Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Motorhome Question

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  • Motorhome Question

    I am wanting to surrender my motorhome which still has $116K outstanding loan. It is in a storage facility in another state. What happens if the bank does not find it to repo, and in that case, sell it off prior to the 90 day deadline?

  • #2
    What do you mean "if the bank does not find it"? You simply tell the lender the location of the RV and the lender will take it from there.



    • #3
      I'm concerned that you're thinking that there is a deadline of some sort? It is subject to a lien and that lien is in favor of the bank. They have no 90 day limit to enforce their lien. On your bankruptcy form, you list the location of the property (it's actually right on the form -- Schedule B).
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog

      I am not an attorney. Any advice provided is not legal advice.


      • #4
        Ok. Well I am filing in FL and the MH is in a storage facility in the Middle of Nowhere New Mexico. No I am not trying to hide it. I will list it on the paperwork with the address. The street name does not exist on GPS and maps. Yes this is possible in Northern NM. I also have a home there with a physical address that is not on a map. And I get mail only from the post office 45 minutes from my home. My attorney said something in our initial meeting that the creditor has 90 days from filing to ibtain the vehicle, sell it, and claim the losses. What if this does not happen?


        • #5
          Originally posted by Katwrangler View Post
          My attorney said something in our initial meeting that the creditor has 90 days from filing to ibtain the vehicle, sell it, and claim the losses. What if this does not happen?
          This does not stop a secured creditor (or limit them in any way) from exercising their right to repossess or foreclose on the motorhome. A secured creditor has more than 90 days from filing to exercise any of these rights. In a Chapter 13, the secured creditor would simply file a claim with a secured and unsecured portion. Usually, when they don't know what the so-called deficiency amount will be -- that's the difference between what you owe and what value they received when it was sold -- they will file a secured claim for the amount due less $1 and the unsecured portion of that claim would be $1 pending sale.

          Most secured creditors simply can't file a foreclosure lawsuit, foreclose, and file a deficiency claim in 70 days (it's actually 70 now) from the date of filing. Simply impossible. That is why they file an "initial" claim with a secured and unsecured portion and then proceed to follow the steps on State non-bankruptcy law to foreclose upon the property.

          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog

          I am not an attorney. Any advice provided is not legal advice.


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