Legal Question in Consumer Law in Texas
Too much debt.
In Nov. 2002 my wife and I purchased a 2003 RV with the intention of living in it while we build a retirement cabin. In Oct 2003 my sister was killed in an auto accident. She was taking care of my mother and father. My wife and I are now taking care of both of them. Since we had not started construction of our cabin, and the RV we were living in was only one bedroom, we purchased a mobile home to accommodate my wife, mother and myself (my father is in a Hospice unit). We are trying to sell the RV for the amount of the note. If we cannot, and cannot pay the note, what will happen?
1 Answer from Attorneys
Re: Too much debt.
Most likely it will be repossessed; creditor will sell the RV, apply the proceeds to your note and hold you responsible for the deficiency. They will certainly put a repossession on your credit report and the deficiency amount owed. They may or may not file suit against you for the deficiency.
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