Legal Question in Credit and Debt Law in Ohio

we are upside down in a loan for an rv. we owe 86,500 on it and can only trade or sell for 40,000 after many attempts. we are considering not paying for his and telling the bank to come get it. my husbsnd is 64 and gets a rr pension. i am 59 and get ss disability and a small pension. we own a house that is mortgaged but have it up for sale and want to relocate to florida. we are evn consideing walking away from the house if i does not sell. what are your thoughts?


Asked on 3/11/10, 11:15 am

1 Answer from Attorneys
Harold Paddock Harold Paddock Co. LPA

You should consult with an attorney before taking any major steps, such as the ones you discussed. Initially, you should negotiate with the bank about the RV. They can still pursue you legally for what is called a deficiency judgment if they sue, get the RV and sell it, and the sale proceeds do not cover the amount owed. You might be able to negotiate something where they reduce or waive the balance, but don't count on it until you try. Walking away without telling them doesn't help--you need to work something out with them. As to the house, there are new programs to help struggling homeowners. You should consult with a HUD certified housing counselor to see what is available in your area for folks in your situation. Such counselors are free to the public through various non-profit agencies.

Read more
Answered on 3/16/10, 11:42 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Ohio