirement is subject to limitations.
Re: Payments on a vehical cannot no longer be made.
The ideal scenario is most likely that you would want to sell your motor home for at least the value of the outstanding loan amount. If you stop making payments, it is very likely after repossession that the lender will get much less than you in a sale and will pursue you for the outstanding balance. Certain assets may be protected as the other attorney suggested, but others will not be.
Re: Payments on a vehical cannot no longer be made.
Find out what happens if you would turn it in.
Certain assets can be protected. Depends what they are and how held. You should speak with an ttorney immediately. Good luck.
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